Sold my credit card debt without issuing a default notice.

[Having_A_Knightmare]

I had a credit card and the bank sold the debt on.

 

Just found out of the bank that they never issued a default notice before selling.

 

The debt has now been settled (on my terms).

 

I am just wondering is there anything I can do to shaft the bank who forgot to issue a default notice.

 

HAK

[Pinky69]

I doubt it - the time to shaft the bank was after they sold it on and before you settled.

[Having_A_Knightmare]

I only found out about the DN the other day!!!

[I've got no money]

I had a credit card and the bank sold the debt on.

 

Just found out of the bank that they never issued a default notice before selling.

 

The debt has now been settled (on my terms).

 

I am just wondering is there anything I can do to shaft the bank who forgot to issue a default notice.

 

HAK

 

 

I'm afraid that there isn't a lot you can do.

[cds]

Out of curiosity what if they did not DN and terminate the agreement before selling on

 

cds

[meerkatsmimm]

Sorry to but in HAK,

 

Im in a similar situation with one of my creditors - they have assigned the debt on to a DCA, but only ever issued a statement of default (what they were charging me!) never any DN.

 

Does this mean the Assignment is invalid and the DCA cant pursue the debt?

 

Sorry, I dont mean to hi-jack, but I think this would be of benefit to others in the same circumstances.

 

Thanks

[alfwithhair]

Sorry to but in HAK,

 

Im in a similar situation with one of my creditors - they have assigned the debt on to a DCA, but only ever issued a statement of default (what they were charging me!) never any DN.

 

Does this mean the Assignment is invalid and the DCA cant pursue the debt?

 

Sorry, I dont mean to hi-jack, but I think this would be of benefit to others in the same circumstances.

 

Thanks

 

This sounds like Capital One if I'm not mistaken. From what I have been led to believe they can assign the account to who ever they want when ever thay want, providing the account is not disputed prior to the assignment. To enter a notice of default with the credit agencies or to sell the debt, they would have to issue a default notice. A defalt notice would also be required to be issued before an account is terminated.

[nicklea]

From what I have been led to believe they can assign the account to who ever they want when ever thay want, providing the account is not disputed prior to the assignment.

 

Even if you do dispute the existence of a debt hey can still sell it. However, I would suggest that it would be an unwise buyer that bought such a debt.

 

Perhaps what you are thinking of is the OFT guideline that debt collection activity should be suspended or not started while a debt is disputed.

 

To enter a notice of default with the credit agencies or to sell the debt, they would have to issue a default notice.

 

This is not true.

 

A defalt notice would also be required to be issued before an account is terminated.

 

This is only required where an account is terminated following the breach of the agreement. Technically, an agreement can be terminated for other reasons and there is no requirement to issue a DN in this case (because, in any case, the debtor would not be in default).

[cds]

Even if you do dispute the existence of a debt hey can still sell it. However, I would suggest that it would be an unwise buyer that bought such a debt.

 

Perhaps what you are thinking of is the OFT guideline that debt collection activity should be suspended or not started while a debt is disputed.

 

 

 

This is not true.

 

 

 

This is only required where an account is terminated following the breach of the agreement. Technically, an agreement can be terminated for other reasons and there is no requirement to issue a DN in this case (because, in any case, the debtor would not be in default).

 

I thought this only applied to fixed credit agreements there is no provision in cca1974 to terminate a non default credit card agreement only to restrict credit.

 

cds

[meerkatsmimm]

Hi folks, im still quite confused by these responses, so assigning the debt isnt the same as selling the debt to a DCA? I thought it was as the OC no longer has ownership.

 

Its GE in my case, I requested Credit Agreement under S78 and the first thing I got back was a letter from GE saying I owe them no money and then a letter from CL Finance saying the debt had been assigned prior to my letter requesting the CA, but this was my first notice of it (some 30 days later). GE also cashed my £1 token payments for that month, even though they say they didnt own the debt!

 

I have three other GE Money accounts and these were CCA'd at the time of the first, but only assigned in the last two weeks - so does this mean they shouldnt have been assigned as GE failed to provide under S.78 request? They returned the cheques for the fees saying they didnt own the debt, yet the letters for assignment were dated after they said they didnt own it, so they still did!

 

CCA'd CL finance but still waiting for some response from them with regards the agreements....think it will be a long wait.

 

Sorry for sounding confused, but this is all made up as they go along I think!

 

Thanks.

[I've got no money]

Hi folks, im still quite confused by these responses, so assigning the debt isnt the same as selling the debt to a DCA? I thought it was as the OC no longer has ownership.

 

Its GE in my case, I requested Credit Agreement under S78 and the first thing I got back was a letter from GE saying I owe them no money and then a letter from CL Finance saying the debt had been assigned prior to my letter requesting the CA, but this was my first notice of it (some 30 days later). GE also cashed my £1 token payments for that month, even though they say they didnt own the debt!

 

I have three other GE Money accounts and these were CCA'd at the time of the first, but only assigned in the last two weeks - so does this mean they shouldnt have been assigned as GE failed to provide under S.78 request? They returned the cheques for the fees saying they didnt own the debt, yet the letters for assignment were dated after they said they didnt own it, so they still did!

 

CCA'd CL finance but still waiting for some response from them with regards the agreements....think it will be a long wait.

 

Sorry for sounding confused, but this is all made up as they go along I think!

 

Thanks.

 

Technically a sale of the "debt" is made effective by an assignment - for most practical purposes - and certainly in your case an asignment can be treated as the same thing as a sale.

[meerkatsmimm]

Thank ignm,

 

Ive started my own thread on this and apologies to HAK if I have hijacked, it wasnt my itention, just needing some clarification as he was.

[nicklea]

I thought this only applied to fixed credit agreements there is no provision in cca1974 to terminate a non default credit card agreement only to restrict credit.

 

cds

 

Generally, in this country you can do pretty much anything you like as long as it isn't against the law.

 

There is nothing in the act that prohibits a creditor terminating an agreement with a debtor that is not in breach of the agreement at any time whatsoever (as long as they are able to do it under the t&Cs - but that's nothing to do with the act anyway, that's contract law).