Deed of Assignment

[bsj]

I'm not sure if this is in the correct place.

 

Can someone please explain a deed of assignment,should a DCA be able to provide one if requested,to varify that they have the right to collect a debt.

 

I'm a bit confused as to what this is and what it means.

 

Sorry in advance if it seems a daft question.

[Pinky69]

A Deed of Assignment is a list of business transactions between buyers and sellers of credit agreements and only a court is entitled to have access to it.

[bsj]

Thank you pinky,that cleared up my confusion.

 

How do you find out if a DCA has the right to collect a debt.Do you just ask in writing if they have purchased the debt,and are they obliged to tell you.

[Pinky69]

You should receive a Notice of Assignment from the original creditor telling you that they have sold the debt on and to whom. If you didn't get one, you can send a letter asking the DCA to prove the debt they are trying to collect is yours:

 

Dear Sir/Madam

 

You have contacted me/us regarding the account with the above reference number, which you claim is owed by myself/ourselves.

 

I/we would point out that I/we have no knowledge of any such debt being owed to (insert company name).

 

I am/we are familiar with the Office of Fair Trading Debt Collection Guidance which states that it unfair to send demands for payment to an individual when it is uncertain that they are the debtor in question.

 

I/we would also point out that the OFT say under the Guidance that it is unfair to pursue third parties for payment when they are not liable. In not ceasing collection activity whilst investigating a reasonably queried or disputed debt you are using deceptive/and or unfair methods.

 

Furthermore ignoring and/or disregarding claims that debts have been settled or are disputed and continuing to make unjustified demands for payment amounts to physical/psychological harassment.

 

I/we would ask that no further contact be made concerning the above account unless you can provide evidence as to my/our liability for the debt in question.

 

I/we await your written confirmation that this matter is now closed. Otherwise I will have no option but to make a complaint to the trading standards department and consider informing the OFT of your actions.

 

I/we look forward to your reply.

 

Yours faithfully

[bsj]

Thats the one i meant,Notice of assignment,i was getting it confused with the deed.I have never received this.

 

 

Thank you so much for straightening that out for me, i'll send the letter you posted up.

 

Many thanks pinky

[lilly white]

Just somthing i found i really should get out more

 

Assigning A Debt Or Benefit Of Contract?

 

6 December 2005

 

 

 

Assigning A Debt Or Benefit Of Contract?

 

It is important to first provide the debtor with a notice of the assignment!

 

Other points and issues that should be borne in mind:

 

· In principle, the benefit of a contract can be legally assigned without consent,

provided there is no express prohibition on assignment or, for example, a requirement that consent

is obtained.

 

· Where there is no restriction on assignment, the usual way of assigning the benefit of

contractual rights is by statutory assignment. The assignment must be in writing, signed by the

assignor, absolute (not purporting to be by way of charge only) and notice in writing must be

given to the other contracting party (section 136, Law of Property Act 1925).

 

· If a contract is not effectively assigned under statute, it may still be assigned under

common law by an equitable assignment. An equitable assignment may exist where the requirements

for a statutory assignment are not satisfied. The main practical consequence of an equitable

assignment is that the assignee cannot bring an action in its own name against the third party,

but must fall back on the rules governing equitable assignments and join the assignor as a party

to the action.

 

It is, in any event, desirable for notice of an assignment to be given to the third party because

the third party will otherwise be entitled to continue to make payments to the assignor. Notice

will give the assignee priority over any other assignee that has failed to give notice, provided

there is no knowledge of such prior assignment.

 

[bsj]

Did i understand that correctly,if i received no notice,they cannot assign to a third party, ie a DCA.

I'm trying to understand but i'm having a hard time grasping this stuff:-(

 

Thank you lilly for your post,saved for future reference.I will keep reading it untill i understand it correctly.

[hme.4x4]

This might help I got this from here;

 

The assignment under is subject to certain conditions all of which must be met in order for the assignment to be effectual in law.

The conditions which must be met are as follows:

 

Treitel (The Law of Contract 11th Edition) defines "assignment" as the process under which the benefit of a contract may be transferred to a third party without the consent of the party liable under the contract (see pages 701 to 702).

For an assignment to be valid, the following requirements must be satisfied (see Treitel pages 678-682):

1) the assignment must be in writing under the hand of the assignor (s.136 Law of Property Act 1925)

2) there must be an intention to assign

3) the assignment must be communicated to the assignee by the assignor

4) notice of the assignment must be given to the debtor.

If these conditions are not met, then the assignment is not valid in Law and the title, benefits and burden of the account rest with the assignor.

The status of data controller also only passes to the assignee upon lawful perfection of the assignment.

A notice served by the postal service is only deemed served if it complies with the requirements set out in Sec 196 of the Law of Property Act 1925 Ie. recorded or registered delivery.

If the date on the notice is innacurate then the notice is invalid.

[bsj]

Thank you,that was very helpful,things are alot clearer now.

[itsamomentintime]

Did i understand that correctly,if i received no notice,they cannot assign to a third party, ie a DCA.

I'm trying to understand but i'm having a hard time grasping this stuff:-(

 

Thank you lilly for your post,saved for future reference.I will keep reading it untill i understand it correctly.

 

 

 

this is correct

 

if you do not receive a valid Notice Of Assignment then the debt buyer has no right to collect

 

eveyone should ask for a valid NOA, especially if they are being taken to court

 

if no valid NOA exists, the case should be thrown out, as the debt buyer has no right to collect