Debt purchasing and assignment

[Curlyben]

Holder for when I get my head in gear

If anyone has any questions on this, feel free to ask.

[TANZARELLI]

Re: Debt purchasing and assignment

Great post CB.

I actually had Debt Managers on the phone today (I phoned them as account in dispute with Npower - long story - their fault), I asked DM Ltd if they now owned the debt they said no we are acting on behalf of Npower, I then asked if they had legal assignment to which they obviously didn't have, they replied no. So I said so why do you think you can commense legal proceedings against me when your not a firm of solicitors, you don't own the debt and have no legal assignment and the account is fully in dipute and is with the Energy Ombudsman.

[Curlyben]

Re: Debt purchasing and assignment

This is a good example of Aktiv obfuscating the whole assignment area.

Dear Debtor
Thank you for your letter dated 01 July 2008 the contents of which have been noted.


The comments made in your letter suggest to us that you perhaps do not fully understand our obligations under the consumer credit act 1974 and the data protection act 1998. May we once again point out that we are not the original creditor. We did not provide you with the original credit facility. We purchased your outstanding debt balance and right to collect that balance. We did not purchase your actual agreement, consequently there is not an obligation to provide you with a copy, as the liability attaching to the agreement was not assigned to us.


The credit services association, of which this company is a member, advises in its guidelines that the debt sale process can be complex. However it states that members of the association are to deal with the requests under section 77(1) & 78(1) as though they were the original creditor, in so far as they are able to. They state that it is up to each member on an individual basis to decide how far to comply with the act. It is the policy of this company to seek to adhere to the provisions of the consumer credit act as much as possible, but we repeat that we have not inherited the liabilities of the original creditor. Should we choose to litigate, we would indeed provide a true copy.


With regards to your comments that we are now in default of your request, may we refer you to the credit services association guidelines which state that a failure to comply with section 77(1) & section 78(1) does not render an agreement illegal or void. The payments owing are still due.


We have referred back to HBOS for their comments and they have confirmed that they have not previously received a consumer credit act request from you. They did receive a request for a copy application via an external agency that dealt with your account on their behalf and a copy of the agreement was duly supplied. However, as a matter of good practice we have requested that they provide ourselves with a further copy plus terms and conditions in order that we resolve this matter.


HBOS also confirm that they have no record of your dispute in relation to unfair charges and we therefore suggest you take this matter up with them independently as this is a separate issue and has no bearing whatsoever on your consumer credit act request.


As you are not specifically denying that you are liable for the debt, there is no reason why our debt collection activities against you should be suspended. You owe £2***. ** On the above credit agreement, which originated with HBOS? You acknowledged this debt when you last made payment of £1.00 on 2nd March 2007.


In this instance we do not feel your request for financial compensation appropriate, as we have taken all the necessary steps to ensure you receive the documents you require, provided they are available. Therefore we must point out that you will not be entitled to a refund of any payments made on the account or in relation to costs incurred whilst communicating with us.


We reserve the right to litigate and to produce a copy of this letter to any court, on the subject of costs.


We respectfully request that you continue to bear with us. We shall revert to you again shortly


Yours sincerely.
A.MUPPET.

[Amethyst]

Re: Debt purchasing and assignment

Thank you Curly moved to Debt Forum

[enaid]

Re: Debt purchasing and assignment

Hi CB tis me Enaid with a question.

My OH has a CCJ over ten years old now, he has never missed a payment on it.
Yesterday he got a Notice of Assignment giving him details of who he must now pay.
This happened while I was at work and as the letter said to contact them promptly he did.
He told the chap he paid by payment book and the chap said he would send him one.
My OH said a payment was due this week and the chap said not to bother about that, we will pay it though no way are we being had for a missed payment.
My question is, I know a CCJ lasts until the debt is paid, even though it goes off the records after 6 yrs. This is unless you are taken back to court I understand, am I right so far?
I am asking you what I can expect now from these people who have been assigned the debt and what I can do to pre arm myself so to speak.

Just to add
Assignor: original creditor
Assignee: a recovery company
Ref: then ref no
Outstanding debt: amount he owes

Then further down letter it says The Assignee has appointed ??????? Financial services to administer the account and contact them imediately so they can agree payment terms with you.

Under the terms of the assignment the Assignee is now the Data controller . The Assigne has the same rights as the Assignor. bla bla bla.
Thanks Enaid x

[Curlyben]

Re: Debt purchasing and assignment

All sounds about right to me.
It is acceptable for CCJ'd debt to be sold, even though it doesn't seem right as the DCA would of paid a small % for the debt.

The " The Assignee has appointed ??????? Financial services to administer the account"
Is also quite normal.
These companies buy debts with one part of the group and use another to manage it.
Lowell do this often with Lowells Portfolio buying and Lowells Financial admining.

