Initial loan now showing as Bank O/D is this right?

[firefly]

Hi
I need a bit of guidance here,I took out aFixed Vivid (YB)loan in 2000 and unfortunately defaulted 3 years later.It has since then been sold a couple of times plus.However I am paying a monthly agreed amount,but the YB sent through a Bank Statement with completely different references but with the correct O/S amount.The reducing balance being referred to as an Overdraft.
This seems to me to be wrong as it is a fixed loan not a Bank Overdraft.
What do you advise here?
Thanks
Firefly

[Tools]

Re: Initial loan now showing as Bank O/D is this right?

Would it be possible for you to scan a copy with personal details/account numbers removed?

It sounds as if they have created a "collections account".

Has this been attached in any way to your bank account.

[firefly]

Re: Initial loan now showing as Bank O/D is this right?

Unfortunately I cannot scan this doc.However I can confirm that it is not connected with my Bank account.My bank account is with a n other.
This is referred to as 'Your Bank Account Statement,but it is not my Bank,I only had a fixed loan borrowed under a Credit Agreement regulated by the consumer credit act.
It is a Bank statement,never had this from them before it clearly states'Your Bank Account Statement' accross the body of the statement.My address at the top.
This is definately a Bank Statement showing an O/D diminishing balance.
Surely this is wrong?
Sorry about no scan possibilities but hopefully my description is sufficient.
Firefly

[firefly]

Re: Initial loan now showing as Bank O/D is this right?

Whats your view here Tools?
FF

[Amethyst]

Re: Initial loan now showing as Bank O/D is this right?

Sorry he's at work at the mo, should be back on this eve tho.

Have you rang YB and asked them ?

It does sound like a collections account, but that wouldnt stand if the debt had actually been sold on. Are you 100% it has been sold not yb using agents to collecy on their behalf ?

[firefly]

Re: Initial loan now showing as Bank O/D is this right?

It had been sold on directly after sending the statement.The new DCA refers to the balance as an 'Instalment Loan' which is correct.I have just cca'd them ,but I made this enquiry to ensure that I can be ahead of their game,I need to be right.

Thanks so much for your swift attention
Firefly

[Amethyst]

Re: Initial loan now showing as Bank O/D is this right?

Ahh okay, as it was just before the debt was sold it will be a closing summary then... there is an official term for it which I cant recall off the top of my head, but they have to send one under the consumer credit act. Internal accounting stuff in reality.

[firefly]

Re: Initial loan now showing as Bank O/D is this right?

Brilliant,thanks so much.
FF

[Tools]

Re: Initial loan now showing as Bank O/D is this right?

Who is the DCA or solicitors?

[firefly]

Re: Initial loan now showing as Bank O/D is this right?

Apex
FF