Moneybarn 13 February at 12:38PM in Loans 4 replies 261 views

mattpaws

Hi 
I`m having trouble with Moneybarn again 8 years ago i had a car with Moneybarn they took it back then sold the debt to a debt collection company this has been settled. They have now sold the original debt again to a different company i spoke to them on the phone and they stated it is in my terms and conditions that they can sell the same debt as many times as they want too and there are no rules to stop them doing this. I was under the impression that once a debt is sold that on that the original debtor would class it as settled and not keep it to sell on again any help would be appreciated.

venison

So the loan was sold on once and settled? If this is the case it sounds to me like they are trying it on, I would ask for a copy of their T&C's.

mattpaws

I have them it says nothing about selling it on multiple times but then again it is Moneybarn who seem to do what ever they want regardless of any laws.

John_

What do you mean by saying that it is settled? You mean that you paid it back, or something else?

SnowTiger

mattpaws said:

Hi 
I`m having trouble with Moneybarn again 8 years ago i had a car with Moneybarn they took it back then sold the debt to a debt collection company this has been settled. They have now sold the original debt again to a different company i spoke to them on the phone and they stated it is in my terms and conditions that they can sell the same debt as many times as they want too and there are no rules to stop them doing this. I was under the impression that once a debt is sold that on that the original debtor would class it as settled and not keep it to sell on again any help would be appreciated.

Debts can be sold and passed around willy-nilly.  Company A can transfer it to Company B.  Company B can than transfer it back to Company A or on to Company C.

Obviously Company A can't transfer a debt to Company B and Company C (so both have it at the same time) or transfer it to Company B and still chase the debt itself.

You haven't mentioned you settled the debt at any point.

That Moneybard passed the debt on to a third party doesn't mean the debt was settled.  It's not settled until you pay it off.  If you don't pay it off the debt can be chased or passed on to another company, including going back to Moneybarn.

If you haven't made any payments towards the debt during the past six years you can tell Moneybarn to go whistle anyway: https://www.stepchange.org/debt-info/can-i-write-off-debt/statute-barred-debt.aspx.