1st credit and Lloyds TSB Platinum credit card

[tomterm8]

Now, that is interesting, personally...

 

i note that they are actually customising the letters they are sending me;) LOL.

 

 

Your assignment specifies that it is the assignee of only the benefits of the account... therefore, it is an equitable and not legal assignment. another little thing to note is that s136 of LOPA 1925 does not actually say they do not need to produce the document of assignment; it is entirely neutral on that point.

[tomterm8]

thanks tomterm8,

 

i don't really understand though, i thought that if they acquired the debt from lloyds they are entitled to provide the paperwork which goes with it.

 

take a look at this letter.....

 

with a contract there are benefits (i.e. things you recieve) and burdens ( i.e. things you must do). 1st credit say that they own the benefits of the contract, but have none of the burdens.

There is a particular form of assignment that covers this case... equitable assignment ... rather than legal assignment which requires both benefits and burdens to be assigned.

They couldn't take you to court on your own, they would need to be joined in an action with the original creditor. (i.e. both credior and first credit would need to sue you).

it's quite a technical legal point.

regards

 

hunterandthehunte

[tomterm8]

hunterandthehunted, I really wouldn't be concerned... I've seen 1st credits contract; 1st credit has a contractual right to this info.

 

if Lloyds don't comply, it means they simply don't have the credit agreement.

 

Frankly, what they are saying to you is BS of the finest order.

 

don't forget, you can CCA Lloyds TSB direct, since they still have the obligations of the contract.

[tomterm8]

It's a bet. It doesn't normally matter if the client is not in default; even if they default, 90% of people don't know the CCA 1974, and so for every 10,000 agreements you might get a single CCA request.

 

Until a few years ago, the cost of scanning and storing 10,000 credit agreements was substantially higher than the cost of losing the 5p in a pound that a normal assignment brings in.

 

( BTW, this is just my opinion, not the opinion of the CAG team).

[tomterm8]

can an expert answer this please???

 

much appreciated

 

hunterandthehunted

 

A notice of assignment can come from either party.

 

it is important to look at what the assignment covers... if it is from first credit, then it will cover the rights and not the obligations of the contract, which is important.

[tomterm8]

Most DCAs will take the money if you have a DD set up... Maybe they have sold it to some one else, or returned it to the creditor?

[tomterm8]

thanks for your response tomterm,

 

can they sell it on if the account is in dispute?

In theory no, in practice the OFT guidance does not seem to stop them.

they still have not took the monthly payment at time of writing. would it be unreasonable of me to ignore it, should i send a cheque perhaps?, after all the DD is still active. would they be able to take a double payment next month, or even a triple payment the month after that.

i would be tempted to cancel the DD at your bank.

also while i am here, the time limit for my CCA request is up on the 9th of march and basically would like to know what to do next.

Wait.

is there a template letter i could use to let them now that this account is now in dispute?

Personally, I would not send them a further letter until they send you something further

thanks in advance...

 

hunterandthehunted

 

If you do need to send them a letter, something short and to the point:

 

Dear Sir/Madam

 

Re: Ac no XXXX

 

With regard to the above account, i sent you a formal request for the original credit agreement on DATE. You recieved it on DATE. I have cancelled the direct debit, and will cease payments until you provided it, as I am entitled to do so under the Consumer Credit Act 1974.

 

I will resume payments once you provided it, as required by law.

 

Yours Faithfully,

 

XXXX (type don't sign)

 

personally, i would wait for a month or two though without sending further letters.