Can a bought debt have a Default added?

furrymoney

Hi All

I have an ex-payday loan that was sold to MMF debt collection agency.
They have emailed me to state they will register a default with credit agencies if I don't pay it off with them.
The original payday loan company didn't register a default that I can find (I've check all 3 agencies) so can someone who bought the debt do this ?

(I intend to pay it off, but was hoping to hang on till Oct this year when I could pay it off in one go(And they offer discounts for this normally) If I have to start paying them now to avoid a default notice being added to my credit files, it would have to be a low monthly amount for now and I'll lose the ability to negotiate for a discount.)

lufc7

Yes they can register an account as defaulted. I'm suprised it wasn't defaulted prior to being sold on though.
I'm sure that most finance companies have a caveat in their terms and conditions stipulating that they can sell the account on with the terms and conditions intact.
I would certainly enter into dialogue with them if you want any chance of avoiding the default.

furrymoney

lufc7 wrote: »

Yes they can register an account as defaulted. I'm suprised it wasn't defaulted prior to being sold on though.
I'm sure that most finance companies have a caveat in their terms and conditions stipulating that they can sell the account on with the terms and conditions intact.
I would certainly enter into dialogue with them if you want any chance of avoiding the default.

Thanks for your answer. I thought as much.
I will get in touch with them so make repayment arrangements, despite my loathing for their correspondence methods and threats.

Anthorn

furrymoney wrote: »

Hi All

I have an ex-payday loan that was sold to MMF debt collection agency.
They have emailed me to state they will register a default with credit agencies if I don't pay it off with them.
The original payday loan company didn't register a default that I can find (I've check all 3 agencies) so can someone who bought the debt do this ?

(I intend to pay it off, but was hoping to hang on till Oct this year when I could pay it off in one go(And they offer discounts for this normally) If I have to start paying them now to avoid a default notice being added to my credit files, it would have to be a low monthly amount for now and I'll lose the ability to negotiate for a discount.)

They can default a debt if it has not already defaulted but they cannot change a default date. The original contract also applies to sold debts and cannot be changed without your consent or as required by law.