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Absolute Assignment


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absolute assignment

 

 

 

Definition

 

Assignment in which all (and not merely a portion of) benefits, liabilities, and/or rights are transferred by one party to another, without any pre-condition. See also collateral assignment.

 

 

Can somebody explain how this actually works???

 

 

Say for example Capital One sell my debt to Cabot, I receive the standard welcome to Cabot and NOA (from Cap One, but on Cabot paper) SO according to the law, the debt has been sold, I have the letter saying so.

 

 

Now, CapOne would have sold this for a % of the balance and I would assume, written the rest off as a tax loss.

 

 

So, I take Capone to Court for repayment of charges, they stop the balance left on the card saying they will refund £635 to Cabot and the extra bit to me.

 

 

Legally, can they do this??

 

 

But the real question is, WHY would any company that has sold a bad debt for a % of the full amount refund the claimed money to the Company that brought the debt?

 

 

Also, Capone stated that the amount owed would me paid to Cabot in their letter of 31st July 2008 and Cabot have today chased the outstanding amount!!!

 

 

Sorry if this is a bit long winded, but I need the legal bods to have a think about how these companies work.

 

 

 

 

Jogs

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