Statute Barred Debts and Court

[Wombats]

Re: Statute Barred Debts and Court

I totally agree with you over dodgy NOA's - appalling!

Is there any legal requirement for a Deed of Assignment to be produced though? I know many who have asked to see one, and a couple of people have claimed, on other sites, they've managed to get hold of one, but normally it seems pretty much impossible to me.

I'd be over the moon to be proven wrong! :beagle:

[skilganon]

Re: Statute Barred Debts and Court

I totally agree with you over dodgy NOA's - appalling!

Is there any legal requirement for a Deed of Assignment to be produced though? I know many who have asked to see one, and a couple of people have claimed, on other sites, they've managed to get hold of one, but normally it seems pretty much impossible to me.



I'd be over the moon to be proven wrong! :beagle:

i am not aware of any legal requirement for them to produce one, however there must be one in order for the DCA to lawfully 'own' the debt, i suppose it depends on how strong an argument you put up, personally i always request site of this i had a case last year where i sent a letter with my DQ to the court requesting documents to prove their case in order for me to enter into mediation, i was lucky, my paperwork appeared before one of the better judges and he ordered them to produce documents, and one of them was the deed of assignment.

they produced nothing and their claim was struck out.

[Wombats]

Re: Statute Barred Debts and Court

Well done! It is rare to get sight of this document. I believe it is supposed to state the price for which the debt was sold as well. Is that right?

[Amethyst]

Re: Statute Barred Debts and Court

Like this

(sorry about the page order)

It is a good reminder NOT TO USE A MARKER PEN to redact things before scanning them and sending them to the opposition.

[skilganon]

Re: Statute Barred Debts and Court

Well done! It is rare to get sight of this document. I believe it is supposed to state the price for which the debt was sold as well. Is that right?

unfortunately i didnt get to see the D of A for this case, but i did get to see one for another case and yes it does contain what they paid for the accounts which is one reason why they dont want you to see it.

you have a case for unjust enrichment when you see what they actually paid for it!!

Like this

(sorry about the page order)

It is a good reminder NOT TO USE A MARKER PEN to redact things before scanning them and sending them to the opposition.

now where have i seen that before

[Wombats]

Re: Statute Barred Debts and Court

That is frightening, 8.2p in the pound paid for the portfolio. You mention unjust enrichment - I guess there is no legal mileage in this?

[Amethyst]

Re: Statute Barred Debts and Court

Sadly not but its useful to know when negotiating settlement.

There is a teeny bit on statute barred, basically the seller guarantees to buy back (at purchase price) debt which were statute barred at the date of sale.

Also a bit about the purchaser not acting in a way to bring the sellers business into disrepute. Lol.

And this document has been useful in demonstrating to the unaware in regulatory positions exactly what we are on about when we winge about third party debt purchase

[skilganon]

Re: Statute Barred Debts and Court

That is frightening, 8.2p in the pound paid for the portfolio. You mention unjust enrichment - I guess there is no legal mileage in this?

probably not, because the courts will most likely state that the 'agreement' comes under the CCA act and therefore it does not apply to unjust enrichment?

to add a further twist to this thread, why dont the banks/ financial institutions issue there own claims for these debts ?

if they are prepared to sell these debts for 8.2 % to the DCA pondlife then why dont they just state to the debtor ( if they are clearly in financial difficulty ) look we understand your predicament you owe £2000 pound for your credit card, we will accept £164 and the debt is cleared.

what is going on in the background that we dont know about ?

are the banks writing these debts off against tax losses ?
are these credit card debts underwritten and the banks are collecting on insurance so selling them off is more beneficial to them?

something is going on that we, the general public, are not aware of:mad2:

[Wombats]

Re: Statute Barred Debts and Court

My guess is that the banks can offset their losses against tax, so they don't lose one penny. They then sell the portfolio of bad debt on so one of two scenarios would exist:

1. They offset 100% of losses and make a profit on the sale of the portfolio

2. They offset 91.8% of their losses and sell the remaining 8.2% so they break even (it would be the other way round - sell then offset)

It makes you realise why they protect the Deed of Assignment! We are being screwed. The letters stating we'll off you a 50% discount should state we'll only screw you for a 600% profit! It is literally as bad as Payday loans etc... Has anyone ever pointed that out to the power that be?

[FlamingParrot]

Re: Statute Barred Debts and Court

Sadly not but its useful to know when negotiating settlement.

There is a teeny bit on statute barred, basically the seller guarantees to buy back (at purchase price) debt which were statute barred at the date of sale.

