Cap quest! Help please

[Nic]

Re: Cap quest! Help please

What do you mean about alleged assignment I don't know what that means? Thank you for posting letter for me

[wales01man]

Re: Cap quest! Help please

Am i correct in thinking that if you ignore letters phone calls and even doorstep callers for 6 years never even admitting youre the person who owes the money it becomes barred after 6 years

[miliitant]

Re: Cap quest! Help please

Am i correct in thinking that if you ignore letters phone calls and even doorstep callers for 6 years never even admitting youre the person who owes the money it becomes barred after 6 years

you are correct in your assumption

NIC

for an assignment of a debt to be lawful, the notice of assignment must be served on the debtor by RECORDED MAIL

if that has not happened then their is no assignment

the regulations are contained in section 196 of the law of property act 1925

for crappyquest to chase you for the money, they must have been assigned the rights/duties of the original creditor

[Nic]

Re: Cap quest! Help please

Ok in that case that has deffo not happened thank you will again do as before and keep you updated

[miliitant]

Re: Cap quest! Help please

do not tip off any dca on what i have said

that is an ace in the hole for a defence to a court claim if needed

[Nic]

Re: Cap quest! Help please

I do not plan on making any contact with these parasites I shall just wait for another 2 weeks for my next lot of letters from them and will of course keep you updated thank you again

[Guest]

Re: Cap quest! Help please

you are correct in your assumption

NIC

for an assignment of a debt to be lawful, the notice of assignment must be served on the debtor by RECORDED MAIL

if that has not happened then their is no assignment

the regulations are contained in section 196 of the law of property act 1925

for crappyquest to chase you for the money, they must have been assigned the rights/duties of the original creditor

Hi

Does this have no effect on assignments, from the EU amendments.(effective Feb 2011)

“Assignment of rights
82A.—(1) Where rights of a creditor under a regulated consumer credit agreement are
assigned to a third party, the assignee must arrange for notice of the assignment to be given
to the debtor—
(a) as soon as reasonably possible, or
(b) if, after the assignment, the arrangements for servicing the credit under the
agreement do not change as far as the debtor is concerned, on or before the first
occasion that they do.
(2) This section does not apply to an agreement secured on land.”.

D

[miliitant]

Re: Cap quest! Help please

if the DCA is claiming assignment under LoP s136 then the OC DOES have to give the NoA.
It all depends on how it's been assigned

Equitable = rights

Absolute = rights and duties

Many with equitable assignments still try to pretend to act as the OC with their impotent threats, rather than on behalf of the OC.

the lop act 1925 is the statutory authority in this

[Guest]

Re: Cap quest! Help please

Hi
I think the above applies to absolute assignments, however only on agreements entered into after Feb 2011, just a NB.

D

[miliitant]

Re: Cap quest! Help please

again the key is finding out what type of assignment it is

i have been all through this with the Consumer Credit Directive August 2010

16. ASSIGNMENT OF RIGHTS
16.1 W
here any rights of a creditor under a consumer credit agreement (for example the right to be repaid the money) are sold or transferred to a third party, notice of that assignment must be given to the borrower as soon as reasonably possible, except in the circumstances described below. This requirement applies to all regulated consumer credit agreements other than agreements secured on land. This requirement is in new section 82A of the CCA43.
16.2 I
t is the responsibility of the assignee (the creditor acquiring the rights) to ensure that notice is given. However, he does not have to give notice himself, but can agree with the assignor (the creditor assigning the rights) that the assignor will give notice instead, depending on what is more sensible in the circumstances. It is important, however, that notice is given as soon as reasonably possible and in a way that is clearly understandable by the borrower.

Shame it rather muddies the waters though, as we now have to look not only at the validity of the assignment itself, but also the fact that how it is assigned affects the validity of the assignment.



the lop 1925 still holds the field

was the assignment done as to lop 1925 is the key

[Guest]

Re: Cap quest! Help please

Again.

The section speaks of rights under an agreement not the equity.

This would include the right to enforce, this would not be the case in an equitable assignment.

