Account statements and dca or oc

[willtheywontthey]

Another question which I've been dwelling on is regarding the provision of account statements in following scenarios?

1. If payments not made for two years and account still with original creditor should oc be sending any form of statements (monthly or annual etc?) if account has;
a. Not been terminated but they did send default letter
B. No letter of termination nor default given
c. Been terminated and Default status unclear say

2. If a dca has bought (Types of assignment unclear) the alleged debt should they send statements at all.


As most of my ocs and dcas have not sent statements for many months (mOre than 12 months) was wondering if this is normal? Is a letter stating you owe x pounds defined as a statement? Should statements be provided, how often, any particular structure/layout and have statements of account any relevance at all when in dispute?

Thanks again

[teaboy2]

Re: Account statements and dca or oc

Well as far as am aware they should send you regular statements. I don't think it matters what the status of the account is as they still need to send you regular statements to show what is owed, what payments you have made and what interest has been added, if not frozen - Which it should be if you have defaulted or have infromed them your struggle to make payments of the arrears.

[Caspar]

Re: Account statements and dca or oc

I believe their duty is to send you one statement a year minimum. If its been assigned in Absolute, then the DCA has all the rights and duties of the OC, so they should be doing this.

In terms of using it as leverage in a dispute, it is debateable how much weight their failure to comply with this would carry. What would give you a bigger cause for dispute is if they have done an Absolute Assignment and not provided you with a Notice of Assignment.

If only Equitable, since the new EU laws came in earlier this year, there is no obligation for them to send you any notice of assignment whatsoever if the party you're paying has not changed.

[willtheywontthey]

Re: Account statements and dca or oc

Interesting - many thanks. Any regs anywhere stating they have to send statements out annually?

What's the best way of finding out the type of 'assignment' - SAR to OC and/or each and every DCA that claims to have control / have bought the alleged debt?

Can the debt be 'assigned' several times to different parties (DCAs) and within these 'sales' could they also use different types of assignments along the way?

and sorry to be a pain - does anybody have the clarification / link regarding explanation of an absolute assignment and the other one???

thanks again
------------------------------- merged -------------------------------

If only Equitable, since the new EU laws came in earlier this year, there is no obligation for them to send you any notice of assignment whatsoever if the party you're paying has not changed.

Which new EU laws? I must have missed that interesting news....

Regarding the above quotation does this new change apply prior to the change or just from date of the EU change? ie if my 'assignments' were in 2009 or 2010 would the new change apply or not? Not sure how to explain what I'm trying to ask very well!!

[leclerc]

Re: Account statements and dca or oc

With regards to bank statements, if the account is with the OC, do they have the right address?
Are statements switched off? Have they had mail returned?
Have you asked the OC about why you have not received statements?

[calamity jane]

Re: Account statements and dca or oc

Interesting - many thanks. Any regs anywhere stating they have to send statements out annually?

Changes to 2006 Consumer Credit Act

Effective from 1st October 2008

Section 77A


A reform on the 20th October will allow a period of 30 days grace after the 12 months for the creditor to provide the information.

CJ

[Caspar]

Re: Account statements and dca or oc

As regards assignments, they can do an Equitable Assignment as often as they want. This is where the DCA is only assigned the right to collect the debt itself (the equity) but does not own the debt, so cannot take court action by itself. In theory the OC could have several DCA's chasing you simultaneously under this type of assignment, though you should always receive a Notice of Assignment (NOA).

An Absolute Assignment from the OC can only be done once as this is what it says on the tin - the debt is assigned in Absolute (-ie- with all its rights and duties). Under this type of assignment the DCA effectively becomes your new OC, as they have the rights to collect the debt (and to take any other action legally available to them) and the duties (such as sending you statements).

Hope this explains things.

Finally, in terms of finding out who owns it, you can often tell by wording in the letters without spending a penny. If they refer to "our client" or any words to that effect, then the assignment is clearly Equitable (this is 95%+ of the time).