Service withdrawal
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Bank of Ireland UK, who is your current loan provider, made a business decision to sell their personal loans, which aligns with the Bank’s strategic plans.
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There are no changes to your terms and conditions. Your interest rate, payment due date, account number and other terms will stay the same until your loan is paid off.
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There is no change to your interest rate, which remains fixed for the full term of your loan.
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Your loan has been sold to Link Financial Outsourcing Ltd (Link). It will now be under the name Link Financial Outsourcing Ltd or one of their subsidiaries Antelope Loans.
Your letter will tell you which company will be managing your loan going forward.
They are an experienced loan administrator and have been carefully chosen to manage your loan account with care and efficiency.
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If your account is part of the sale, you should get a letter from us between the end of March and end of April. We'll send it to the address we had for you when we printed it.
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You will receive an email and a welcome pack in the post to confirm that your account has been transferred. From this point you should contact them about your loan account.
- See more FAQs
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Unfortunately, it is not possible for a customer to opt in or out of the sale. The transfer of your loan is allowed as set out in your terms and conditions. There is no change to your loan because of the sale. However, if you are still unhappy you can call us on 0345 608 1247 to make a complaint.
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Yes, Link Financial Outsourcing Ltd and Antelope Loans are authorised and regulated by the Financial Conduct Authority.
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If you pay by Direct Debit, it’ll transfer automatically to your new provider. You don’t need to do anything.
If you pay another way, you can call us on 0345 608 1247 to set up a Direct Debit. You will also be given information on other ways you can make your payment in the welcome pack.
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The existing terms of your arrangement will be transferred to the new provider and will stay the same.
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Your new provider will be able to help you if you are struggling to make payments after your account is transferred. They will provide you with contact details once your account is transferred. If you are struggling to make payments now, please contact us on 0345 608 1247. We’re here to help.
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No, there is no impact on your credit report because of your account being sold and transferred.
If you have missed payments and are in arrears this could impact your credit report.
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Protecting your personal data is important to us. We’ll ensure your data is safely transferred to the new provider as part of the sale. You can find more information in our Privacy Notice on our website.
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If you’ve paid off your loan and have got a letter telling you about the sale, this means your account was included in the sale. Your account details will be transferred to the new provider.
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Early settlement quotes are valid for 30 days. If you have asked for an early settlement quote from us before your account is transferred, we will honour that quote for 30 days from the date you asked for it. This means your early settlement quote will be the same as the amount you have to pay to clear your balance.
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Yes, you can request a settlement figure and pay off your loan. However, your loan details will still be transferred to the new provider.
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No. There is no impact to any other products because of the sale.
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Your complaint will not be impacted by the sale. If your complaint has not been resolved by the time your loan is transferred, we will continue to explore all options to resolve your complaint.
This commitment extends to any complaints being adjudicated by the Financial Ombudsman Service.
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There are no changes to your account’s terms and conditions, including the COVID-19 payment break arrangement.
Managing my Personal Loan
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Repayments to your Personal Loan will be on a monthly basis by direct debit from your current account (or an account that accepts direct debits). The amount and number of repayments will be detailed in your Loan Agreement. Before signing the Loan Agreement, you should make sure you're comfortable that you'll be able to make the monthly repayments, and you're able to leave enough money in your account to do so.
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It can have serious consequences and make it harder for you to get credit in the future. So it's really important to make sure you can afford the payments before you take out a loan. However, we understand that life isn't always easy. If you think you will miss a payment please get in touch and we'll do everything we can to help you get through it. If you do not contact us and fall behind on your payments, it may cost you in the long run.
Missing or late payments can result in:
- Interest charges.
- Added charges for late or missed payments. You can find more information about those in your loan agreement.
- Court proceedings leading to an order to pay us back (called a judgement).
- It may also have a negative impact on your credit rating, which may cause problems if you need to borrow again in the future.
Remember, we're here to help in any way we can. If you're worried about making your repayments, get in touch on 0800 169 2000. We are open Monday to Friday, 8am - 7pm and Saturday, 8am - 2pm. Please note we are closed on Sundays and bank holidays. Calls may be recorded for training and monitoring purposes.