D

[miliitant]

Re: Cap quest! Help please

• Assignment of debt - acquiring a participation by way of assignment of debt, instead of by sub-participation, by which the equitable or legal interest of the original lender in the loan is assigned to an incoming lender. In relation to this method, it is important to note that:
  • part (as distinct from the whole) of a debt may not be assigned at law, only in equity, and accordingly if the incoming lender is concerned to ensure that the debt is assigned to it in law and that after such assignment occurs the incoming lender is not reliant in any way on the original lender in order to receive, or enforce its rights to receive, payments of principal, interest and fees from the borrower, then this method is not optimal, in particular if the original lender is seeking to dispose of only part of its participation in the loan as distinct from its whole participation;
  • only rights may be assigned at law, not obligations, and accordingly if the commercial agreement between the parties is for the incoming lender to acquire both the original lender's rights and obligations, and for the original lender to no longer retain those corresponding obligations, a tripartite assignmentand assumption agreement would need to be entered into between the original lender, the incoming lender and the borrower reflecting those arrangements; a legal or statutorily perfected assignment of debt must fulfil certain requirements,including the provision of written notice of the assignment to the corresponding debtor. Failure to notify a debtor, even in respect of an equitable assignment, may result in the assignment not having the net priority or effect that it was intended by the parties to have; and
  • with effect from the time of the assignment (whether the assignment is a legal or statutorily perfected assignment or an equitable assignment), the loan asset ceases to be an asset beneficially owned by the original lender and accordingly ceases to be available for distribution to its creditors in the event of a winding up of the original lender. This, however, is subject to a similar qualification as is discussed corresponding to novation above regarding the solvency of the original lender at the time the assignment takes effect.

The Goodridge Case: new facts not new law - 24 February 2010

“The novation and assignment issues are the issues which most readers of the case are likely to focus (even though they are not technically the substance of the decision). However, throughout the case there are other statements which are useful reminders of established legal principle. These include:
§ liabilities are ‘transferred’ by novation, not assignment


Equitable assignment of an equitable chose:Where a chose is merely equitable and where the whole of the interest is vested in the assignee (ie it is an absolute assignment), equity has always permitted him to sue in his own name without joining the original creditor (see, eg Cator v Croydon Canal [1834] 4 Y & C Ex 593; Fulham v M’Carthy [1848] 1 HLC 703); for the chose existed only in equity and so equity was free to hold that the assignee was the sole owner and no interest remained in the original creditor (see McMurchie v Thompson [1906] 8 OLR 637 and 639). Although there is no authority precisely on the point, it seems that an equitable assignee of an equitable thing in action must join the assignor where the assignor retains an interest in the thing in question

[Guest]

Re: Cap quest! Help please

Yes i am aware of the above, i am unsure of your point.

As far as i can see after Feb 2011 the rights under a regulated agreement can be transferred without any obligation to anything other than the requirements of the act, unless there is security involved.

D

[miliitant]

Re: Cap quest! Help please

please put your reasonings in laymans terms so other posters can follow this important piece of legislation

i understand it, you do as well, but most will not

i need to be convinced as i was in court last week and argued in front of a judge the lop act and the assignment of a debt

i won the argument

all that is going to happen is that we will agree to disagree after about 20 posts

so please put your point of view across in a concise manor

i am not perfect or the oracle but i need to be convienced logically

as you know i do not go after browny points, my dad is bigger than yours routine

i prefer to debate things being the pen is mightier than the sword

if i am wrong on this i will put my hands up but i have quoted statute and case law and so far it has held the field

[Guest]

Re: Cap quest! Help please

please put your reasonings in laymans terms so other posters can follow this important piece of legislation

i understand it, you do as well, but most will not

i need to be convinced as i was in court last week and argued in front of a judge the lop act and the assignment of a debt

i won the argument

all that is going to happen is that we will agree to disagree after about 20 posts

so please put your point of view across in a concise manor

i am not perfect or the oracle but i need to be convienced logically

as you know i do not go after browny points, my dad is bigger than yours routine

i prefer to debate things being the pen is mightier than the sword

if i am wrong on this i will put my hands up but i have quoted statute and case law and so far it has held the field

Sorry i didn't mean to be obtuse, presumably the case you argued involved an agreement that was made before Feb 2012, I do not think the same argument would hold in agreements after this date.

The EU directive seeks to unify the provisions of the CCA with those that apply across the other member states, LOPA is superseded in this particular area, as have been various sections of many other pieces of consumer legislation.

D