Transfer of secured loan - contract

keftin

Lots of statements on forums about secured/unsecured loans being 'sold on', but after extensive searching I've yet to see anyone produce any evidence detailing the actual 'sale' of an individual debt.

Am awaiting a response to my SAR but I'd be interested to know if anyone has actually seen details of the contractual 'sale' and transfer of their (or another's) debt from one company to another?

[Deleted User]

Not sure what you mean. Debts are very often sold to other companies (either as part of bad debt activity or as strategic portfolio off loading) but you won't get hold of purchse price etc through any offical channels.

keftin

To enforce a debt requires a contract. If that debt is assigned/transferred, then proof of legal transfer of a debt must be available at some point - otherwise how can it be enforced. A letter from each company is not proof of any legal sale or transaction only a statement of what is claimed to have happened.

Are you certain of not being able to obtain
a sale price or a legal transference of rights document relating to a individual's contract between finance companies ie court/ombudsman rulings? Or is it just an opinion?

[Deleted User]

They would send you a notice of assignment advising of the sale of the debt and the details of who is now dealiing with it. But terms of the sale and the commercials will remain confidential.

The lender concerned would provide evidence to FOS if requested, but it would not be passed to you.

keftin

Thanks for the reply - but do you have any reference to assert that it needs only be passed to the Ombudsman.

Sorry to be pedantic about this but without reference to any ruling it is only opinion (which, of course, may well be correct) but on what basis are you stating that a refusal to provide proof of legal assignment to the borrower (short of proceedings) is supported by any rulings or an established legal principal?

Has it been tested?

MEM62

It is difficult to see why a lender would sell on a secured loan when they have assets against which to apply leverage. Unsecured loans are, of course, a different issue.

DevCoder

The terms of any assignment of debt (i.e. the commercial side of it) would be privileged information between the seller and the purchaser.

All the debtor needs according to FCA directives is a letter notifying them of assignment.

If the debtor then wanted to test the privileged information part of the assignment then they would need to take it to court to try and set a precedent.

As the commercial aspect of the assignment is of not interest to the debtor then a court would not rule that such information would be forced to be disseminated.

You seem to want ZX81 to show case law where refusal to reveal the commercial aspect of an assignment is supported by a legal argument but you are looking at things the wrong way around.

You need to assert why the commercial aspect of an assignment should be revealed to all parties (even those not concerned at that level).

Don't forget the commercial aspect of the assignment of a debt is separate to that of the contract between the creditor (or the assignee) and the debtor.

DCFC79

Why are you asking OP, are you trying to gte out of paying a loan ?

DevCoder

DCFC79 wrote: »

Why are you asking OP, are you trying to gte out of paying a loan ?

https://forums.moneysavingexpert.com/discussion/5246300

keftin

Thanks krisdorey - more along the lines I was looking for. I will make further enquiries based on what you've written.

No DCFC79, not trying to get out of paying for loan but if there is a possibility of paying less, then I be a fool not to try. Black Horse doesn't want my money. Maybe Skye might not want it all either.

Will have this one paid off in less than a year. Secured 10 year loan (no arrears/missed payments) - Doesn't cost much to try - but facts first to see whether worth the effort. Already spotted some inconsistencies in the FCA 'compliant' letters, for which I am awaiting an explanation.

keftin

MEM62 wrote: »

It is difficult to see why a lender would sell on a secured loan when they have assets against which to apply leverage. Unsecured loans are, of course, a different issue.

Well they have - and my account is also A-OK.