Sale of Debt Before Default Remedy Date

[Guest]

Re: Sale of Debt Before Default Remedy Date

There's a difference between terminating the agreement and transferring ownership. In this case the original lender transferred ownership during the period following a Default Notice, but that was before they had terminated the agreement. Whilst this is unusual, I don't see why they shouldn't do this if they choose, because the credit agreements always allow the option of selling the account on.

The big deal here would be if the transfer compromised your rights to comply with the conditions stipulated in the Default Notice, or if the new owner defaulted the account before the stated date (for example). If they didn't happen, then I really don't see an issue with this. The DN stipulates that you must pay £X by Y date, and the change of ownership only alters the person you have to pay that money to.

What happened during the period of the Notice? Did you rectify the breach with the new owner within the timeframe?

How would the new owner remedy the breach and comply with section 88, in any case there are a number of cases OTR where DCAs have had to return accounts to be correctly terminated in cases such s this.

[Guest]

Re: Sale of Debt Before Default Remedy Date

http://www.bailii.org/ew/cases/EWHC/QB/2012/2402.html

M1

Yes an excellent judgment, shows that duties under statute may be transferred not duties under the contract, if that was the reason for linking it.

[Kafka]

Re: Sale of Debt Before Default Remedy Date

What was the position of the DCA regarding this transfer during the period following the Default Notice?

[QCKate]

Re: Sale of Debt Before Default Remedy Date

They claimed recovery of any and all outstanding sums.

Not sure if thats what you mean?


QCK

[Guest]

Re: Sale of Debt Before Default Remedy Date

Did you receive a notice of assignment Kate ?

[QCKate]

Re: Sale of Debt Before Default Remedy Date

Did you receive a notice of assignment Kate ?

Yes from the DCA Andy but nothing formal either from or on behalf of the original lender. Just a comment in a letter covering various things.


QCK

[Guest]

Re: Sale of Debt Before Default Remedy Date

Yes from the DCA Andy but nothing formal either from or on behalf of the original lender. Just a comment in a letter covering various things.


QCK

It can be from either party. Be interesting to see it if you have a scanner handy(suitably redacted of course), or perhaps just type the letter verbatim also the DN ?