Legal clause for selling, assigning, or transferring account to third party

[nemesis45]

Re: Legal clause for selling, assigning, or transferring account to third party

The debt is simply property that the owner can sell, at any point, can be sold as a "going concern (live account) or as a closed not functioning account.

You may recall the selling of debts such as the " student loan" accounts, the EGG credit card sold to Barclays live account sold on.

nem

- - - Updated - - -

The debt is simply property that the owner can sell, at any point, can be sold as a "going concern (live account) or as a closed not functioning account.

You may recall the selling of debts such as the " student loan" accounts, the EGG credit card sold to Barclays live account sold on.

nem

[Berniethebolt]

Re: Legal clause for selling, assigning, or transferring account to third party

I am not sure but I suspect it will also depend on the type of CCL that the new owners have. If they are not licensed to give credit etc then can they actually own a live loan?

Might be worth looking into

As I said before a CCA request to them is, in my opinion the best way forward

[highwire]

Re: Legal clause for selling, assigning, or transferring account to third party

The debt is simply property that the owner can sell, at any point, can be sold as a "going concern (live account) or as a closed not functioning account.

You may recall the selling of debts such as the " student loan" accounts, the EGG credit card sold to Barclays live account sold on.

nem

- - - Updated - - -

The debt is simply property that the owner can sell, at any point, can be sold as a "going concern (live account) or as a closed not functioning account.

You may recall the selling of debts such as the " student loan" accounts, the EGG credit card sold to Barclays live account sold on.

nem

Based on this, it looks like I don't have a defence at all any more. Oh well, I'll see if they want another £1/month.

[highwire]

Re: Legal clause for selling, assigning, or transferring account to third party

I am not sure but I suspect it will also depend on the type of CCL that the new owners have. If they are not licensed to give credit etc then can they actually own a live loan?

Might be worth looking into

As I said before a CCA request to them is, in my opinion the best way forward

I'm afraid they are licensed by the FCA. The CCA request is pointless now, they have already sent the agreement and have said they will post a copy of the T&Cs to me which include the clause I queried originally. The bastards have every angle covered on this one now.

I just find it absurd that a company can profit so greatly from accounts they buy for 5p in the £ and that have already been recovered by the OC's insurers.

It is a life long lesson though. I do not ever want any form of credit ever again in my life. I'd rather go live in the woods than require life-long indebtedness to a financial corporation.

[FlamingParrot]

Re: Legal clause for selling, assigning, or transferring account to third party

Based on this, it looks like I don't have a defence at all any more. Oh well, I'll see if they want another £1/month.

Accounts can be sold live or defaulted, however, the CCA does require a DN to be issued before the account can be terminated. In the case of a live account being sold (such as my old A&L card to MBNA or my Egg card to Citi then Barclays), the accounts wouldn't have been terminated when they were sold, they were simply being run by another company. I seem to recall one of the cases PT2537 dealt with where the debt had been assigned before either a DN was issued or before the time allowed to remedy the breach was up. I can't remember which one though. :noidea:

[nemesis45]

Re: Legal clause for selling, assigning, or transferring account to third party

I wish I could find something positive HW, because of computer problems I couldn't access online data, so back to books I cannot find any valid reason why a debt or more properly in this case an account cannot be sold as long as the required processes of LoPA 1925 are followed and the appropriate (NOA) are issued.
The only other thing to look at again is the agreement you had supplied.

nem

[highwire]

Re: Legal clause for selling, assigning, or transferring account to third party

I wish I could find something positive HW, because of computer problems I couldn't access online data, so back to books I cannot find any valid reason why a debt or more properly in this case an account cannot be sold as long as the required processes of LoPA 1925 are followed and the appropriate (NOA) are issued.
The only other thing to look at again is the agreement you had supplied.

nem

Not to worry nem, they've got me by the short and curlys and they know it. They are the most determined sods I have ever come across. When a DCA is willing to spend weeks and weeks chasing a relatively tiny debt and actually spend £190 on a day in court, you know they aren't going to let it go.

