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Cope's Solicitors - Arrow Global debt


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I have read about Cope's and in particular Arrow Global on several threads around the debt forum, they are now trying to put pressure on me to pay up or to pay more, neither of which are likely to happen given I don't have the money!

 

This was originally a Paragon loan and the debt has been sold many times over, including most recently from Link Financial to Arrow - this was about 3 months ago if I recall correctly.

 

I was defaulted by Paragon about 5 years ago (I can get more specific where required).

 

I had been in a self-arranged repayment plan with all of the previous DCAs and have at various times submitted an income/expenditure sheet for each, sometimes every 6 months or so. The original, unsecured personal loan was for around £12k and I guess was around 1998 ish.

 

Over the past year or so, monthly repayments have been set at around £7 - there really aint that much spare cash every month, I can tell you.

 

Anyway, onto recent events.... I had reason to phone Arrow because they had not supplied their bank account details to me and had called me to say I had missed a payment - this was simply because I carried on paying into the account number last supplied, hardly my fault but soon put right and so I began to pay Arrow directly.

 

Over 2 calls their agents said, on both occasions, that although I was paying these sums, their client (strange use of term, since they are the client, having purchased the debt) may take legal action to recover the funds. I asked what was meant by this, since it seemed more like a threat than a logical approach to a conversation, and the reply was that they could take me to court. I only added that this would not achieve anything...

 

At the end of last week I received a letter from Cope's Solicitors acting for Arrow - hopefully this will load up as an image otherwise I will type it out.

 

Cope Letter 1.pdf

 

Is this legal mumbo jumbo for "pay us more" or the pre-cursor to likely court action?

 

As an unsecured personal loan, now defaulted, what action could they realistically achieve by taking me to court?

 

Also, a check on terminology in this letter - it states that Arrow "...obtained the debt by way of assignment from Paragon..." - can anyone clarify the real meaning of this?

 

 

Thanks in advance for any advice offered....

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Is this legal mumbo jumbo for "pay us more" or the pre-cursor to likely court action?

It's a standard template letter. They can't lawfully demand the total sum payable within 7 days, only by getting a forthwith judgement in court could they demand the full balance. They wouldn't get this as you would apply for a time to pay order so they wouldn't get more than the £7 a month that you have been paying. They know this and are merely trying to frighten you.

 

Have you asked for a copy of the credit agreement?

 

Have you received a Notice of Assignment passing the account to Arrow?

Also, a check on terminology in this letter - it states that Arrow "...obtained the debt by way of assignment from Paragon..." - can anyone clarify the real meaning of this?

There are two types of assignment, equitable and absolute.

 

In an absolute assignment (otherwise known as a legal assignment) the legal rights and benefits of the original creditor pass to the new owner, so the legal title as well as the beneficial title. This type of assignment is done under statute (The Law of Property Act 1925 s136).

 

In an equitable assignment only the right to collect (the beneficial title) is passed to the new owner of the account. This type of assignment is made under common law. An equitable assignee can not lawfully bring an action in their own name against a debtor (this right can only pass under an absolute assignment), they would have to join the assignor as a party to the action.

 

The burden of a contract, the duties, can not be passed through assignment.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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  • 11 months later...

Hi,

Please read my thread (if you haven't already done so).

Not sure how to put a link directly to it here, but I've updated it today so you should be able to find it (Help! Need advice re Arrow Global LLC and Cope's Solicitors).

 

We have had problems with them for some time and have received a variety of threatening letters from Cope's along the way.

 

I've trusted the advice I've received on here so far.

 

Regards

 

Lorri-Croft

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A couple of hundred years ago Meyer Amshel, (1743-1812), founder of the Rothschild dynasty is reported to have told his five sons, “Let me control a nation’s money and I care not who writes its laws”.

 

PLEASE NOTE - I am not a legal expert, what I have written is my own opinion garnered from reading this forum and consumer legislation, and my own experience of the judicial process.

 

If I have been helpful, please feel free to tickle my scales!!

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  • 11 months later...

Hi i have been having the same issues with these and they have infact taken me to court and had an attachment put onto my house and this is only because the estate agent they sent round to our property valued it at less then what it is worth,other wise they were forcing us to sell.I will add that there was no prior arrangement for the above estate agents with us and they came round when were out.They are nasty nasty people and I am now on anti depressants as a result.The total amount I owe them is just over 2 thousand pounds.

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