MEM Finance transfer

[Confused and lost]

Guys, anyone else had an email from MEM in their words "trading as PayDayUK" saying they are transferring all its business to another company within their "group" Instant Cash Loans..as from 28/02/15. No reason why, anyone know ??
Plus stating "my loan has now been transferred to this company and this is known in legal terms as an assignment, no fees will be added to the loan because of this transfer " And that my friends was the whole email... huh !!
Surely they are having a laugh ?? Is this even legal ??
Thanks in advance

[FlamingParrot]

Re: MEM Finance transfer

Guys, anyone else had an email from MEM in their words "trading as PayDayUK" saying they are transferring all its business to another company within their "group" Instant Cash Loans..as from 28/02/15. No reason why, anyone know ??
Plus stating "my loan has now been transferred to this company and this is known in legal terms as an assignment, no fees will be added to the loan because of this transfer " And that my friends was the whole email... huh !!
Surely they are having a laugh ?? Is this even legal ??
Thanks in advance

It would be for internal business reasons and there's nothing illegal about that. It's just like the Egg cards being transferred first to Citi then to Barclays, M&S cards taken over by HSBC, etc. Happens all the time and they are complying with the law by notifying you of the transfer.

The only thing I'd be thinking about is, if you are making payments into this loan by standing order or direct debit, you should make sure your payments are going to the right account and that they are being taken as agreed every month. In many cases this is a seamless process but not always, for example, I had an old Citi card I was paying by direct debit which got transferred to Opus and they somehow stopped collecting the direct debit.