some advice needed (Re: loans)

SCREAM AIM FIRE · Post by **SCREAM AIM FIRE** » Mon Feb 01, 2010 3:48 pm

just a quick one...
can loan companies sell your loan on even though you have never missed a payment?

cheers.

mrgnu1958 · Post by **mrgnu1958** » Mon Feb 01, 2010 3:50 pm

me thinks ya gonna get a "VISIT" from "THE BOYS"

hatemanu99 · Post by **hatemanu99** » Mon Feb 01, 2010 3:55 pm

Yes they can. They don't necessarily sell loans based on whether you default or not.

Their business model may no longer be sustainable (how topical!) so they may want to get as much cash as possible now (to service their own debt) and sacrifice receiving the full amount from its debtors in the future.

SCREAM AIM FIRE · Post by **SCREAM AIM FIRE** » Mon Feb 01, 2010 4:00 pm

cheers. mate

thought i might of got lucky then

hatemanu99 · Post by **hatemanu99** » Mon Feb 01, 2010 4:15 pm

Sorry mate. All this means is that you owe the debt to the new creditor i.e. the company that bought the loan off the people who gave you the loan in the first place. You're still in debt and must continue to make the payments!

SCREAM AIM FIRE · Post by **SCREAM AIM FIRE** » Mon Feb 01, 2010 4:37 pm

shouldnt of i had some sort of letter informing me of this? surely theyhave to let me know if im gonna have some *word censored* knock on my mums door and tell her i have a week to come up with tripple the amount i originally borrowed lol

SCREAM AIM FIRE · Post by **SCREAM AIM FIRE** » Mon Feb 01, 2010 10:48 pm

ok nevermind, just checked the details from my bank statement and the account number that i started the account with got changed so thats why the old account was stated as settled.

damn thought i got lucky