Shawbrook Loan Sold to Asset Link Capital - Discussion

[Joanna Connolly Solicitors]

Hello

It seems that this portfolio of Shawbrook loans may have been assigned in haste if Asset didn’t have a functioning system in place to process them.

Do you have any missed payments or arrears, or anything ‘unusual’ about your loan which could have caused a problem?

Di

[Ns2004]

I’ve just spoken to them, they claim they are FCA regulated.

They confirmed that had bought a portfolio of loans.

I did not ask if they are a debt collection agency.

I have a very good credit score and a perfect payment record with shawbrook. I assume they’ve purchased the good debt and left shawbrook with the poor debts. Shawbrook will probably be wound up and it’s debt bought for pennies in the pound.

[Joanna Connolly Solicitors]

Shawbrook will probably be wound up and it’s debt bought for pennies in the pound.

I have no idea whether your assumption is correct.

But I do know that they provide Wedding Loans so may face problems as a result of the recent mass cancellation of weddings due to the coronavirus.

Shawbrook link > https://www.shawbrook.co.uk/direct/p...wedding-loans/

Has your loan transfer/assignment gone well?

Di

[Ns2004]

I’ve had no issues with my transfer, received a letter from shawbrook and direct debits have continued. I paid a lump sum off the loan prior to it being reassigned to ALC

[Columbas]

I had a "courtesy call" from Asset this evening, asking whether I was ok to continue payments after the three months payment holiday that was transferred from Shawbrook. I asked for a settlement figure which was given to me. I asked if I could make a lump sum payment and have my payments reduced and was told no.
I'll have to check the terms of the Agreement, but I wondered if details would be on my online "account". Shawbrook had a half decent website and a login, Asset don't even seem to have a website! Does anyone know if there is a website?

[Colin G Quinn]

I had a "courtesy call" from Asset this evening, asking whether I was ok to continue payments after the three months payment holiday that was transferred from Shawbrook. I asked for a settlement figure which was given to me. I asked if I could make a lump sum payment and have my payments reduced and was told no.
I'll have to check the terms of the Agreement, but I wondered if details would be on my online "account". Shawbrook had a half decent website and a login, Asset don't even seem to have a website! Does anyone know if there is a website?

Hi Columbas,

You won't have been speaking to 'Asset'. They are a company with no employees, as confirmed by their own submissions to Companies House.

My colleague Sophie took a call earlier in the week from a consumer asking for a contact number for Asset. There is no such contact number and, as you say, there is no website.

You will likely have been speaking to Link Outsourcing, who are not the legal owners of your account but are likely to be said to be the account servicer.

[Alison]

I am also experiencing challenges. I phoned Shawbrook Friday to make a lump sum payment off my loan to be informed that they had transferred my debt. I had no notification as apparently they had sent a letter to my old address (of 2 years previous!). Told debt was transferred 24 May. I had sent a payment by cheque end of June so I asked what had happened to it. They said it would have been transferred. I told them I don't know these Capita people. My credit agreement is with Shawbrook. They said I could pay a lump sum by cheque and it would be transferred.
I sent a cheque for 6k which was cashed in this morning. I then get a phone call from Shawbrook to say my cheque had not been cashed in and it would be returned. I told the woman on the phone that according to my bank account it has gone through. She was adamant that it had not! I asked about the£500 I had sent in June. She said there was no record of that cheque!
Very worried!!!!!!

[Joanna Connolly Solicitors]

What chaos!

The important thing is to make sure you don’t have a Default registered on your CRA file because of missed payments etc. especially since you have tried hard to pay them.

Did you have a direct debit set up with Shawbrook and if so has that been transferred to another bank for collection?

Where do Capita come into all of this?

Di