Capquest letter NOA - what can i do to find out more? What should i do?

dsandoreo

Hello

I got a letter from capquest this morning saying they assigned ownership of a credit agreement between me and lloyds bank to Intrum Popular designated activity company.

There is an attached Notice of Assignment (NOA) to explain more, which doesn't really explain more

There is a reference number, and a large(ish) figure attached, but no details.

I'm rather confused, I used to bank with Lloyds, but that was around 20 years or more ago .

Help?!

sourcrates

There is currently a purge on old statute barred debts by debt purchasing companies, all trying to get old unenforceable accounts paid up before the end of this month.

Because on August 1st, new rules will apply about the collection of statute barred debts, they won`t be able to chase them like they can now, so they are trying to make hay whilst the sun shines basically.

You will likely get a demand for payment from this new company or one of its agents shortly, when, or if you do, post back for further advice, until then ignore it.

What they have sent you is for information purposes only, and just to be clear, you only need respond to letters in the post, not emails, not texts or phone calls, all those can be ignored, to comply with the law, they must make a demand for payment in writing.

Themoneyshot

sourcrates said:

There is currently a purge on old statute barred debts by debt purchasing companies, all trying to get old unenforceable accounts paid up before the end of this month.

Because on August 1st, new rules will apply about the collection of statute barred debts, they won`t be able to chase them like they can now, so they are trying to make hay whilst the sun shines basically.

You will likely get a demand for payment from this new company or one of its agents shortly, when, or if you do, post back for further advice, until then ignore it.

What they have sent you is for information purposes only, and just to be clear, you only need respond to letters in the post, not emails, not texts or phone calls, all those can be ignored, to comply with the law, they must make a demand for payment in writing.

What, in practise, is likely to be the difference after August 1st in this case do you think? Will they just stop all chasing and contact or will they still contact but be compelled to acknowledge that there is no legal means by which they can enforce the debt? Or will they play dumb to the changes and hope the recipient is unaware?

dsandoreo

@sourcrates

Many thanks, I get a letter today saying the account will now be managed by Resolvecall Limited.

It says that they havent heard from me (since yesterday...) and that Resolvecall specialise in visiting customers properties to help engage and enable a discussion with you (me) on my current financial situation and agree an affordable repayment scheme. They will contact me regarding payment of the outstanding balance and manage all contact moving forward...

That sounds quite threatening to me...

I;e just google statue barred debt (i dont understand any of this im afraid...) i get the impression it is written off after 6 years? I havent had an account with Lloyds for closer to 20, what does all this mean?

I'm not sure what the new rules are after the 1st August.

Sorry i appreciate i am  really clueless, could you explain it like in 5?

sourcrates

If you are unsure what this matter relates to, then your best response is the "provit letter".

Don`t worry about the statute barred issue just yet, send the provit letter, they must prove you owe the debt, the evidence they send you (if any) will tell you what the debt is, and if its time barred or not, and even if it is still enforceable, do this first.

For Your Information -

Creditors have 6 years to chase bad debts in England & Wales, after this time, assuming no legal action has been taken, the debt will become statute barred, which basically means a creditor cannot take you to court to enforce their rights against you.

Currently they can still ask you to pay a statute barred debt, still chase you for it, you have to respond to them telling them you are aware its statute barred, so they are out of time to collect on the account.

After August they won`t be allowed to chase these debts when they are well aware the debt is time barred.

The law is more straightforward in Scotland, after 5 years debts there become "prescribed" and they are written off. They cannot be chased by law, and any money paid to a prescribed debt by a debtor, must be repaid by the creditor.


Resolve call

Don`t be alarmed by Resolve call, they are a Debt Collection Agency that specialises in door to door collections, by sending agents to your home.

Now these folk have no more rights than next doors cat, they are not bailiffs, no special powers, they are simply self employed collection agents, nothing more, you are free to ignore them at your leisure should they call on you. there is no obligation to deal with them.

YouTube is full of videos on how people deal with them, very funny some of them.

fatbelly

We'll have to see if there is a revised wording to the guidance for debt collection (these are the CONC guidelines) after next week.

It won't make any difference to the legal position, which is enshrined in the Limitation Act 1980.

To summarise this in my own words:

A creditor has six years to commence a court claim. This period starts with the account being defaulted and can be restarted within the six years by the debtor acknowledging the debt by payment or in writing. Once the six years is up, the debtor has a complete defence to any claim, and the period cannot be restarted

Under England/Wales law the debt still exists, under Scottish law it doesn't. So in England the creditor can still legally ask for payment.

The new guidance is expected to say that the FCA requires creditors to reveal the status of the debt that they are chasing. If they don't do this then they face being fined. So they will have to say 'we know this is statute barred but we'd still like you to pay us.'

This means that the value of statute barred debts is now almost nothing, and they are being offloaded by the ton.

dsandoreo

@sourcrates

Ok, thanks for all your help... getting really worried now.

Like i say confused about all this... if after August they wont be able to chase this - as it has been 20 years or whatever, is it worth me getting in touch with them?

That doesnt seem to make sense to me. Why do you send a provit letter?

Done some googling to find out what a provit is, is there a preferred template to use?

sourcrates

Read the post by fatbelly, above.

This is the game you have to play with these companies, you send the provit letter (the link is in my signature below) this then stops collection activity, they have to either prove the debt is owed, or stop collection of it and walk away.

It`s a way of getting them off your back, if they come back and say here is your credit agreement, or copy of it, you still owe us money, then you would respond telling them its statute barred and cannot be chased any longer, go away basically.

And that would be the end of it.

You can do nothing, but they can still chase this, and in theory they could start court action and obtain a CCJ against you, if you do not respond, or they may do nothing, we don`t know.

But you can nip all that in the bud, by sending a quick and simple prove the debt letter, if you want to.

fatbelly

ignoring them is always an option.

maybe post here as and when you get anything - and we'll take it one step at a time

dsandoreo

**PENNY DROPS**

Ah i think i get it now!

RIght, ill send the provit letter

many thanks

 

dsandoreo

Is it best to send this recorded delivery? Or does it not matter