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Can a DCA Default you if paragon loansthemselves did not default me?


lobo200
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Hello all,

 

A quick question

 

Can a DCA default you on a loan that was sold to them if the original loan provider did not default you?

 

So...

 

No default notice issued by Loan company (Paragon)

Happily paying installments to Paragon

Paragon then sell the loan to Arrow Global, fail to notify you.

Arrow Global get in touch saying hey! You owe us now.

Stop payments as I'm disputing the legitimacy of sale of loan, usual letters sent requesting more information, no replies.

Some time later I check my credit report and Arrow Global register the loan as a default owing to them.

 

Are they allowed to do this?

 

Cheers.

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Yes.

 

But only f the letter from Arrow made the nature of the sale clear, and that it was an absolute assignment.

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

If a Cagger helps you, click their star. Better still, make a donation however small, so that CAG can continue to help others.

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hmmm ok, not sure what constitutes 'absolute'. It was a standard letter of assignment. They'd been assigned the balance and were now the data owners. Is that absolute enough or is there an outline of what they must tell me for it to be valid?

 

There have been no letters detailing a default. Just demands for payment, which stopped about a year and a half ago after I kept replying back with requests for more information.

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If the OC sold a ‘live’ account, which it appears to have done, then Arrow must offer the same service in terms of the T&Cs etc. That NoA should be enough – post it up if you want us to check its validity.

 

You may have made an error by stopping payments. Arrow would be entitled to issue a default notice under CCA 1974, as it holds a CC licence, but only if it was a live account.

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

If a Cagger helps you, click their star. Better still, make a donation however small, so that CAG can continue to help others.

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Thanks will do.

 

So what happens if on the original CCA Agreement form there is a disclosure section at the bottom that says Paragon will not pass on any information outside of the Paragon group without my consent or required by law? Is this agreement still valid or assumed invalid by now?

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You need to check the T&Cs to see if there is a clause which specifically means they CANNOT sell on the account. Generally, a debt is tradable – that’s how factoring works.

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

If a Cagger helps you, click their star. Better still, make a donation however small, so that CAG can continue to help others.

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