Debt purchasing and assignment

[basa48]

Re: Debt purchasing and assignment

See this:

Equitable assignment

An assignment which does not fulfil the statutory criteria for a legal assignment. An equitable assignment may be made in one of two ways:


The assignor (creditor) can inform the assignee (DCA) that he transfers a right or rights to him.


The assignor can instruct the other party or parties (debtor) to the agreement to discharge their obligation to the assignee instead of the assignor.

Only the benefit of an agreement may be assigned. There is no requirement for written notice to be given or received. The only significant difference between a legal assignment and an equitable assignment is that an equitable assignee often cannot bring an action in its own name against the third party contractor, but must fall back on the rules governing equitable assignments and join the assignor as party to the action.

Or in the alternative the OC can instruct an agent (DCA) to pursue the debt on his behalf who in turn instructs a solicitor to make the legal claim on their behalf. In much the same way as you may instruct a solicitor to act on your behalf.

In either case the parties to the action are the OC and the debtor, not the DCA or your solicitor.

There is never any question as to proving who has the right to act on whose behalf.

[splendid]

Re: Debt purchasing and assignment

Thank you

Just don't think they should be able to pass on my details without informing me first.

[miliitant]

Re: Debt purchasing and assignment

Thank you

Just don't think they should be able to pass on my details without informing me first.

do you have your own thread on this

what defence did you do and what grounds are they trying to throw it out

please start a thread so we can help if we can

[splendid]

Re: Debt purchasing and assignment

Will try to start new thread thanks

[splendid]

Re: Debt purchasing and assignment

Started new thread but now I can't find it
still trying to figure it out.

Thanks for any help

[miliitant]

Re: Debt purchasing and assignment

just click on the quick links and then new posts tool bar

[birdman]

Re: Debt purchasing and assignment

Hi

Just picked up this thread, and although I do not pretend to yet fully understand the position, let me add my story.

I have a bank/card debt.

I am being pursued by Ist Credit-Conaught or whatever they are called this week.

One attempt at statutory demand successfully set aside. I have asked them for proof they hold the right to collect this money. They have supplied me with a copy of the original agreement.

This thread appears to suggest that I should be aware of the nature of the assignment and that if it is absolute which I suspect, I should have been informed, by registered mail.

I have not been told either by the original bank, its building society who the card was with or by Ist Credit that the debt has been assigned.

I would appreciate your advise.

Birdman

[Mr Kangaroo]

Re: Debt purchasing and assignment

Hi All. Under Absolute assignment, if there was any Insurance/Underwriter element on the Original Contract with OC; Would the assignee have received at least copies of the Insurance/Underwriter company documents? Reason why I am asking is because in seeking redress for my PPI where Insurer/Underwriter policy docs is crucial, and where OC has stopped business and the administrator says they have sold the debt to assignor who then sold/passed it on almost immediately to assignee who in turn passed it to it's DCA (same company I think) to collect the residue of the debt says they have no Insurance/Underwriter docs whatsoever although they have the Sale Agreement contracts (but Insurance Policy Number 'obscured/deleted' on them). The absolute assignment took place in 2006. Can anybody tell me who would be the best company to seek Insurance/Underwriter policy docs from? whoever it is, Do I need to write an SDAR? And what if I write an SDAR to them but they don't provide me with those particular policy docs but gives me account statements etc? what would be my next step?

[Nibbsy]

Re: Debt purchasing and assignment

Hi new here: tried searching but what does LoP mean?

EDIT
Law of Property act I'm guessing

[jon1965]

Re: Debt purchasing and assignment

Hi couple of letters I would like opinion on

1st one Arrow Global

Wrote to me saying that company x have assigned all of its respective rights, rights, title and interest in respect of the amounts due under the above referenced account(including the right to receive payments) to Arrow Global Guernsey

Capital One

I am writing to inform you that capital one sold your account to Lowell Portfolio on
This means Capital one no longer own your account and all contact must be with Lowell Portfolio
Lowell Portfolio will start reporting against your credit file

Wage Day Advance

Account Sold to Debt Recovery Agency

With reference to the above account which was previously held by WageDayAdvance Ltd,
we write to you to inform you that your consumer credit agreement has been assigned to
Motor Mile Finance UK Ltd.

Motor Mile Finance UK Ltd now holds the legal rights to collect the outstanding debt
under your consumer agreement. All sums owed are now legally payable to
Motor Mile Finance UK Ltd and you have no ongoing relationship with WagedayAdvance Ltd.

I would ask that all further correspondence regarding your account is addressed to:

Thoughts please, equitable of absolute assignments. The WDA one has come by email the others by post

[FlamingParrot]

Re: Debt purchasing and assignment

I would say absolute assignments. Also in the case of Lowell and Arrow, they are debt purchasers rather than collectors. They are also some of the most aggressive debt purchasers around. :rant: :rant: Arrow go for CCJs whilst Lowell like to serve SDs and make people bankrupt. This can be a positive thing if the OP is contemplating BR as I believe to be the case with Jon1965 (do feel free to correct me if I'm wrong).

[labman]

Re: Debt purchasing and assignment

I agree absolutely (pun totally intended!)

All three Assigned in Absolute. There's a huge thread on here somewhere Jon about MMF you may want to read. I've a vague recollection there could be some dodgy practices going on (I think that's the technical legal terminology).

[jon1965]

Re: Debt purchasing and assignment

Thanks both
First off I have a complaint ongoing with the CSA about MMF and also sent the letters they wrote to me to the OFT re fitness to hold a CCL. MMF have finally agreed to put my account on hold as there is a complaint ongoing . As a side note WDA were a bit naughty as they issued a final response and said their second tier of complaint was to the BCCA , of course what they didn't spell out was that the 6 month clock for a complaint to the FOS had already started ticking

Yes FP you are spot on , if one of them issued a SD I would say ta very much m'duck and if they failed to follow it through I would report them to anyone and everyone. A CCJ I might fight a little, a) cos i am sad like that and b) cos it stays live

Bloody hell I just noticed I am talking in debt lingo now, SD, MMF,CCJ.FOS,CSA,CCL

Theres an idea for someone to do, just like computeractive magazine put links for all the abbreviations so that new people know what is being said

[labman]

Re: Debt purchasing and assignment

Sadly you could complain all you like, but there is nothing stopping them from issuing a SD and not following it through - sorry! It would not be regarded as good practice, and stinks of using it as a debt collection threat, rather than what it should be used for. There's not a whole lot you can do about it though.

[jon1965]

Re: Debt purchasing and assignment

I know but a) it would make me feel better and b) hopefully cause them issues