partial settlement v full and final

[pt2537]

if you want to research why it cant be done , go look up choses in action

[rennuz]

I don't think choses in action applies as it suggets that its not in a persons possession where as this is. So to answer your question how can you sell something you do not own, well you own the debt.

[pt2537]

I don't think choses in action applies as it suggets that its not in a persons possession where as this is. So to answer your question how can you sell something you do not own, well you own the debt.

not according to counsels guidance you dont

[pt2537]

ok, lets look at this realistically,

 

you owe me £500 because i gave you £500 , ok.

 

now then, how exactly without my agreement can you sell this debt onto a thrid party? have you though about privity to contract?

 

have you further though about s173 CCA 1974 which expressly prohibits contracting out of the act? which is clearly what is happening if you are trying to sell a debt to a party who is not party to the agreement

[Michael Browne]

So to answer your question how can you sell something you do not own, well you own the debt.

Surely the creditor owns the debt, you owe it

[Tricky Dickie]

And...............

 

OFT advisory - OFT warns consumers about 'debt sale' scams

 

 

I just love the jolly old OFT,MoJ and FSA what a load of old tea drinking, clock watching, fence sitting,bunch of w*****s.

Rankine reckons hbe has asked them all specifically exactly which laws he or the 'debt sellers' has broken and has invited them to commence action against him or them in order to identify which laws they would be relying on in court.

In 6 months he reckons he has 'bought' debts off people to the value of 9 million pounds and is looking to double that in the next .

By my reckoning he has raked in a cool 1,250,000 pounds so far(less his outgoings of course )

If there is a law which can be used to bring this to a stop, what is it and why has action not been taken ?

Or is he just a chancer who knows what the FSA,OFT MoJ are all about and that he's probably got at least a couple of years before any action is taken by which time he can disappear with many millions

[pt2537]

to answer, as i understand action is currently being taken

[Tricky Dickie]

to answer, as i understand action is currently being taken

 

Any chance you can reveal who is taking what action against whom ?

[rennuz]

In all fairness to Rankine he has done well and he certainly believes he is on to a winner. It was funny that he said his last business collapsed because he didn't want to get involved in sub-prime mortgages, as he saw what could happen...... shows he has hindsight and plenty of morals!!!! Well if you believe him.

 

I have to agree with you about the regulators I honestly do not know which one is the biggest nightmare, them or our friend Basil and are they the one taking the action, good luck to Basil I say.

[tifo]

as i understand it, a debt is a 'burden' which cannot be assigned but can be novated with the agreement of all parties and a new contract is then created.

[Tricky Dickie]

I believe Rankines position to be that a credit agreement is a contract and that his process terminates this contract between the lender and the borrower.

Once this contract is terminated then either side are free to enter any new contract they like regarding monies owed and if you choose to enter into a contract with Rankine wherby he assumes responsibility for the debt then you are free to do so.

The crux of the matter is that when you terminate the agreement with the lender it no longer exists and therefore they can not pursue the debt referring to the non existant agreement.

He also made the point that lenders effectively terminate the contract(or agreement when they issue a default notice but then they go to court to 'enforce the debt' using a contract they have previously terminated!

[Tricky Dickie]

Can anyone say which laws (civil or criminal) would be appplicable to this proposal put forwar by Rankine as he semms very confident that he will prevail in this matter

[Michael Browne]

He has been known to be confident before:

http://www.mishcon.com/assets/managed/docs/downloads/doc_2304/Judgment%20of%20HH%20Brown.pdf

[tifo]

lenders effectively terminate the contract(or agreement when they issue a default notice but then they go to court to 'enforce the debt' using a contract they have previously terminated!

 

How can it be proven that this statement is true as many creditors issue a default notice but do no terminate the agreement, i.e. what authority says that the issue of a default notice is termination of an agreement?

 

If the above could be proven, how do CRAs continue to process a default for 6 years after an agreement has been terminated, i.e. when it no longer exists?

[Tricky Dickie]

How can it be proven that this statement is true as many creditors issue a default notice but do no terminate the agreement, i.e. what authority says that the issue of a default notice is termination of an agreement?

 

If the above could be proven, how do CRAs continue to process a default for 6 years after an agreement has been terminated, i.e. when it no longer exists?

 

 

I was quoting Rankine in the hope that others could offer opinions rather than agreeing with him but I would still like to know what laws are applicable to one party selling a debt to another if anyone can tell me

[Tricky Dickie]

He has been known to be confident before:

http://www.mishcon.com/assets/managed/docs/downloads/doc_2304/Judgment%20of%20HH%20Brown.pdf

 

thanks for that,very interesting. Strange that Rankine is keen to put that judgement in his CV but I suspect that he was not as wrong on some points as was made out and lacked preparation besides being a bit too keen to blow his own trumpet

[diddydicky]

Well I came a cross this company called matrix plc. They are doing seminars at the moment but I am pretty sure they are an agent of the creditcardkiller. Anyways they basically buy your debt off you, i.e. credit card debt, loan debt etc, they are at pains to suggest its nothing to do with unenforceablility and they can get it done within a few weeks, i.e. the debt is gone in a few weeks.

 

Sounds great but can debt legally be sold to another company, I know credit card co/s etc will happily sell debt on to agencies so therefore can it be done the other way?

 

If so why not set up a company buy lots of debt fronm your own cards, mates etc then put the company into liquidation? I am presuming this is not a wise thing to do and there is likely to be someone who would question it but you see my point? What views does anyone have?

 

 

i/m surprised people are even discussing this

 

what a load of old B***ll**ks

[Tricky Dickie]

i/m surprised people are even discussing this

 

what a load of old B***ll**ks

 

It may well be a load of old b**ll***s but there is a guy saying that its possible and there is no law to stop it happening.I was hoping there would be someone on here who could either confirm he is right or provide a convincing argument that he is wrong.

At the moment there has been no convincing argument he is wrong so as far as I am concerned his assertions remain a possibility

[pt2537]

It may well be a load of old b**ll***s but there is a guy saying that its possible and there is no law to stop it happening.I was hoping there would be someone on here who could either confirm he is right or provide a convincing argument that he is wrong.

At the moment there has been no convincing argument he is wrong so as far as I am concerned his assertions remain a possibility

Ok, simple way to satisfy yourself, go get a debt, then sell it to the Rankines and simply walk away debt free LOL

[diddydicky]

It may well be a load of old b**ll***s but there is a guy saying that its possible and there is no law to stop it happening.I was hoping there would be someone on here who could either confirm he is right or provide a convincing argument that he is wrong.

At the moment there has been no convincing argument he is wrong so as far as I am concerned his assertions remain a possibility

 

ok then all we need is to find tramp on the streets of london or any big city ( oh there's one, there's another whoops look there's loads of them ) who has absolutely no assets whatsoever, ignore the clause in every agreement that says the debtor cannot sell or assign the debt and sell him EVERY credit agreement in the country

 

there you go problem solved!!

 

or better still every bankrupt in the country can get a friend with a good credit rating to take out a 10,000 credit card then sell it to him the next day for 10p - problem solved!

 

 

trickie dickie i really am surprised at you!!

[tifo]

i/m surprised people are even discussing this

 

I wonder if that's got anything to do with it being a "DISCUSSION FORUM"?

[diddydicky]

ouch!!

[diddydicky]

thought it was an ADVICE forum

[pt2537]

thought it was an ADVICE forum

it is , and its a discussion forum too

 

however, as i see it, its for discussion on topics which have merit which this sell us your debt rubbish doesnt in my opinion

[diddydicky]

TIC

 

fully agree