Third Parties

It_seem_like_a_good_ides

I’ve read in a couple of posts where people have helped out partners and friends by arranging payment terms and F/F settlements. My question is, how do you go about arranging this.

I assume if a bank received a letter / phone call saying, Hi I’d like information on Joe Bloggs financial situation so I can arrange payment, they would not only be unwilling but prohibited by law from sharing these details.

Would it require the person with the debt to counter sign a letter, giving permission and if so is their any particular legal wording required?

If you start the letter with the sentence “Joe Bloggs does not acknowledge ANY debt to your company” does that hold any water and mean the 6-year rule still apples?

Does the person doing the helping become in any way liable for anything, and can they be forced into revealing information about the debtor?

What’s to stop someone doing this for themselves to give themselves some distance between the lenders their actual situation?

Also as a side question, if you contact the original lender and they have sold on the debt I assume they are legally required to provide you with the relevant information, is this right, and how often does it happen.

fatbelly

[

QUOTE=It seem like a good ides]Would it require the person with the debt to counter sign a letter, giving permission and if so is their any particular legal wording required?

Most creditors are OK with 'I authorise xxx to take up enquiries on my behalf'. Don't expect any government body to accept this though.

If you start the letter with the sentence “Joe Bloggs does not acknowledge ANY debt to your company” does that hold any water and mean the 6-year rule still apples?

Yep, a debt is statute barred if it has not been acknowledged for six years. Starting with that sentence makes it clear that you are not acknowledging the debt. Omitting it means that you probably are acknowledging it.

Does the person doing the helping become in any way liable for anything, and can they be forced into revealing information about the debtor?

Nope and nope

Also as a side question, if you contact the original lender and they have sold on the debt I assume they are legally required to provide you with the relevant information, is this right, and how often does it happen

I'd view this the other way around. if someone has bought the debt there is an obligation for them to prove that they have the legal right to collect it from you.