LOAN COMPANY TRYING TO GET US TO TRANSFER LOAN ELSEWHERE???

[ICEQUEEN20]

I have a loan with Central Trust of £10,000 over 5 years (2 years to go). Over the last few months they have been trying to get us to transfer the loan outstanding to our mortgage provider? When I told them we were keeping to our side of the "agreement" so they should. NOW we get a letter for an appointment with "another lender" to visit us??? Do you think they are going into liquidation? Seems very strange. We have never failed to make a payment.

[ummmm]

Or they could be going down the pan...

[hc4361]

Are you sure your loan is from Central Trust? I thought they were just brokers and introducers.

[daffy654]

Your debt has been sold to another company,it happens all the time.

[Sandy-Wroe]

Tell them you're quite happy to continue with the present arrangement, but if they were to make it worth your while you might consider their suggestion.

[ICEQUEEN20]

Daffy - My agreement is between Central Trust and myself? I am sticking to the 5 pages of terms and conditions and agreements which we have both signed and agreed to, so surely they should. They would be in breach if they did not surely?

[daffy654]

Finance companies have a set of laws dedicated to their practices,unfortunately it isn't illegal for them to sell your debt to another company.You should stick to your guns though and tell them you are under no obligation to vary the terms and conditions (unless it is in the small print somewhere that these terms may change).

[ICEQUEEN20]

It has been suggested by my friend that as the loan was taken out in 2006 I may have been mis-sold the loan? But it costs £350 up front for a company to check this.