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You can repay all or part of your loan at any time. We may charge up to 58 days’ interest on the amount you repay early. If you wish to do this, please call us on 0800 169 2000.
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To pay towards any outstanding arrears, you can call us on 0800 012 1548 to make a payment. We understand that if you've fallen behind with repayments, you might be worried. We want to help you as much as possible, so please call us.
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Your Post Office Personal Loan is regulated by the Consumer Credit Act 1974 (CCA). This gives you protection and rights when taking out a Post Office Personal Loan. It gives you the right to repay all or part of your loan at any time.
What’s the difference between a partial and full early settlement?
Partial early settlement: this is where you make a payment over and above your normal monthly repayment. There’s no limit to the number of early settlements you can make during the term of your loan. There’s also no minimum or maximum amount you can pay. You can do this to reduce your monthly payments or to reduce the number of months you have left to pay. If you don’t tell us what to do with a partial early settlement, we’ll reduce the number of months you have left to pay.
Full early settlement: this is where you pay the full amount you owe to us and clear your loan before the end of the original agreed term.
In both cases, you may be entitled to a rebate.
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Before you take out a loan with us, we'll calculate the total amount of interest you need to pay. This is based on the fixed rate, the amount borrowed and the term of your agreement.
The interest is added onto the amount you're borrowing. The total is then divided by number of months over which you’ve chosen to repay your loan. This is your monthly repayment amount.
If you make an early settlement, you'll be entitled to get some of this interest back. This is known as a rebate.
When calculating your rebate we use a formula as prescribed by the Consumer Credit (Early Settlement) Regulations 2004.
It takes into consideration the following information:
- Your monthly repayment
- How long you have left to pay on your loan
- The settlement date
Your rebate calculation will be affected if:
- You’ve been in arrears (behind with your payments)
- You’ve taken a Covid-19 payment break at any time during your loan period
You’ll still be able to settle your loan early and be entitled to a rebate of interest you have not yet had to pay.
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The settlement date determines how much the rebate will be and how much you owe us. The settlement date we use is:
- 28 days from the date you notify us
- Plus an additional deferment of 30 days
This means that, when we calculate your rebate, we'll use a date 58 days from the date you notify us.
- See more Personal Loan FAQs
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You can request a partial or full early settlement by calling us on 0800 169 2000.
You’ll have 28 days from the day after you contact us to make your payment. If you don’t make the payment within this time, you’ll need to contact us again so we can give you a new quote.
Some points to note:
- If you want to make a partial early settlement, you can choose to reduce the number of months you have left to pay on your loan or your monthly repayment amount. If you ask us, we can tell you how both options would affect you to help you decide. If you don’t tell us which option you want to take, we’ll reduce the number of months you have left to pay. This means your monthly repayment would stay the same
- If you want to make a full early settlement, we’ll tell you how much you need to pay us to clear your loan completely. We’ll also send this information to you in writing
- If you have any arrears on your agreement or took out a Covid-19 payment break with us, these will be cleared first. The remaining amount will be used to calculate the settlement of your loan
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Partial early settlement
If you choose to reduce the term of your loan. We‘ll tell you the new end date for your loan when you notify us.
If you choose to reduce your monthly repayment. Your first reduced amount will be 58 days from the date you notify us.
For example:
Date of Notification Normal monthly payment date First reduced payment date 1 October 15th of each month 15 December Full early settlement
We'll close your loan within 2 days of receipt of your payment. Once this has been completed, we'll send you confirmation in writing.
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We'll cancel your direct debit once your loan has been settled. If you want to cancel it with your bank. You should wait until we've confirmed your loan agreement is closed. If we receive any payments after your loan has closed, we'll return these to your bank.
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No, we can’t accept payments before your monthly direct debit is due to cover future payments. Your must make your monthly payment by direct debit. Any payment received before your payment due date is treated as an early settlement unless you are in arrears. If you’re struggling to keep up with your repayments or want to change your payment date, we’re here to help. Please call us on 0800 169 2000. We’ll talk you through the options available to you.
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If you become aware that your circumstances could change, and may have an impact on your ability to pay your loan, you should call us on 0800 169 2000 to discuss the options available.
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Yes. To change your repayment date simply call us on 0800 169 2000 and let us know which day of the month is best for you. Repayment date changes are limited to one per calendar year.
