Debt purchasing and assignment

[m3g4munch]

Re: Debt purchasing and assignment

what about a case where the debt is sold but where the DEBTOR wants to take the CREDITOR to court? i.e where a default is challenged on the basis of, say, an unenforcebale agreement?

who does he sue? the OC, the new creditor, or both?

and does it matter which type of assignment has taken plave - equitable or absolute?

[Curlyben]

Re: Debt purchasing and assignment

ALWAYS the OC, but the threat of action is good to get the DCA off your back.

[thowdcodgerat16]

Re: Debt purchasing and assignment

Hi, I took out a loan with Halifax, I could not keep up the payments and they sold the debt to Hillesden Securities Ltd. All contact has been with Direct Legal and Collectiions which appears to be the same company under different name. I received an annual statement from DLC which showed Hillesden as the creditor. On the 9th of December I wrote to Hillesden asking for a copy of the original agreement. Am I correct in asking them rather than DLC??? I sent the letter together with £1 postal order Special delivery on the 9th December, they received it on the 10th December. Counting working days from then it appears that the initial 12 days has passed. I have been making payments through a debt management company, should I carry on payments for the time being or advise the debt management company to withold payments pro tem?

[Wire01]

Re: Debt purchasing and assignment

What about this:

http://www.opsi.gov.uk/ACTS/acts1999..._19990031_en_1

Especially section 1, subsection 3.

[d4064n]

Re: Debt purchasing and assignment

Hi

Could anyone know of a common law/statutory rule where the legal (not equitable) owner of a debt could refuse to give good discharge of the debt if it had been paid to the legal owner - e.g. if the debtor pays the debt into a different account of the legal owner to that specified by the legal owner for repayment?

Any help greatly appreciated.

[Metroblue]

Re: Debt purchasing and assignment

A further question on this topic. I have received a notice of assignment persuant to LoPA 1925. The account in question is in dispute with original Creditor since Feb '08. They have passed it on to 5 or 6 DCAs since but none have produced an agreement. My question is a: do I respond to the Notice of Ass. b: should this have happened since my CCA has not been responded to. Not sure what my next course of action should be. All help gratefully appreciated. With thanks.

[Curlyben]

Re: Debt purchasing and assignment

I have received a notice of assignment persuant to LoPA 1925

From who ?
Remember to be valid the NoA MUST come from the original Cr4ditor via recorded delivery mail. (s136 and 196 of LoP)

a: No
b: they are clearly in default and as such NO further action can be taken.

[Metroblue]

Re: Debt purchasing and assignment

Thank you for such a prompt response (and indeed your explaination at the start of the thread - very helpful).

The NoA came from Arrow Global and the OC is Lloyds. Following the original request for an agreement (to a DCA) in Feb 2008, I received an offer of a substantial discount from Lloyds but no agreement. It has then been passed to 5 other DCAs and I have reiterated my original request each time. Arrow Global are the 6th company I have been contacted by but my concern this time is that I had not had a notice such as this before ie Notice of Ass.

My feeling was that in the absence of an agreement that this remains unenforceable but it is always good to make sure. I don't like to ignore something and risk action being taken for that reason.

Thanks again.

[Curlyben]

Re: Debt purchasing and assignment

DCA issued NoA's are meaningless twaddle and need treating as such.

Where to go next, well have a read of this: ~~~ Consumer Credit Agreements - A Guide ~~~~ inc. Letters - Legal Beagles

[Metroblue]

Re: Debt purchasing and assignment

Many thanks again Curlyben - I have read that thread before but will go through it again now in the light of this new situation.

Your help is much appreciated.

[Quick learner]

Re: Debt purchasing and assignment

I have just been in a Direction Hearing where the Judge stated that: The Notice of Assignment doesn't have to come from original creditor. I have a NoA so thats good enough for him!!

He didn't want to know when I stated about the Law of Property Act (1925.

Will I be able to bring this up at my Small Claims hearing soon? If they haven't got a properly executed NoA, according to these forums then they can't chase me in court??!?!

For reference my NoA came from Lewis Debt Recovery acting for CL Finance who had bought the debt from Barclaycard...

[Amethyst]

Re: Debt purchasing and assignment

It gets worse. Thanks QL.

[FCC]

Re: Debt purchasing and assignment

If the assignment is " equitable " can the DCA issue defaults to the CRA's in their own name and not the OC's name?. regards

[hector205]

Re: Debt purchasing and assignment

Just need some advice regarding Wescot and Nelson Solicitors, as they have started chasing a pre 2000 goldfish credit card debt debt (last payment to Wescot paid in November 2005).

In May 2006 I received a Notice of Assignment from Wescot, quoting:

"This letter is to give you notice that Lloyds TSB has assigned all of its right, title and interest in your dept to Wescto SPV Ltd. Your debt is now legally owned by Wescot and is no longer branded under the goldfish name.

I sent a CCA letter in July 06 but they did not respond. I reported this breach to Hull Trading Standards Dept in September 2006.

Wescot replied in Sept 2006 saying "we have been contacted by Hull TS ...............the copy of the executed agreement in relation to this matter - our client is currently unable to provide this and I am therefore returning your payment of £1.00 with this letter. However you have not previously advised that this account is in dispute and have accepted liability for the balance due by making payments towards the account. I would be grateful if you could advise if you are disputing the account in order for me to investigate this further on your behalf etc. signed Sarah de Tute

In disgust, I never wrote back because they had lied about the ownership of the debt. And they never wrote back to me.


The response letter from Hull TS in January 2007 never mentioned the Notice of Assignment but quotes "These matters have been raised formally with WCS and during the course of the enquiry it came to light that Wescot was not the creditor. The creditor would be the company so named on the deed of assignment which you should have been sent. In view of this no further action is envisaged by this service".

Never did get the deed of assignment from either Wescot, HFC or Lloyds TSB


Then in January 2010, I started getting standard letters again and now a Nelson Guest solicitors letter saying that:


"We have been instructed by Wescot, blah blah,...... if possible court proceedings should be avoided and we have suggested to our client that they should consider a settlement from you before issuing proceedings".


Question is:

Do I need to start all over again with CCA's and to whom?

Do I SAR - HFC or Goldfish or Lloyds TSB?(as this was not done at the time)

Should I inform them that they were unable to supply this in 2006?


I would appreciate any thoughts on the way forward?

Many Thanks

[FCC]

Re: Debt purchasing and assignment

Still seeking clarification. CrapOne default me and write telling me that my debt is now OWNED by Link and that CrapOne have no further interest in my debt thus implying an ABSOLUTE assignment. Link change the name on the default entered with the CRA's from CrapOne to Link. I challenge Link and the CRA's that they have no right to do this. All of the say " go away " yes we do. I challenge CrapOne as to the title of assignment Absolute or Equitable. CrapOne respond that the assignment is EQUITABLE thus, in my humble opinion meaning that the action by Link regarding the default is illegal because they do not own the duties. Am I correct??