Debt Collection Agencies/Refunds

[di30]

Re: Debt Collection Agencies/Refunds

Great thread Di! It makes total sense as the bank will already have offset the amount of the debt in its accounts, so it has already 'had its money back.'

While you say, and I'm sure are correct, that it is then up to the debtor how they use the refund, it would seem to make sense to use it to negotiate some sort of F&F.

Can I ask a couple of questions please - you may or may not know the answers yet?

If the bank sells your debt via an Assignment in Absolute, do they then give up all rights to share your data with the third party that is the DCA who bought the debt? What I'm really asking is do the bank have the legal right to tell the DCA how much they have paid you in a ppi refund given they have sold the debt, and the DCA has nothing to do with that side of it anymore?

If someone has a debt which is approaching being Statute Barred and it has been Assigned in Absolute to a DCA, would claiming ppi from the OC, who no longer has any legal interest in it, constitute acknowledgement of the debt, thus resetting the 6 year clock?

Hi and thank you.

I am going to research further into this, as it's only now recently i've been drawn into this sort of thing lol, so really it's new to me as well.

And as there seems to be mixed opinions on this, where some have said that it's been known that the bank that sold the debt to a DCA, they have purchased the account/debt back from them, used the refund to bring down the debt, then sold it on again.
So it maybe the case that, if a refund were due, then the original creditor may make it their responsibility again by purchasing it back from the DCA. (if that makes any sense) lol.

I am not certain on the legal rights the banks do have once they sold the debt, but I have came across posts on various sites that once successful reclaim, the bank have confirmed that it would be forwarding on the debt to the DCA, where I believe has raised concerns with customers on why this has happened when the debt was sold on. (I will see if I can find this again, or any other info in relation and post it once I have it).

[miliitant]

Re: Debt Collection Agencies/Refunds

i would say the bank has no right as it has nothing to do with them now

if you go about trying to reclaim ppi on a debt thats becomming statute barred, you are going to acknowledge the account and would reset the statute of limitations

claiming ppi is not subject to the statute of limitations, its when the claimant became aware of the misselling

Re: Debt Collection Agencies/Refunds

Great thread Di! It makes total sense as the bank will already have offset the amount of the debt in its accounts, so it has already 'had its money back.'

While you say, and I'm sure are correct, that it is then up to the debtor how they use the refund, it would seem to make sense to use it to negotiate some sort of F&F.

Can I ask a couple of questions please - you may or may not know the answers yet?

If the bank sells your debt via an Assignment in Absolute, do they then give up all rights to share your data with the third party that is the DCA who bought the debt? What I'm really asking is do the bank have the legal right to tell the DCA how much they have paid you in a ppi refund given they have sold the debt, and the DCA has nothing to do with that side of it anymore?

If someone has a debt which is approaching being Statute Barred and it has been Assigned in Absolute to a DCA, would claiming ppi from the OC, who no longer has any legal interest in it, constitute acknowledgement of the debt, thus resetting the 6 year clock?

[di30]

Re: Debt Collection Agencies/Refunds

Thank you, yes you are making sense.

Below is a copy of 2 letters that were sent to a family member (friend), the letters were enclosed in the same envelope, this a letter from Lloyds to confirm the sale of the debt, and the Debt Collection Agency (Cabot).
Going by this, the debt is fully assigned now by Cabot, so I assume as "absolute"?

(I will attach them again when scanner set up), but this is the typed copies below......



(Lloyds letter).
Dated 14 September 2012.

Dear Mr

We are writing to notify you that Lloyds TSB has assigned all of its respective rights, title and interest in respect of the above referenced account (including the outstanding balance) to Cabot Financial (UK) Limited effective 03/08/2012.

The total balance was £XXXX.XX, as at the date of the sake 03/08/2012. Any payment made towards your account after that date will be forwarded to Cabot Financial (UK) Limited, and will be deducted from the balance shown.

Under the terms of this assignment, and as defined in the Data Protection Act 1998, Cabot Financial (U) Limited is now the Data Controller of your personal data contained in the records of this account.

Cabot Financial (Europe) Limited has been appointed by Cabot Financial (UK) Limited to manage your account in line with the arrangements agreed with BLS Collections. It is essential that all future payment and correspondence regarding this account now will be directed to Cabot Financial (Europe) Limited.

.................................................. ..................................
(Cabot letter)

Dear Mr

Welcome to Cabot.
The Cabot Credit Management Group has recently bought the account you held with Lloyds TSB and we're now responsible for answering your queries and receiving payments.

According to your records you currently owe £XXXX.XX. If you wish to repay this amount in full now, please contact how to make your payment,

Your agreed monthly repayment plan with Lloyds TSB now needs to be maintained with Cabot. Please ensure that with immediate effect all future payments are made directly to us.

We regularly review the arrangements on our records, including the monthly payment amount.

[miliitant]

Re: Debt Collection Agencies/Refunds

I am in agreement in that if the assignment is absolute, the assignee then has all the rights and duties of that agreement (case law backs that up)

so any ppi reclaim or unlawful charges would be the asignee to sort out and claim it back from the assignor

i can see how a claim for ppi can be directed back at the oc in that the account no longer exists with the OC as it has been assigned to the new creditor, assignee

the only exception to this would be what is included in the deed of assignment on liabilities for which case law dictates that all parties to the assignment are entitled to inspect

commercial sensativity does not cut it

hope i am making sense