Saga Credit card

[maxinep]

Hi Please can anyone help
We had letter from Saga Credit card to say that they were closing and could we pay off the remaining balance of the credit card, we paid a chunk off
Then we received a letter saying the account has been passed to Link, we have never missed a payment on this card but Im sure this is a debt collecting agency, can this be done and will it effect our credit rating and can they demand extra?

[Setmefree3]

A Saga spokesperson said: "The closure of the Saga Platinum credit card comes as the long-standing arrangement with our current provider has come to a natural conclusion.

"In line with the customers' terms and conditions, if there is an outstanding balance on the card customers will have a 60-day notice period to either settle the balance or transfer their card balance to a new provider.

"For those who still have an outstanding balance on their account at the date of closure, AIB may decide to transfer the debt to a third party. If this happens, customer terms and conditions will not be affected (though the interest rate may change) and customers should be able to continue to service their debt.

Customers will be contacted by AIB (Allied Irish Bank)before their account closes with the further details of the third party and the options for servicing any outstanding debt."

[MIKE770]

this is a UK site ? you in USA?*

ok but you state Dollar symbol*st month, it was revealed by Saga that its popular Platinum card*was going to be axed in two months' time, on 28 March.

Customers of the over-50s specialist were told they would have to clear any debts and charges on the card - operated by Allied Irish Bank - by that time or else the debt might be transferred to a third party.

Saga told This is Money the Platinum card 'consists of a small portfolio of customers, of which only a fraction have outstanding balances.'
*

[KTurner]

Depends on what was specified in your contract, just so they can not demand to repay the loan if you have specified the terms of the loan in the contract.