Debt sold to Luxembourg registered company in 2021 (post-Brexit)

[DDV]

Hello. I received a letter stating that a supposed credit card debt was sold to a Luxembourg registered business (LC Asset 2 S.ā r.l.) in 2021. The letter says that Link Financial Outsourcing Limited (Link) has been appointed by LC Asset 2 S.ā r.l. to manage the account. Furthermore, a letter from the UK bank stating that the supposed credit card debt was sold to LC Asset 2 S.ā r.l. in 2021 was also included. I have never been sent or have seen this letter from the UK bank before.

My question is, please, can a UK bank sell a supposed UK credit card debt to an EU registered company post-Brexit? LC Asset 2 S.ā r.l. is not registered with companies House. Link (who are registered at Companies House) have signed the letter on behalf of LC Asset 2 S.ā r.l. and have given the postal address of LC Asset 2 S.ā r.l. as Caerphilly. Thank you for any advice.

[DE DOGS]

Why don't you call your Bank and pose this question to them?

[DDV]

Hello. I received a letter stating that a supposed credit card debt was sold to a Luxembourg registered business (LC Asset 2 S.ā r.l.) in 2021. The letter says that Link Financial Outsourcing Limited (Link) has been appointed by LC Asset 2 S.ā r.l. to manage the account. Furthermore, a letter from the UK bank stating that the supposed credit card debt was sold to LC Asset 2 S.ā r.l. in 2021 was also included. I have never been sent or have seen this letter from the UK bank before.

My question is, please, can a UK bank sell a supposed UK credit card debt to an EU registered company post-Brexit? LC Asset 2 S.ā r.l. is not registered with companies House. Link (who are registered at Companies House) have signed the letter on behalf of LC Asset 2 S.ā r.l. and have given the postal address of LC Asset 2 S.ā r.l. as Caerphilly. Thank you for any advice.

Hello. I have but they could not confirm the particulars of my question.

[MIKE770]

• LC ASSET HOLDINGS LIMITED
  
  12793180 - Incorporated on 5 August 2020
  
  107 Cleethorpe Road, Grimsby, North East Lincolnshire, United Kingdom, DN31 3ER
• LCC ASSETS LTD
  
  05229359 - Incorporated on 13 September 2004
  
  12 Meyrick Park Crescent, Bournemouth, BH3 7AQ
• one of these?

[DDV]

• LC ASSET HOLDINGS LIMITED
  
  12793180 - Incorporated on 5 August 2020
  
  107 Cleethorpe Road, Grimsby, North East Lincolnshire, United Kingdom, DN31 3ER
• LCC ASSETS LTD
  
  05229359 - Incorporated on 13 September 2004
  
  12 Meyrick Park Crescent, Bournemouth, BH3 7AQ
• one of these?

No, it is :
LC Asset 2 Sārl
Rue de la Poste 20
2346 Luxembourg
Luxembourg

[R0b]

Nothing I am aware of in law that prohibits foreign companies from purchasing UK-related debt, happens all the time.

[DDV]

Nothing I am aware of in law that prohibits foreign companies from purchasing UK-related debt, happens all the time.

Thank you all for your posts and clarifications. I suppose it was more the fact that LC Asset 2 Sārl's address on the letter from Link was the same address that Link uses (Caerphilly) and the fact that I could not find LC Asset 2 Sārl on the Companies House website at this address or any other UK address.

[R0b]

I could not find LC Asset 2 Sārl on the Companies House website at this address or any other UK address

That's because it's a foreign company so you aren't going to find it on Companies House. Foreign companies must registered on CH if they are doing business in the UK and meet the relevant criteria. Otherwise there is no obligation.

I suppose it was more the fact that LC Asset 2 Sārl's address on the letter from Link was the same address that Link uses (Caerphilly)

Link will be acting as an agent on behalf of LC Asset which again is perfectly fine and not illegal/unlawful to do that. If you are looking for some kind of technicality as to whether it's enforceable since it was purchased by a foreign entity, I wouldn't bother.

Your main focus should be whether or not you admit the debt, if they have satisfied the criteria for a legal assignment and/or if there are any other grounds for denying liability such as the debt being time barred. A starting point would be to make a subject access request to the bank that sold the debt and seeing what information they hold and if it stacks up to what Link are suggesting.

[DDV]

That's because it's a foreign company so you aren't going to find it on Companies House. Foreign companies must registered on CH if they are doing business in the UK and meet the relevant criteria. Otherwise there is no obligation.



Link will be acting as an agent on behalf of LC Asset which again is perfectly fine and not illegal/unlawful to do that. If you are looking for some kind of technicality as to whether it's enforceable since it was purchased by a foreign entity, I wouldn't bother.

Your main focus should be whether or not you admit the debt, if they have satisfied the criteria for a legal assignment and/or if there are any other grounds for denying liability such as the debt being time barred. A starting point would be to make a subject access request to the bank that sold the debt and seeing what information they hold and if it stacks up to what Link are suggesting.

Thank you very much !