That's one reason not to wait too long before selling them, although they seem to have forgotten to sell mine! :noidea:

Also a bit about the purchaser not acting in a way to bring the sellers business into disrepute. Lol.

That's another reason for selling them, the banks won't be the ones seen to engage in unsavoury debt collection practices such as using SDs as a debt collection tool (and dating them 3 weeks earlier! :mad2, making up phantom payments or suing people who keep up their agreed repayments.Arrow, Marlin, Lowell, etc. are the bad boys while the banks keep their hands clean.

to add a further twist to this thread, why dont the banks/ financial institutions issue there own claims for these debts ?

Santander tried and look what happened to them! msl:

if they are prepared to sell these debts for 8.2 % to the DCA pondlife then why dont they just state to the debtor ( if they are clearly in financial difficulty ) look we understand your predicament you owe £2000 pound for your credit card, we will accept £164 and the debt is cleared.

Because it would set a precedent and everyone would expect settle their debts for 10% of the balance rather than pay into a DMP for 20 years. The companies dedicated to flogging IVAs would go bust!

what is going on in the background that we dont know about ?

This is pure speculation but knowing what the F $ector gets up to it wouldn't surprise me if there was a financial link of some sort between the banks and debt purchasers, for example, banks investing in debt purchasing businesses. :noidea:

are the banks writing these debts off against tax losses ?
are these credit card debts underwritten and the banks are collecting on insurance so selling them off is more beneficial to them?

something is going on that we, the general public, are not aware of:mad2:

They sure do, also it looks better if the banks don't have a lot of bad debts in their books. :ohwell:

[Wombats]

Re: Statute Barred Debts and Court

That, Miss Parrot, excels even your normal excellent replies in my humble opinion. Absolutely superb! :clap2::clap2::clap2::clap2::clap2::clap2:

[Mikey4]

Re: Statute Barred Debts and Court

Hi People
had a chat with a local barrister today with him basically telling me I would have a really hard time trying to appeal the judges decision,as I would have to prove he was in the wrong.
Also the costs for me to see this through would be way out of my budget.

I find all of this so corrupt! What is the point in having this statue barred act in place for people like me,when we have no real chance of succeeding with the claim!

the judge looked at this A4 piece of paper with just amounts and codes on,this was the only proof of payments made he had,one of them being an "agent payment"
him going on to say that this must have been a field agent who had taken a payment from me at my house!!

My defence was that surely there has to be some form of paper trail,a receipt of payment with signatures etc

but all this just fell on deaf ears!!

so as it stands for me,I'm looking at a debt of around £19500
£12000 of that is the PPI!
£1500 is the solicitors costs!

with the original loan being £8000

more to the point is that I see this as a form of Fraud! And I now stand to have a charge Order on my house!

A frustrated Mikey

[Wombats]

Re: Statute Barred Debts and Court

I feel and share your frustration Mikey. At least with me I have little income and nothing owned of any value anymore, so they'd have to accept small monthly payments for the next million years or make me BK.

It makes a mockery of the entire justice system (or injustice system) when this can happen. If I had the money, I would happily give it to you to fight this.

It is a sad day when only the wealthy can access real justice, but I'm very sad to say, I'm not at all surprised by what you were told by the barrister today.

Do you mind me asking if the means testing was fair? Have you been left with enough to live on without having to watch every single penny? (Feel free to tell me to mind my own business!:tinysmile_twink_t2

:beagle:

[skilganon]

Re: Statute Barred Debts and Court

I feel desperately sorry for you mikey4 , it is all a learning curve for us all

" it must have been a field agent collecting from my house" pure hearsay with no evidence that this happened.

i would not just let this one go if i were you, there are more ways to skin a cat, to be a good liar you need a very good memory.

if you can catch them out and somehow obtain evidence that they have indeed falsified any or all of those payments, then you could bring a claim against them for fraud, a separate claim.



just a thought

[Mikey4]

Re: Statute Barred Debts and Court

I feel and share your frustration Mikey. At least with me I have little income and nothing owned of any value anymore, so they'd have to accept small monthly payments for the next million years or make me BK.

It makes a mockery of the entire justice system (or injustice system) when this can happen. If I had the money, I would happily give it to you to fight this.

It is a sad day when only the wealthy can access real justice, but I'm very sad to say, I'm not at all surprised by what you were told by the barrister today.

Do you mind me asking if the means testing was fair? Have you been left with enough to live on without having to watch every single penny? (Feel free to tell me to mind my own business!:tinysmile_twink_t2

:beagle:

Hi
They haven't means tested me yet, I think they will wait until the appeal time is up then hit me with everything!