sold on debts?

Slapps · 17 February 2006 at 5:28PM

hi i have been contacted by both the company i owed my debt of £430. to and a company that has brought my debt.

1) if they have brought my debt does that mean they paid it off with the company i had the debt with?

2) if so i have no written agreement with the company that has brought my debt stating that if they paid it off that i would then pay them.

is this a loop hole where i could just send a letter of thanks or am i bound by law 2 pay the second company?

hope some of u know more about this than i do and would like the help b4 i do something even more stupid than getting in2 debt in the 1st place

crystal_clear · 17 February 2006 at 5:39PM

Hi there

I think you will need the letter from MSE member called Harrassed about getting an acknowledgement from them (new company) that they now own the debt in question then if that the case you pay them and not the original creditor on future payments.

Hope this is some help
Crystal

Harassed_2 · 17 February 2006 at 6:33PM

Both the selling (original creditor) and buying (debt buyer) companies should have sent you letters stating that the debt has been sold. Write to the company that's bought your debt, using the letter below. Send it by Recorded Delivery and enclose a £1 postal order in payment of the statutory fee.

I do not acknowledge ANY debt to your company. I require you to supply the following documentation before I will correspond further on this matter.

1. You must supply me with a true copy of the alleged agreement you refer to. This is my right under your obligation to supply a copy of the agreement under the legislation contained within s.78 (1) Consumer Credit Act 1974 (s.77 (1) for fixed sum credit) - your obligation also extends to providing a statement of account. I enclose a £1 postal order in payment of the statutory fee, PO Serial Number xxxxx.

2. A signed true copy of the deed of assignment of the above referenced agreement that you allege exists.

3. You are notified that you are obliged to supply these documents, whether you are the original creditor or not under S189 of the CCA 1974.

Non-compliance with my request is a criminal offence under the above Act and will result in a report being submitted to the relevant statutory authorities.

As you are aware, a credit agreement that is not properly documented and signed by the customer is totally unenforceable under the CCA and therefore is a complete defence to any court claim that is issued.

Take note at this stage, that any legal action you may contemplate will be both vigorously defended and contested.

Slapps · 17 February 2006 at 9:16PM

thank you for ur help harassed i will b sendin that letter tomorrow and will keep u posted as 2 wot comes of it

Tootsie_Roll · 18 February 2006 at 1:55PM

Harrassed's information is wrong again.

You only have to have a letter acknowledging the debt has been sold/purchased from one or other of the parties not both and your post mentions that you have had both anyway.

There is no legal loophole as the selling company have assigned their rights to the debt to the purchaser (this law goes back centuries).

You have a right to send that letter and demand documentation however it is seen as little more than an attempt to try and wriggle out of paying and when/if they provide it they will be less inclined to offer you any form of concession.

Harassed_2 · 18 February 2006 at 2:17PM

it is seen as little more than an attempt to try and wriggle out of paying

What a debt collector sees it as is immaterial. It's your right under the Consumer Credit Act to see a copy of the agreement and statement at any time.

they will be less inclined to offer you any form of concession.

And if they can't provide it, they can't go to court.

sold on debts?

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