Please Help - Is this practice legal?

MPKakes

I entered an interest free credit agreement for some photographs directly with the studio who took the pictures. About 3 weeks later I received a letter from another company (a collections firm) telling me that they had purchased the credit agreement and would be taking over the collection of payments.

All of this before the first payment is even due!!! Is this legal?

KingElvis

I would imagine the studio has gone bust?

MPKakes

Nope they have not gone bust, they are still up and very much running!!!

StuC75

The credit agreement you signed will have terms & conditions which allow them to transfer there rights on to others..

Would doubt the finance was arranged directly with the Studio - they would most likely sign you up with some other company; who also may have sold on the 'Book' of debts..

27col

Who is going to buy an interest free loan. I would imagine that some interest will find its way onto your loan in the near future, keep a very close eye on it to ensure that you nip it in the bud.