advice needed on banks taking over finance companies debt

[AlanP]

I am new to this forum appologies if I have posted this on the wrong section, I am looking for some advice on a loan I have.

I took out a personal loan to buy a car in september 2005 and the loan period was over 54 months which would mean that my loan will be paid off in march 2010. the loan was taken out with GE money, last year sometime i recieved a letter from Santander stating that they had taken over all of the GE money loans. nothing was said in the letter about any changes to my agreement of changes in term of the loan.

tonight I have come home from work late to be greated by a letter from santander with a statement of account for a 36 month loan that started in october 2008 and will end in october 2011 showing the payments i have made over the last 12 months. i make it that i only owe around £1200 from my initial loan agreement and this statement is saying that i still owe £4500.

surely when santander buys my debt from GE money my loans term should be unaffected as I havent sold the debt or defaulted on payments. also I havent signed aything to say that I agree to any changes in terms or conditions. should I be worried at the moment?

I have all of the original paperwork for the loan agreement and bank statements to prove that i have been paying the loan off and havent missed any payments on it.

[Amethyst]

Re: advice needed on banks taking over finance companies debt

Santander have been sending out a lot of statements and summary of accounts over the last few weeks and they arent always clear exactly what the amounts on them refer to. Many of these appear to be more for their internal accounting and are just confusing recipients. Whats the title at the top of the statement ? does it say net. balance as the £4500 figure ?

How much was the original finance you took out ?

On the original agreement you signed (if you have a copy) is there a figure showing the total amount to be paid (total loan plus total charge for credit) ?

How does that figure scan with the payments you have made ?

No the terms of the loan shouldnt have changed at all, and keep making your payments, it is a concern that it states the loan isnt paid off until October 11 when you previously calculated March 2010 and I think you should send Santander a full Subject Access request asking for the original agreement and all documentation of the transfer to them, as well as full transaction lists.

[AlanP]

Re: advice needed on banks taking over finance companies debt

well phoned the customer service number this morning and guess what, the person on the other end of the phone didnt have english as their first language. explained the situation to him and he asked me for the reference number, which i gave him. he then asked me the usual security details and he said "I am not speaking to the customer you have not given me the correct information" to which i replied I know that if you had the right information then i wouldnt be calling in the first place.

I asked him how i go about getting the issue of them inputing the wrong details into their computer at time of transfering the loan from GE money to themselves and he said he couldnt advise me as i am not the customer! I said so if i am not the customer then ill just cancell my direct debit and save myself some money as i am not your customer the debt isnt mine. long pause, i cannot comment on that sir.

I then asked him to check the reference number for the original agreement from GE money and after asking me the same security questions he said "good morning Mr Pllu you are speaking to Danesh how can I help you this morning?" HOW BLOODY THICK ARE THESE PEOPLE!

I had just spent 10 min explaining my situation to him then he acts like he has just picked up the phone to me. he then tells me what the settlement figure is on the loan and that the term is still the same on my loan. i ask him about why i have another letter for a totally different finance agreement and he said he cannot deal with that over the phone. i reminded him of the data protection act and that i had someone elses details in my hand and he asked me to post it back to customer services. like im going to do that! ill be sending them a copy and asking for a letter of confirmation that it isnt my debt.

long winded rant over!

[LuggerBugs]

Re: advice needed on banks taking over finance companies debt

Have you had a Notice of Assignment? If I were in your place, I'd be tempted to play silly buggers.

[AlanP]

Re: advice needed on banks taking over finance companies debt

whats a notice of assignment? silly buggers? im all ears

[LuggerBugs]

Re: advice needed on banks taking over finance companies debt

Well, since Santander is now the proud owner (allegedly) of your account.

Therefore the account must have been assigned, quite probably under the Law of Property Act.

In which case, why have you never been sent a Notice of Assignment?

I would be tempted to write and tell them that since you so far only have their word for it, you consider GE Money to be the creditor. And shall continue to do so until they get themselves sorted out.

Of course, none of this will mean they will go away. But it will mean that somebody in their office will have to take time out to reply to your concerns.

I know. I'm a childish bugger.

[AlanP]

Re: advice needed on banks taking over finance companies debt

I like your way of thinking.