Help | PCF Bank

Existing Customers

Finance

Why was my loan agreement sold?

This was a commercial business decision to sell the Bank’s loan portfolios.

Why are you withdrawing from the UK market?

This was a commercial decision by the Bank to exit the UK market..

Who now owns my agreement?

If your loan agreement has been sold you will have received a written notice notifying you of this sale and giving you details of the third-party purchaser.

If you have any questions relating to your loan agreement, you should contact the third-party purchaser where you have received such a written notice.

For example Azzurro Associates Limited (Company Number 10673742) and Asset Link Capital (No. 10) Limited (Company Number 14222121) have purchased loan agreements from the Bank. If your account has been purchased by:

(i) Azzurro Associates Limited, it will be serviced Azzurro Associates Limited, FCA registration number 832506 ; or
(ii) Asset Link Capital (No.10) it will be serviced by Asset Link Capital (No.10), which is a trading company of Link Financial Outsourcing Limited (company Number 07059696) FCA Registration 606817 (“Asset Link Capital”)

You should only contact Azzurro Associates Limited or Asset Link Capital as applicable where you have received a notice from them informing you that your loan agreement has been sold.

Do PCF Bank have the right to sell my loan to a third party?

Yes, in accordance with the terms and condition of your loan agreement.

What if I do not want my loan to be sold?

PCF Bank have the right to sell its loan portfolios.

Do my rights under the agreement change?

The assignment of your Agreement to a third-party purchaser, in no way affects your rights and obligations under your loan agreement and all terms and conditions of your loan agreement remain the same.

Who is currently responsible for managing my loan agreement and account

Where your loan agreement was transferred to a purchaser (as detailed above in the “Who now owns my agreement section?”) and you should have received their “hello” letter confirming the above, so all future communications and payments, should be directed to them and not PCF Bank.

Do I need to change my Direct Debit?

You do not need to amend or cancel your exiting Direct Debit, as this will be automatically changed at the time of transfer.

If you are a non-Direct Debit Payer, PCF Bank will continue to accept manual payments until the transfer date of your loan agreement. Any payments after the transfer date, must be paid to the third-party purchaser of your loan agreement (as detailed above in the “Who now owns my agreement section?”).

Who will pass title to the goods when I complete my repayment obligations?

The purchaser of your loan agreement (as detailed above in the “Who now owns my agreement section?”) will pass title to you and will also remove the financial marker on the asset, once all sums owed under your loan agreement have been paid.

Will there be any detrimental effect to my credit file because of my loan agreement being sold?

No. The purchaser of your loan agreement (as detailed above in the “Who now owns my agreement section?”) will continue to report an accurate record of your repayment performance, so prompt and punctual payment remains a necessity.

If I have any queries in relation to my credit records associated to the loan agreement, who should I contact?

Please continue to contact PCF Bank, unless you have been notified by a purchaser of the transfer of your loan agreement to them (as detailed above in the “Who now owns my agreement section?”) The purchaser of your loan agreement will then have become the Data Controller and will be responsible for your loan agreement and related data.

I have a Bridging Loan with PCF Bank, how will the legal charge be removed from my property, when the loan redeems?

PCF Bank will continue to complete this action up to the full assignment date notification from Asset Link Capital.

After which, Asset Link Capital will manage the process, in liaison with your own solicitor to release the DS1 upon receipt of cleared redemption funds.

I have an outstanding complaint with PCF, who should I contact in this instance?

PCF Bank will continue to manage and resolve any existing or new complaints that arose or arise in relation to matters relating to your loan agreement up to the transfer date to a third-party purchaser. After that date, the purchaser of your loan agreement (as detailed above in the “Who now owns my agreement section?”) will manage any new expressions of dissatisfaction or complaints that arose or arise in relation to matters relating to your loan agreement after the transfer date to a third-party purchaser.

My contact details are not correct, or they have recently changed, who should I contact?

