when a loan has been sold to a third party

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investor999
investor999 Posts: 16 Forumite
in Loans
Several of my debts hav been sold to third party companies. I have written to these companies asking for a copy of the origonal credit / loan agreement to confirm they were not miss-sold etc as I was self employed for many years.

They are not providing the paperwork requested.

Can I insist that they provide it before I continue my payments?

Is the loan still valid without this paperwork?

What are my rights in this respect?

Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Who have you written to - it is not clear whether you have written to the original loan companies or the debt collectors?

    You should write to the original loan companies.
  • investor999
    investor999 Posts: 16 Forumite
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    I wrote to the new companies not the origonal creditors as the old companies wont deal with me due to the fact I am no longer their customer?

    Is the debt valid without an agreement?
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    It is only the original companies that will hold the documentation that you need.

    The debt IMO is valid but you should press the debt collection agency to send the debt back to the original lender if there is any doubt.
  • investor999
    investor999 Posts: 16 Forumite
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    Debt IMO ???

    sorry - please clarify

    ta
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
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    the situation is that the debt is not enforceable unless they are able to provide a signed copy of the credit agreement and a statement of the account.

    this applies to whoever is pursuing the debt... so in your case it is the debt collection agency.

    The debt is valid but not enforceable in a court of law. They have 12 days to send the agreement... after 30 days they are breaking the law.
  • investor999
    investor999 Posts: 16 Forumite
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    Thankyou thanyou for your prompt replies. Very helpful.

    cheers
  • petermb_2
    petermb_2 Posts: 1,565 Forumite
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    under the consumer credit act section 77 you can request a copy of the agreement and all documentation referred to in it for £1. The lender has 12 days to respond. The loan is unenforceable until they have complied.

    If you need further information that this use the data protection act (Subject Access Request), this will cost you £10 and you need to insist on a copy of all statements or the transaction history.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • Mark7799
    Mark7799 Posts: 4,803 Forumite
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    investor999 wrote: »
    Debt IMO ???

    sorry - please clarify

    ta

    In My Opinion
    Gwlad heb iaith, gwlad heb galon
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