capital one

[boldknight]

hi new on this site got a letter from capital one telling me that my account been sold to cap quest, so if somebody buys my debt then they owe it .if capital one have sold my debt then my debt with cap one doesnt exsist anymore,2 does this mean my credit agreement [prommisory note has been sold to cap quest cca1974 says if my account been closed then the credit agrement which is my property i signed for it should be retuned to me there fore can cap quest legaly make me pay them i have no acrement with cap quest other sites say this is true once your debts been sold on you no longer own it ,the buyer has paid your debt off answers please

[wales01man]

Re: capital one

I think the advice you got is wrong others will come along here and explain it all,if the info was correct we would ll be laughing ?

[FlamingParrot]

Re: capital one

hi new on this site got a letter from capital one telling me that my account been sold to cap quest, so if somebody buys my debt then they owe it .if capital one have sold my debt then my debt with cap one doesnt exsist anymore,2 does this mean my credit agreement [prommisory note has been sold to cap quest cca1974 says if my account been closed then the credit agrement which is my property i signed for it should be retuned to me there fore can cap quest legaly make me pay them i have no acrement with cap quest other sites say this is true once your debts been sold on you no longer own it ,the buyer has paid your debt off answers please

You seem to have gone to the wrong site, maybe you were looking at one of them freeman's sites... :ohwell: When a debt is sold, all rights and obligations are transferred to the new owner. That means they have the right to ask you to repay it, but also the obligation to comply with your requests. The original creditor would have got paid a nominal amount (usually 10%) of the alleged balance and written off the rest as a tax loss. The new owner has the right to pursue you for the full amount, that's what makes debt purchasing so attractive. You may want to take a look at this highly informative thread --> http://www.legalbeagles.info/forums/...and-assignment

You should have received a Notice of Assignment (NoA) to prove that Crapquest are, indeed, the new owners. You could challenge them to produce a copy of your credit agreement by sending Crapquest a CCA request. If they fail to comply or they can't come up with a copy of a properly executed agreement or a reasonably good recon, the account will be unenforceable, which means it's still due but they could not recover it through the courts. You need to send the letter below by recorded delivery, enclosing a PO for £1 to cover the statutory fee. Sign digitally using a computer font rather than your real signature to be on the safe side. :grin:

This is the letter, they have 14 days to comply or the account becomes unenforceable until they do:

Dear Sirs,

Account/Ref No:

With reference to the above agreement, I would be grateful if you would send me a copy of this credit agreement and a full breakdown of the account including any interest or charges applied.

A signed true copy of the deed of assignment of the above referenced agreement that you allege exists.

I understand that under the Consumer Credit Act 1974 [sections 77-79], I am entitled to receive a copy of any credit agreement and a statement of account on request.

I enclose a payment of £1 which represents the fee payable under the Consumer Credit Act 1974, and believe a copy of any credit agreement, along with a statement of account, should be supplied within 12 working days.

I understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the agreement and statement of account under these sections of the Act.

I look forward to hearing from you.

Yours faithfully



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