Debt be managed vs Debt being sold on

Spoonhead88

So like a lot of you i got a letter today say Westcot is going to be managing one my debts for Santander.

I was wondering what give Santander the right to get a third party involved? My Debt is with them and no one else, also why can a lender sell a debt?

If they think they can't get the money back/ it's not worth it to try why are they allowed to do this? Can i sell on my debt so someone else owes the money? If not why not surely it the same thing?

Sorry just a bit of a rant.

sourcrates

If you look at the terms and conditions on your original contract, you will find a section that allows the original creditor to sell there rights on the agreement to a 3rd party.

So where as it can be a pain, it's perfectly legal, and you agreed to it by signing the agreement.

Basically the banks just don't have the time or the staff to service every delinquent debt they have, hence the debt collection agency was born, to take over that role for them.

Yes the system is as corrupt as hell, but we are stuck with it, unfortunatly.

Spoonhead88

Unless we change it. Get Debt collection agency outlawed. Make it so such clauses are illegal.