[nemesis45]

Re: Legal clause for selling, assigning, or transferring account to third party

Accounts can be sold live or defaulted, however, the CCA does require a DN to be issued before the account can be terminated. In the case of a live account being sold (such as my old A&L card to MBNA or my Egg card to Citi then Barclays), the accounts wouldn't have been terminated when they were sold, they were simply being run by another company. I seem to recall one of the cases PT2537 dealt with where the debt had been assigned before either a DN was issued or before the time allowed to remedy the breach was up. I can't remember which one though. :noidea:

There a few instances of sale before expiry of time to rectify had expired I believe I can't remember the outcome however I don't think it will assist here.

nem

[Berniethebolt]

Re: Legal clause for selling, assigning, or transferring account to third party

I suspect that they are reading this board but a CCA request maybe a way of stalling them when the time comes, also the DN is defective as it does not conform to S87 . There was someone and I do not know if it was on here who claimed they had been claiming against the PDL companies for irresponsible lending. I really can't remember just when everything changed for PDL's but I think it was 2012/13 so maybe that is an angle to look at.
There is of course the 'moral' viewpoint that you borrowed the money etc but I do not necessarily subscribe to that.

[Berniethebolt]

Re: Legal clause for selling, assigning, or transferring account to third party

I have to add and maybe someone can explain I have no idea what they are on about when they refer to the insolvency rules 11.11 as this is about someone else getting the dividend in the case of insolvency . The fact the NOA is not addressed to you is interesting, how was it sent BTW?
Mind you all those points are just technicalities and can be fixed thanks to the courts eroding the rights of debtors

[highwire]

Re: Legal clause for selling, assigning, or transferring account to third party

I have to add and maybe someone can explain I have no idea what they are on about when they refer to the insolvency rules 11.11 as this is about someone else getting the dividend in the case of insolvency . The fact the NOA is not addressed to you is interesting, how was it sent BTW?
Mind you all those points are just technicalities and can be fixed thanks to the courts eroding the rights of debtors

The NoA was addressed to me, I just blanked it out for obvious reasons. The trouble is Bernie, is that judges do not care for minor technicalities. All they see is someone hasn't repaid a debt and it has been assigned to a new owner. That's end of story as far as they can see. Judges see this stuff all day every day and only seem to care when the agreement is missing. You can't win in county court because they operate on the 'balance of probabilities' which overlooks the need for hard evidence and dismisses all relevant technicalities.

I might become a debt collector. They are the ones f*cking laughing!

[nemesis45]

Re: Legal clause for selling, assigning, or transferring account to third party

The NoA was addressed to me, I just blanked it out for obvious reasons. The trouble is Bernie, is that judges do not care for minor technicalities. All they see is someone hasn't repaid a debt and it has been assigned to a new owner. That's end of story as far as they can see. Judges see this stuff all day every day and only seem to care when the agreement is missing. You can't win in county court because they operate on the 'balance of probabilities' which overlooks the need for hard evidence and dismisses all relevant technicalities.

I might become a debt collector. They are the ones f*cking laughing!

IR 11 is I believe in reference to companies absorbing the assets of a company that is being wound up.

nem

[Berniethebolt]

Re: Legal clause for selling, assigning, or transferring account to third party

HW
Try not to be so cynical, there are plenty of cases where the consumer has won in the county court and plenty of cases where the debt owner has discontinued. Admittedly it is changing due to the repeal of S127(3) and Carey but it does happen. PT reports on a fairly regular basis of victories in the county court or court of appeal and he is one man

[highwire]

Re: Legal clause for selling, assigning, or transferring account to third party

HW
Try not to be so cynical, there are plenty of cases where the consumer has won in the county court and plenty of cases where the debt owner has discontinued. Admittedly it is changing due to the repeal of S127(3) and Carey but it does happen. PT reports on a fairly regular basis of victories in the county court or court of appeal and he is one man

With respect, all of the cases I've seen that are successfully defended in court are where either the accounts are statute barred, the agreement is missing/eligible, or where the agreement is flawed. If there's a 'sound' agreement and the CCA and LoPA have been complied with, the judge isn't going accept any other form of technicality.

I will always defend out of principal, but I don't expect to win any more given they have all the major dispute points well and truly covered.

[wales01man]

Re: Legal clause for selling, assigning, or transferring account to third party

I am not a fan of DCAs but I can understand why they will chase down a debt with any legal or near legal means to recover money owed in the debts they have purchased for peanuts thats business and businesses are there to make a profit even if this causes distress and hardship for debtors.
As I have said many times on here its time these lowlifes were brought to task some DCAs and their tame Solicitors should not be allowed to issue County Court claims without absolute proof and all the paperwork surrounding the debt but like everything in this Country the system is against most of us