Please immediately let PCF Bank know of any amendments and we will share them with the purchaser of your loan agreement (as detailed above in the “Who now owns my agreement section?”) up to the full assignment date. After that date, the purchaser of your loan agreement will manage any subsequent amendments and so you should contact them.

Will all my data and correspondence notes be transferred to a purchaser of my loan agreement?

Yes, this will have been provided to a purchaser of your loan agreement (as detailed above in the “Who now owns my agreement section?”).

Will details of my Repayment Plan or Rescheduling of my Agreement be honoured by a purchaser of your loan agreement?

Yes, they will be.

Savings

Why are PCF Bank no longer operating in the UK Banking market / no longer offering savings accounts?

PCF Bank made the decision to withdraw from the UK banking market in November 2022 for strategic reasons

Why did PCF Bank not notify me in writing that PCF Bank is no longer operating in the UK banking market?

The decision was publicly announced and savings accounts continued to operate as normal, therefore PCF Bank did not notify customers individually.

I have been sent information from PCF offering to close my account early and return my funds, why is this?

As part of the strategy to withdraw from the UK banking market, we would like to give our customers the opportunity to benefit from the general increase in interest rates available in the market. You can find information on the current savings market rates on the internet (e.g. Moneyfacts, Moneysavingsexpert).

What if I don’t want to close my account?

If you do not want us to close your account, please contact us within 28 days of the date of the offer letter. This can be done by logging into your online banking and sending a secure message, by emailing us or contacting us by phone or in writing (using the contact details below) to enable us to understand your situation and discuss whether there are alternatives we can offer you to closure.

Is my money safe?

Your deposit is protected by the Financial Services Compensation Scheme for up to £85,000.00 per customer. For information about the full scope of your protection, please visit the FSCS website at www.fscs.org.uk

I have an account due to close / mature before 30th September 2023, what happens with this account?

Any Term Deposit accounts that are due to mature or Notice Accounts with a full balance on notice due to be paid by 30th September 2023, will be closed in the normal manner, and will not be closed early.

How do I check the nominated account (the bank account linked to your account) details you hold for me are correct?

You can check the this by either logging into online banking and sending a secure message, by emailing us at [email protected] or contacting us by phone or in writing.

I need to update my nominated account details with you, how do I do this?

If you wish to change your nominated account you must provide us with details of an alternative UK bank account held in your name or jointly with others. You can do this by logging into your PCF online banking account and sending us a secure message or by:

emailing us at [email protected],
over the phone by phoning us on 020 7227 7577 between 9:00am and 5:00pm Monday to Friday,
or in writing to PCF Bank Limited, Dashwood House, 69 Old Broad Street, EC2M 1QS

How soon will the funds be in my nominated account from closure?

We will write to you nearer the time to confirm when your funds will be returned to you.

Can I have my funds sooner than September?

If you require your funds prior to the end of September, please contact the Savings Team. You can do this by logging into your PCF account via our website and sending us a secure message or by::

emailing us at [email protected],
over the phone by phoning us on 020 7227 7577 between 9:00am and 5:00pm Monday to Friday,
or in writing to PCF Bank Limited, Dashwood House, 69 Old Broad Street, EC2M 1QS

Closing the account and returning your funds and interest to your nominated account can take up to 5 working days.

If I take advantage of the early repayment proposal, will the interest you pay me be calculated up to the date my account was due to mature, for example 27th January 2024?

No. You will receive any accrued interest up to the day your account is closed.

Can I receive a cheque instead of PCF transferring the funds to my nominated account?

We are unable to send your funds back to you by cheque.

I have a joint account with PCF and my partner has received a communication about our account closing early but I have not?

We have sent out communications to all customers. These communications are sent by email or delivered by Royal Mail. If you haven’t received an email it may be that we hold an incorrect email address or we sent the communication to an email address that you are not using anymore. In some circumstances we have sent a letter and the delivery time of these is something we do not have control over. If your details have changed please contact us to make sure we hold up to date contact information for future communications.