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Good afternoon looking for some advice please on credit agreements. If a creditor has sold a debt what would I be looking for in terms of the right to sell on to DCA. Thank you
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Re: Credit agreements
Hi,Originally posted by Midlandcb View Post
Most if not all agreements will have a clause stating that the creditors can share details with 3rd parties and may sell or assign the account to a 3rd party. The account is sold including the benefits and rights of said agreement.
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Re: Credit agreements
There are several other important things which need to be considered not just the original creditor's right to sell the debt.
Of paramount importance is what is written in the Deeds when the account is assigned.
The "conditions" can restrict what the debt purchaser can do with the account under their ownership such as whether they can litigate (or not) or whether they need written permission from the original creditor before litigation can commence.
There can be conditions (restriction) on what information they're entitled to request from the original creditor after the assignment and/or how many requests they can make and what may be charged for each request. This would make a debt purchaser think carefully as to which accounts to pursue if any are disputed.
There can be a time limit imposed for returning the debt if it becomes uncollectable (hence the flurry of phone calls and letters immediately the debt is assigned).
Another issue is whether the debt purchaser can prove a legal assignment took place giving them the right to own the debt and therefore collect it. In my PRA v Diana Mayhew case the Claimant failed to prove the assignment > http://legalbeagles.info/forums/show...l=1#post723304
Obviously the debt purchaser would need to be licensed in order to collect the debt
And so on.
DiComment
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Re: Credit agreements
Thank you once again Diana M.
There notice of assignment doesn't look to clever to me. If I posted on here what I have recived would yourself or any member be willing to take a look please?Comment
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Re: Credit agreements
I'm sure a forum member will be able to comment on your Notice of Assignment (make sure you remove anything which could identify you when you post it up).Originally posted by Midlandcb View Post
There should be two NOA.
One from the original creditor to say "Goodbye" which must tell you who they've assigned the debt to, how you can pay them and the balance outstanding etc.
Another one from the debt purchaser to say "Hello" with contact and payment details etc.
Don't be surprised if they come/came in the same envelope because sometimes the debt purchaser has the right to issue both NOAs using the original creditor's headed notepaper.
There's also a big difference between a Notice of Assignment and the Deed of Assignment which is a confidential document (about a foot thick!) between the seller and the buyer.
However my firm asks the court to order disclosure of the Deeds (unredacted) because the "conditions" can be relevant and somewhat interesting
DiComment
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Re: Credit agreements
Since mostOriginally posted by Diana M View PostI'm sure a forum member will be able to comment on your Notice of Assignment (make sure you remove anything which could identify you when you post it up).
There should be two NOA.
One from the original creditor to say "Goodbye" which must tell you who they've assigned the debt to, how you can pay them and the balance outstanding etc.
Another one from the debt purchaser to say "Hello" with contact and payment details etc.
Don't be surprised if they come/came in the same envelope because sometimes the debt purchaser has the right to issue both NOAs using the original creditor's headed notepaper.
There's also a big difference between a Notice of Assignment and the Deed of Assignment which is a confidential document (about a foot thick!) between the seller and the buyer.
However my firm asks the court to order disclosure of the Deeds (unredacted) because the "conditions" can be relevant and somewhat interesting
Di
Debt Purchasers are both significant companies with adequate resources,
I suspect that looking for loopholes is very much a case of looking for just that "loopholes"Comment
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Re: Credit agreements
Ok I'll blank out the private details she I get home and see what If I can post them up. Thank you once againComment
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Re: Credit agreements
Utilising sections of the Consumer Credit Act for what Parliament intended it should be used for (to protect consumers entering into credit agreements) is not the same as looking for loopholes.Originally posted by Spirit200 View Post
DiComment
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Re: Credit agreements
My post still stands, I can that understand people on LB looking for loopholes but the debt purchasers are well resourced and able to "strike back"Originally posted by Spirit200 View PostComment
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Re: Credit agreements
And then again there are law firms like mine who specialise in consumer credit who defeat the ”well resourced” debt purchasers in court (or before if they Discontinue their claim) on an almost daily basis.Originally posted by Spirit200 View Post
Using law is not a loophole.
DiComment
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Re: Credit agreements
Hi all I'm not looking to dodge my debts just want to make sure I'm paying who I should be. I can't afford to pay them twice. Sorry if it comes accross that way.Comment
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Re: Credit agreements
it doesn't come across that way at all [MENTION=109489]Midlandcb[/MENTION] ... we're here to helpOriginally posted by Midlandcb View Post xx
Debt is like any other trap, easy enough to get into, but hard enough to get out of.
It doesn't matter where your journey begins, so long as you begin it...
recte agens confido
~~~~~
Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.
I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
But please include a link to your thread so I know who you are.
Specialist advice can be sought via our sister site JustBeagleComment
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Re: Credit agreements
I'll try and attach thisComment
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Re: Credit agreements
Hi all is this what a notice of assignment looks like? It doesn't even say what it is on there.Originally posted by Midlandcb View PostComment
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Re: Credit agreements
Hi could anybody advise me on this please. Recived another one today from original creditor but no company heading in there just looks like some one typed it outOriginally posted by Midlandcb View PostComment
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