companies buying debt

sondj

Hi everyone



I have several credit card debts and for a few years I have been paying them
a fixed amount which they have been happy with however I have now
received a letter from another finance company that says they are now the owners of 3 of my credit card debts and that they want the payments paid dirctly to their account they have also added extra interest and state they will continue to add interest until I have agreed a repayment plan with them.

Does anyone know if this is legal, can a finance company buy a debt then add interest, as I was under the impression that my contract is with the credit card company.

RAS

You need to start by asking for the Consumer Credit Agremeent and Lette rof assignment for each of these debts. Will also hunt out the OFT Guidleine.

I think it is expected that if the debt is still woened by the original comapny, they can add interest but if it is sod on, then they should stop adding interest. Except that quite often the "DCA" is actually just a department of the creidt card company.