We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can my debt be sold?
keenlearner
Posts: 20 Forumite
in Loans
Hi all,
I'v had a loan which I defaulted on some months ago. To cut a long story short we'd agreed to pay it back @ £200 a month but I lost my job and couldn't manage more than £40. They [HSBC] refused to listen and passed us onto the recovery department. Since then we have been making the agreed payments with them and everything was going smooth.
Today we have recieved a letter telling us that this debt has been sold to another company. Is this legal?
I'm no expert but legal contracts cannot be transfered between parties without my consent. Also I feel there may be an issue with Data Protection.
Can anyone help?
I'v had a loan which I defaulted on some months ago. To cut a long story short we'd agreed to pay it back @ £200 a month but I lost my job and couldn't manage more than £40. They [HSBC] refused to listen and passed us onto the recovery department. Since then we have been making the agreed payments with them and everything was going smooth.
Today we have recieved a letter telling us that this debt has been sold to another company. Is this legal?
I'm no expert but legal contracts cannot be transfered between parties without my consent. Also I feel there may be an issue with Data Protection.
Can anyone help?
0
Comments
-
keenlearner wrote: »Today we have recieved a letter telling us that this debt has been sold to another company. Is this legal?
Perfectly legal, as long as you receive 'notification' from the original creditor of the 'assignment'.
EDIT: There's even a conference for the "Debt Sale and Purchase" industry at the end of this month.:eek:
http://www.credittoday.co.uk/conference/conference.htm?conference=14Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Perfectly legal, as long as you receive 'notification' from the original creditor of the 'assignment'.
EDIT: There's even a conference for the "Debt Sale and Purchase" industry at the end of this month.:eek:
http://www.credittoday.co.uk/conference/conference.htm?conference=14
Ha Ha! Wonder if Lucy will end up photocopying her boobs this year?:beer:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.8K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards