Defaulted Accounts

[Fred Bassett]

Can an account be sold to a third party (in this case Cabot) without a default notice being issued? If not, does this classify as unlawful rescission of contract?

Regards.

Fred

[Curlyben]

Re: Defaulted Accounts

In short, yes.
The need of a DN is there if legal action is to be taken.
LoP (assignment of things in action) does NOT require the debt to be defaulted first.

Look at the number of Banks that have bought others assets, ie debts.

[Fred Bassett]

Re: Defaulted Accounts

In short, yes.
The need of a DN is there if legal action is to be taken.
LoP (assignment of things in action) does NOT require the debt to be defaulted first.

Look at the number of Banks that have bought others assets, ie debts.

This has not been sold to another bank though, it's been sold to Cabot who are unable to operate this as a credit card account. Does this make a difference?

Regards.

Fred