If you’re calling about a loan you already have with us, please have your Loan Agreement Number handy. This will help us deal with your call more quickly. The number you need is 19 digits long and starts with 0007291. You can find it on any email, letter, or statement we’ve sent you.
If you’re calling about a loan you’ve applied for, please have your Reference Number handy. You’ll find it on the email we sent you about the progress of your application.
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If you're struggling to keep up with the repayments on your loan for whatever reason, we’re here to help. It's important that you call us on 0800 169 2000 and we’ll talk you through the options available to you.
There are lots of organisations that can provide confidential, impartial and free help and advice. More information can be found in our leaflet 'Are you in financial difficulties?'.
If you are already in touch with an organisation that is giving you financial advice, please let us know and we can deal with them directly.
Managing my Personal Loan
-
Repayments to your Personal Loan will be on a monthly basis by direct debit from your current account (or an account that accepts direct debits). The amount and number of repayments will be detailed in your Loan Agreement. Before signing the Loan Agreement, you should make sure you're comfortable that you'll be able to make the monthly repayments, and you're able to leave enough money in your account to do so.
-
It can have serious consequences and make it harder for you to get credit in the future. So it's really important to make sure you can afford the payments before you take out a loan. However, we understand that life isn't always easy. If you think you will miss a payment please get in touch and we'll do everything we can to help you get through it. If you do not contact us and fall behind on your payments, it may cost you in the long run.
Missing or late payments can result in:
- Interest charges.
- Added charges for late or missed payments. You can find more information about those in your loan agreement.
- Court proceedings leading to an order to pay us back (called a judgement).
- It may also have a negative impact on your credit rating, which may cause problems if you need to borrow again in the future.
Remember, we're here to help in any way we can. If you're worried about making your repayments, get in touch on 0800 169 2000. We are open Monday to Friday, 8am - 7pm and Saturday, 8am - 2pm. Please note we are closed on Sundays and bank holidays. Calls may be recorded for training and monitoring purposes.
-
You can repay all or part of the credit borrowed at any time. We may charge up to 58 days interest if you pay off your loan in full early. If you wish to do this, you can do so by contacting us on 0800 169 2000. This is outlined in the Loan Agreement. If you make a partial repayment, we'll reduce the term of your Agreement unless you request otherwise.
-
To pay towards any outstanding arrears, you can call us on 0800 012 1548 to make a payment. We understand that if you've fallen behind with repayments, you might be worried. We want to help you as much as possible, so please call us.
-
Your Post Office Loan is regulated by the Consumer Credit Act 1974 (CCA) which gives you protection and entitlements when entering into a credit agreement. One of these entitlements is that you can choose to repay your loan either partially or in full before the end of your original term.
What is the difference between a Partial and Full Early Settlement?
- Partial Early Settlement – this is where you make a payment towards the sum you owe to us which is over and above your normal contractual monthly repayment amount. There's no limit to the number of early settlements you can make during the term of your loan. There's no minimum or maximum amount you can pay.
- Full Early Settlement – this is where you pay the full amount you owe to us and clear your loan before the end of the original agreed term.
In both cases, you may be entitled to a rebate (further information on rebates can be found below).
-
Yes. To change your repayment date simply call us on 0800 169 2000 and let us know which day of the month is best for you. Repayment date changes are limited to one per calendar year.
If you’re calling about a loan you already have with us, please have your Loan Agreement Number handy. This will help us deal with your call more quickly. The number you need is 19 digits long and starts with 0007291. You can find it on any email, letter, or statement we’ve sent you.
If you’re calling about a loan you’ve applied for, please have your Reference Number handy. You’ll find it on the email we sent you about the progress of your application.
-
If you become aware that your circumstances could change, and may have an impact on your ability to pay your loan, you should call us on 0800 169 2000 to discuss the options available.
-
If you're struggling to keep up with the repayments on your loan for whatever reason, we’re here to help. It's important that you call us on 0800 169 2000 and we’ll talk you through the options available to you.
There are lots of organisations that can provide confidential, impartial and free help and advice. More information can be found in our leaflet 'Are you in financial difficulties?'.
If you are already in touch with an organisation that is giving you financial advice, please let us know and we can deal with them directly.