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Can a debt be sold 10 days after Default Notice is issued?


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Hi Dear Caggers

Please tell me if a debt to a credit card company can be sold only 10 days after it is issued? I spoke to National Debtline and they said a debt can be sold any time. Do you know of any case laws re. this?

Apparently CCA 1974 sec 87 and 88 allows seven days for remedy. My DN from MBNA had allowed 28 days but they sold it just ten days after they issued it.

I would appreciate your help.

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Thanks Craigers. Can you please refer me to the document as I will have to present it. What about selling/assigning the debt? I have been told that during the minimum period lenders cannot do things like taking court action but they can still sell/assign the debt. Is there a document or case law that prevents lenders from doing the latter?

I very much appreciate it.

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i can't find the document just now. it may even be 2006. but its an si on the opsi website.

 

if a creditor terminates the account and sells the debt before the required default notice period expires then this is an unlawful recission of contract.

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Hi Craigers

This is excellent. The extension from 7 days to 14 solves half of my problem. However someone from National Debtline said selling a debt on by a creditor is NOT a termination of agreement. The same terms and liabilities etc. is passed on to someone else as if nothing has changed. What do I do about this? Is there a case law that says selling a debt is termination of contract and should not be carried out within the DN period?

Thanks

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I'm no expert, but I would imagine you have a good case to fight the default. They can't give you 28 days to remedy the situation then take it away after 10 days. The minimum required is 14 days.

 

Is the 10 days you state the time from the date of the default notice, or from when you received it? Either way, the default itself is unlawful and they have unlawfully rescinded your contract. Therefore, you would only be required to pay the arrears. The DCA can kiss goodbye to the remainder of the balance. Thats my understanding of it.

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I will move this thread over to the debt forum for you.

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This is excellent. The extension from 7 days to 14 solves half of my problem. However someone from National Debtline said selling a debt on by a creditor is NOT a termination of agreement.

 

Someone over there needs their bumps felt.

 

They have sold the debt to Link who cannot operate a creditcard. So, you satisfy the default, then find that the account is with a company that cannot operate it?

 

It's terminated.

 

David

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  • 3 weeks later...

I had a letter from Experto Credite saying they had bought my debt from MBNA. The EC letter was dated before the 14 day period had elapsed with MBNA.

 

Has anyone got any suggestions or is there a template letter to send to Experto.

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