Adjustment to loan figure

[Jez]

Hi,

I have a question that I’m hoping is an easy answer for someone more knowledgeable than myself. I will keep this as brief as possible.

PPI complaint > FOS > Redress letter received (Egg/Canada Square)

Within the letter it gives the breakdown which matches near enough to my own loan progression/stat interest calcs) which is all good. The only problem I have is one particular part which refers to an “adjustment to loan” figure.

The loan was defaulted in 2009 and I entered into a DMP (payplan) for several years until EGG decided to sell the loan onto Arrow Global as a portfolio sale. This was all fine, notice of assignment received from both parties, several months down the line Arrow Global decided to sell the account on to Cabot, all still fine. I then get to the redress letter stage with the “adjustment to loan” figure.

My question is, is this legal for them to adjust the Cabot loan when it has nothing to do with them, I could understand if part of the portfolio sale included an instruction within the deed of assignment for the PPI portion of the loan but not when it has been sold on again.
Canada Square referred this question to their legal team and the answer back was very generic, the FOS verbally said it should not happen but an adjudicator would make the final decision.

Thanks and any help or guidance would be greatly appreciated.

Jez

[di30]

Re: Adjustment to loan figure

Hi there and bumping!

Sorry if i misunderstood, I could be mistaken but the amount calculated my be up to until the account was sold on, so before it was sold the amount of debt was still under the bank/business, and calculated to that date.

I may not be correct on this though but hopefully someone will know and post up soon for you, good luck.