Arrow Global going for CCJ

[ironman]

Re: Arrow Global going for CCJ

I still do not follow, what is to stop the creditor selling a delinquent account that is still live onto a third party (DCA) that has not been previously defaulted. The DCA then owns all legal rights to the agreement and as such can then issue a default notice in their own name as to the arrears, then terminate the agreement and demand all sums due if the default notice is not satisfied within the prescribed period.

[Guest]

Re: Arrow Global going for CCJ

I still do not follow, what is to stop the creditor selling a delinquent account that is still live onto a third party (DCA) that has not been previously defaulted. The DCA then owns all legal rights to the agreement and as such can then issue a default notice in their own name as to the arrears, then terminate the agreement and demand all sums due if the default notice is not satisfied within the prescribed period.

Dca s cant service accounts, how could they remedy ?

In any case the problem is enforcement, section 87 prevents it.

[ironman]

Re: Arrow Global going for CCJ

In sevicing accounts, that simply means the new creditor who has been sold the Agreement live (DCA) collecting outstanding monthly installmants as to the contractual obligations of the original agreement. It is the original agreement that is used to enforce the contract

Sorry for the 20 questions but i believe it to be important

[Guest]

Re: Arrow Global going for CCJ

In sevicing accounts, that simply means the new creditor who has been sold the Agreement live (DCA) collecting outstanding monthly installmants as to the contractual obligations of the original agreement. It is the original agreement that is used to enforce the contract

Sorry for the 20 questions but i believe it to be important

Yes debt collectors are ancillary credit services under the act they generally are neither licensed able to service active accounts, have the DCA demanded repayment by contractual monthly installment ?(not likely)

[ironman]

Re: Arrow Global going for CCJ

That i will agree on, Many thanks

[littlebert8]

Re: Arrow Global going for CCJ

Arrow Global Limited and Arrow Guernsey are both licenced with permission to operate as a Consumer Credit Business: "Entering into a regulated credit agreement as lender; and exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement."http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew

[Amethyst]

Re: Arrow Global going for CCJ

What;s the original default date on the credit file?

[Guest]

Re: Arrow Global going for CCJ

Arrow Global Limited and Arrow Guernsey are both licenced with permission to operate as a Consumer Credit Business: "Entering into a regulated credit agreement as lender; and exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement."http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew

Yes why i said generally, and makes no difference as this account would have been purchased as a debt, and chased as being terminated.

[Amethyst]

Re: Arrow Global going for CCJ

The MBNA assignment does say Default Date 30/06/2007 on it, which indicates it was defaulted before it was sold - so a section 87 notice would had to have come from MBNA wouldn't it ? rather than from Arrow just over a month later. (Arrow default notice doesn't give enough time for postage in the remedy date so it's faulty anyway) Possibly the credit file will help - if it shows default in July 07 (but then it would have fallen off the file already I suspect)

Arrow could have bought the debt live but then only held it for a month before issuing a default notice.... doesn't seem very likely to me.

[Guest]

Re: Arrow Global going for CCJ

The MBNA assignment does say Default Date 30/06/2007 on it, which indicates it was defaulted before it was sold - so a section 87 notice would had to have come from MBNA wouldn't it ? rather than from Arrow just over a month later. (Arrow default notice doesn't give enough time for postage in the remedy date so it's faulty anyway) Possibly the credit file will help - if it shows default in July 07 (but then it would have fallen off the file already I suspect)

Arrow could have bought the debt live but then only held it for a month before issuing a default notice.... doesn't seem very likely to me.

Do Arrow have a history of operating live accounts, I certainly have never heard of any.

[Guest]

Re: Arrow Global going for CCJ

Hmm the section 196 notice says the balance under the agreement transferred, as opposed to the contract.

[littlebert8]

Re: Arrow Global going for CCJ

The MBNA assignment does say Default Date 30/06/2007 on it, which indicates it was defaulted before it was sold - so a section 87 notice would had to have come from MBNA wouldn't it ? rather than from Arrow just over a month later. (Arrow default notice doesn't give enough time for postage in the remedy date so it's faulty anyway) Possibly the credit file will help - if it shows default in July 07 (but then it would have fallen off the file already I suspect)

Arrow could have bought the debt live but then only held it for a month before issuing a default notice.... doesn't seem very likely to me.

Although the are licences to do so, I'm fairly sure they didn't buy this as a continuing credit agreement. The copy default notice is dodgy - to me it looks like it has been cobbled together by someone at Arrow. It doesn't allow sufficient time to remedy and its also printed on contemporary letterhead with reference to the FCA and PSD 2009 neither of which existed on the date it was supposed to have been issued.

My only concern is that they may pass this off as an admin error and produce a copy of an MBNA default notice as they don't usually have trouble reproducing them.

[Guest]

Re: Arrow Global going for CCJ

Although the are licences to do so, I'm fairly sure they didn't buy this as a continuing credit agreement. The copy default notice is dodgy - to me it looks like it has been cobbled together by someone at Arrow. It doesn't allow sufficient time to remedy and its also printed on contemporary letterhead with reference to the FCA and PSD 2009 neither of which existed on the date it was supposed to have been issued.

My only concern is that they may pass this off as an admin error and produce a copy of an MBNA default notice as they don't usually have trouble reproducing them.

Not sure if they can on this kind of assignment anyway, the duty to supply credit would not be transferred via the assignment. Would have to be novation.

[Amethyst]

Re: Arrow Global going for CCJ

Although the are licences to do so, I'm fairly sure they didn't buy this as a continuing credit agreement. The copy default notice is dodgy - to me it looks like it has been cobbled together by someone at Arrow. It doesn't allow sufficient time to remedy and its also printed on contemporary letterhead with reference to the FCA and PSD 2009 neither of which existed on the date it was supposed to have been issued.

My only concern is that they may pass this off as an admin error and produce a copy of an MBNA default notice as they don't usually have trouble reproducing them.

Sorry littlebert, I can't see the reference to FCA and PSD 2009 on the Arrow default notice. Although I don't think we have a copy of page 2 (the default notice has page 1 of 2 printed at the bottom)

Time to remedy is probably enough to force them to have to rectify it.

[bettyshotpot]

Re: Arrow Global going for CCJ

I have a copy of my credit report from 2012 which has the date of default from both Arrow (status is Default) and MBNA (status is satisfied) as 29/06/2007.