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Thread: My loan has been sold - where do I stand?

  1. #1

    My loan has been sold - where do I stand?

    I had a loan about 15 years ago which I couldn't pay. They agreed for me to pay a monthly payment of 5 which I have been paying ever since. They contacted me a few years ago to see if my circumstances had changed but they hadn't so continued to pay the 5. I have now had a letter from a new company that has bought the loan and they say I need to contact them. I imagine they are going to want me to start paying a larger amount. Where do I stand? Do I have to contact them? What happens if I just keep the standing order as it is?

  2. #2
    Then you will be wasting 5 a month as the creditor you are paying no longer owns the debt.

    Send a CCA request to the new owner, see if they have legitimate paperwork, if you don’t know what a CCA request is, please use Google.

  3. #3
    Thank you for the advice. I should have said, there was a CCJ for this debt and a charging order was put on the house. Is a CCA request still relevant?

  4. #4
    A CCA request is not relevant if there's a CCJ. If there's a charging order on the house this needs to be addressed ASAP.

  5. #5
    How do you mean it needs to be addressed?

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