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Crudit Today: Phoenix recoveries sued...


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This is the kind of story I like to see, perhaps Phoenix realised the debts are almost all UNENFORCEABLE :-D :-D.........

 

Shop Direct sues over debt sale - 12/06/2009

 

Mail order company Shop Direct has issued legal proceedings against a debt purchaser after it exercised its termination rights on ‘forward flow’ contract to buy accounts in arrears.

 

Phoenix Recoveries, a Luxembourg-based investor, terminated its agreement to buy debt from Shop Direct in October. Forward flow deals involve a price being agreed in advance for debts to flow to the buyer on a regular basis. It is understood that Phoenix terminated the agreement on the grounds that the debt had changed. However, Shop Direct is now taking legal action against the investor.

 

The seller said: "Shop Direct can confirm that we have issued proceedings and, as the matter is now in litigation, we have no further comment to make." Phoenix Recoveries did not comment.

 

Based in Liverpool, Shop Direct Home Shopping is an online and home shopping retailer, with annual sales of around £1.5bn and five million customers. It sells major brands, including Sony, Nike, Levi’s, Adidas, Phillips, Kodak, Dyson, Bosch, Amanda Wakeley, Morgan and Miss Sixty. It is owned by the same company that owns the Littlewoods brand.

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Aw Shame - Shop Direct sells their bad accounts onto Phoenix, Phoenix have suddenly realised that these accounts are unenforceable and tries to get out of the agreement, so shop direct sue them.

 

Dont know who to feel sorry for the most, shop direct or Phoenix.

 

I know neither of them:D

Edited by PGH7447
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Most interesting, as son received two letter the other day from SRJ recoveries, both stating Pheonix as the client.

 

Kay's account, which I do believe is part of Littlewoods. (shop direct)

 

send it back saying as you two are in dispute these letters are pretty pointless because I dont know who is the controller of this alledged debt:D

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