Re-assignement of debt question

ashopper327

Hello,

My debt was originally assigned by a debt collection agency (DCA) to an administrative company to collect the debt on their behalf. There was an agreed fixed payment plan and I have been paying this since 2011.

The original DCA has now recalled the debt from the assigned collection company and what me to continue to make payments directly to them now, which I have made arrangements to do and have confirmed it with them in writing.

Every time i receive a letter from this DCA the amount of debt has changed and their latest letter has the debt owing at nearly double the original amount in 2011.

Because they have recalled the debt back to themselves, do they have the right to override the original agreed payment if they are not happy with it?

Do they have the right to back date interest, as this is the only reason I can see why the debt amount has suddenly increased twofold?

What are my rights with regards to upholding the existing agreement?

Thank you for your help.

sourcrates

DCA`s don't as a rule add interest at all, or charges.
What you pay them is entirely up to you, you pay what you can afford to pay, not what they tell you to pay.


What kind of debt is it, card, loan, catalogue ?
and when was the account originally opened ?


Have you requested proof from them that they are entitled to chase you for this debt ?

Lensman_2

What is showing for the balance on your credit reference file? And does that differ from what the DCA is claiming? Is it showing as defaulted?

(You could use Noddle, which is free).

As Sourcrates said - what sort of debt is it and what is the DCA now?

ashopper327

I do have the paperwork from the original loan company showing the balance they would transfer to HFO. However when it gets to HFO the balance has been increased by nearly £1k from £5k to £6k.

HFO then assign it to Roxburghe (which i now know is a related company) but the balance doesn't increase (so good news).

Now HFO have taken back the loan from Roxburghe but their latest letter states the outstanding balance has increased to £12k.

HFO address is still PO Box 342, West Byfleet, Surrey.


ACTUALLY having been asked the question "are they entitled to chase you for the debt" - I tried looking up the company and found that the OFT declined to renew the licence for HFO Capital, HFO Services and Roxburghe as well as the solicitor that acted on their behalf within the UK.

So, if they are not licensed, should i even be paying them anymore?

sourcrates

ashopper327 wrote: »

Actually, having been asked the question "are they entitled to chase you for the debt" - I tried looking up the company and found that the OFT declined the licence for HFO Capital, HFO Services and Roxburghe as well as the solicitor that acted on their behalf.

So, if they are not licensed, should i even be paying them anymore?

Seems you are correct, licence revoked earlier this year, although they were to appeal it, cant get any further up to date info on this from Google, but the consensus of opinion on other sites is to stop paying them straight away, as they seem to be continuing to trade without a Licence, which is a criminal offence.


http://www.legalbeagles.info/forums/showthread.php?46668-HFO-Capital-Alasdair-Turnbull-HFO-Services-Ltd-credit-licences-revoked-by-OFT

ashopper327

I asked the question of the FCA - hopefully get an answer from them, but I don't know how long they take to respond.

Wondered if I should be contacting HFO and telling them that I won't pay them any longer until they provide me with proof that they are legally able to collect debts in the UK? But i don't know if that would just rock the boat, I mean I don't want them suddenly going after me through courts.

I have also thought that I should ask them for a statement back dated to 2011, when they first took over the debt, as they have just seamed to added to the balance outstanding willy nilly

ashopper327

I had a reply from the FCA - although it didn't say if I should continue paying if they loose their license.

"Thank you for your email dated 07 July 2014, in regard to HFO Capital Ltd, HFO Services Ltd and Roxburghe (UK) Limited. I am very sorry to hear of the difficulties you have been experiencing.

Firstly, I should explain that the Financial Conduct Authority (FCA) took over the regulation of consumer credit from the Office of Fair Trading on 1 April 2014 which has now closed.

I note that you are aware of action taken by the OFT against HFO and Roxburghe to remove the traders credit licence, this was appealed by the firms on 21 February 2014 and is currently with the First Tier Tribunal at the Ministry of Justice (MOJ). I attach a link to the MOJ website for your information:

http://www.justice.gov.uk/downloads/tribunals/consumer-credit/current-cases.pdf

While the appeal is ongoing the businesses can continue to trade and are currently regulated by the FCA.

HFO Capital Ltd – (FCA) IP Reference Number 614989
HFO Services Ltd – (FCA) IP Reference Number 555914
Roxburghe (UK) Limited (FCA) - IP Reference Number 533468

If you wish to check this yourself, the FCA Financial Services register is available through the following:

http://fca-consumer-credit-interim.force.com/CS_RegisterSearchPageNew "