Now they may well throw some "Pay Now" letter at you, but while the judgemented amount is being paid there is nowt they can do without further court action.

[enaid]

Re: Debt purchasing and assignment

I thank you xx
I did know that a ccj had to go back to court, I just need to be pre armed incase they chuck anything naughty at us.
And keep reminding OH what bloody day it has to be paid lol Thanks CB xx

[shas]

Re: Debt purchasing and assignment

All sounds about right to me.
It is acceptable for CCJ'd debt to be sold, even though it doesn't seem right as the DCA would of paid a small % for the debt.
.

Is there any way we could buy our own debts for the small % & thus write off?

[Paule]

Re: Debt purchasing and assignment

Is there any way we could buy our own debts for the small % & thus write off?

In a way Yes,

There is nothing to stop you writing to them and offer them a Full & Final settlement at a percentage of what you owe.

Don't be surprised if they say no though...

[LuggerBugs]

Re: Debt purchasing and assignment

It must be remembered though that whether the assignment was equitable or absolute, that your rights are protected under the CCA. I have seen several attempts by certain cretins who try to claim that the LoP Act applies, and therefore you cannot hide behind S127(3) if it gets to court.

Of course, we all know that is absolute bollix. All you need to remember is, the LoP is the vehicle used to make the assignment, and the CCA is the Act which governs your agreement. It matters not a jot to you whether the LoP was used, or the debt was passed under a pub table for a handful of tenners.

[Dougal16T]

Re: Debt purchasing and assignment

Good morning all,

I wish I knew the answer to this question........HELP (please..) :beagle:

If there has been secured loan against property, and that loan has been repaid - is it possible to get the agreement 're-opened' on application to the Court? If so how?

My reason is that Swift Advances plc have (in my view) constructed their agreements unlawfully by not stating correctly the (a) amount of credit, (b) not having the fact that the Fees would be added to the amount of credit to be repaid set out in the T& C's (c) by stating that 'these fees will be deducted from the loan according to your instructions' in the accompanying paperwork (their welcome letter).

The view taken by the Legal Aid Board indicated to me by a Solicitor is that it may not provide funding to re-open agreements which have been settled as they (Legal Aid Board) would prefer 'to let sleeping dogs lie.'!

I say this is a fundamental breach of the Human Rights Charter Articles 6, 7, 8 and 21(2).

Now then let's hear what you have to say.....

I intend to take the step of asking for old agreements (less than 6 years old) to be re-opened and welcome some input......

Best wishes to all

Dougal

[LuggerBugs]

Re: Debt purchasing and assignment

Let me get this right Dougal. You want advice in order to be able to recover some, or all, monies that you have already paid in respect of your secured loan. A loan which has now been repaid in full?

In other words, you would like to have had the loan, without, in effect, having had to repay any of that loan.

Do I understand you correctly? Or am I completely missing the point?

[Dougal16T]

Re: Debt purchasing and assignment

Good morning,

I see what you are saying. I need to explain a bit further.

I took out a secured loan with Swift Advances plc. It was for £15,000. However when I came to the position of repaying the loan (Order of the Court on my Divorce), I found that the loan was actually for £16,500.

The agreement with Swift states ' Amount of Loan £15,000'. Their welcome letter with that document states, 'Fees of £375 and £1125 will be deducted from your loan in accordance with your instructions.' (incidentally no such instructions were ever given by me!)

I have now discovered that the fees were added back onto the Amount for credit, but NOWHERE on the agreement or in the T & C's is this shown.

In essence this may well be a matter for the Police. First though I would like to research the possibility of re-opening the loan agreement via the County Court.

I hope that makes the position clearer. I agree we would all like a loan without having to pay it back!

My situation and view is this:

Swift loaned me (apparently) £15,000. I am more than happy to pay this back. What I object most strongly to is:

(a) having to pay back something I did not borrow and
(b) the ridiculously high fees, also
(c) the redemption figure was £31,000 and the loan existed from May 2006 to June 2009!

All comments, however sharp are welcome....!

Kind regards to all

Dougal

[LuggerBugs]

Re: Debt purchasing and assignment

Sounds to me like Swift have not been playing fair, and for that very reason, I think you would be justified in wanting as much of that back as possible.

I do think that the first thing you need to do is pop up the agreement, including any T&C's that might be applicable. If there is clear evidence that you have been unfairly prejudiced, I don't see any reason why you shouldn't approach the FOS in order to redress the balance.

Why not start a thread about it (if you haven't done so already) and start the ball rolling?

[TUTTSI]

Re: Debt purchasing and assignment

Hi Dougal

I was also thinking the FOS, because if something has been added to your loan which should not have been added then you should ask for it back with compensating interest.

A good idea to post up the documents as Lugger has said.

Good luck with this one.

Tuttsi