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RE: BCOBs, COBs or other FSA rules


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Stop your bank or lender breaching their instalment agreement

 

Hi All

 

re my post on the above thread

 

My original debt was with Imperial Consolidated Financiers Ltd of whom I got a CCJ with back in the year 2000 to which I have still got the Original CCJ which states To The Defendant t you have made an offer of payment which the Claimant has accepted and ever since I have never once missed an installment.

 

Now Imperial Consolidated Financiers Ltd went belly up in 2001 without my knowledge at the time due to some lets just say jiggery porkery and my CCJ was then sold to a company called Orion Asset Finance Limited whom then strangely enough almost straight away got a name change to ICF LOANS LIMITED work that one out, then (last year I was informed by the now creditor Merit Finance Ltd (Apparently it was to stop any "potential" confusion by the debtors as to whom they were paying?) even though I never received a NOA from either the OC or the purchaser Orion /ICF LTD.

 

It was only when it was further sold again to Merit Finance Limited back in 2002 to which I did receive a NOA for that albeit a year later and with the NOA stating it had been sold by ICF LTD to Merit Finance Ltd which you would automatically think it had been sold by the Original creditor.

 

Anyway I carried on making my monthly CCJ installment to the same solicitor (Chivers Easton Brown) to which Merit said they had retained, then in 2005/6 I started to get phone calls from Merit asking for more money,could I not re mortgage our house,take another loan out, phone calls late at night from different parts of the country etc, to which I replied certainly not, that carried on for a while.

 

Then in 2009 I received a letter from their solicitor to say that they are taking it back to court 1, to be substituted as the new claimant and 2, to ask for a variation order, and it was only then upon reading there witness statement did I realize that my CCJ had been sold not once but in fact twice!

 

I did argue the fact during the substitution hearing to the judge 1, whey had it taken Merit the best part of seven years to asked to be substituted as the new claimant 2, where exactly and to whom had my payments been going to over the last 8 years 3, that I had no prior knowledge of the first sale to Orion/ICF LTD or indeed a NOA sent to my home address which I have always been at up until reading Merits witness statement and asked for a copy of that NOA to which Merits solicitor said to the judge that they had not got a copy as they were not party to the first NOA but that I must have received a copy of the first NOA (to which I know I did not as I have all my correspondence even post judgement) but the judge believed them and my question 1 and 2 also just fell on deaf ears.

 

Anyway substitution was then granted but variation was not, carried on making my monthly installments then in 2011 Merit applied for a C/O on our property and got it even though I have never failed one installment from the Original CCJ back in 2000 uptodate and yes in the hearing for the C/O again I argued the point to the judge about Section 86(1) The County Courts Act 1984: where if a installment is in place and not defaulted on then a C/O cannot be granted, but that to fell on deaf ears to as it has done with other people on these forums in the same situation, so there you have it done up like the proverbial KIPPER:x

 

Question is do these Laws BCOBs, COBs or other FSA rules apply to installements kept uptodate via a CCJ and although I know the Original Creditor went into receivership should this CCJ have been sold twice, after all you can bet your bottom dollar they sold it for a pittance then claimed bad tax relief so for them everyone is a winner they get paid up then sell it on for a pittance and the purchaser then claims the full amount again and then the same thing happens again, its like a licence to print money for these companies.

 

I have noticed tifo put a comment on the same thread regarding these laws stating :

 

Another problem is that once a debt is sold to a DCA, BCOBs, COBs or other FSA rules no longer apply because these firms are NOT regulated by the FSA, only the OFT. This is unfair for the consumer as they lose the benefit of powerful legislation.

 

Well my CCJ was first purchased by Orion Asset Finance Limited whom then change their name to ICF LTD and from records off company house they do not appear to be a DCA neither does the second purchaser Merit Finance Limited and in court the judge stated that they were just companies whom had purchased the debt and not a DCA:???:

 

Yet when I went to the FSA for some HELP regarding the shenanigans and underhandedness of these companies I was told that there was nothing that they could do as A, because they are not regulated by the FSA and B, as it was and has been the subject of court proceedings then they could not intervene and the OFT and TS were about as much use as a chocolate fireguard.

 

Furthermore If these companies don't portray themselves as being DCA but yet are not regulated by the FSA or the OFT & TS then it seems to me they can do what the hell they like and get away with it!

 

Million dollar Question is after reading all the above, can I use these laws BCOBs, COBs or other FSA rules or not and if so will they take any notice this time.

 

Any advice anyone

 

Tinks

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Debts get sold all the time but you keep referring to the CCJ being sold. I guess you mean the debt was sold and the CCJ was with it? This is what usually happens.

 

You can raise arguments with the (sometimes) lack of Notice of Assignment and whether any company actually had any rights with your debt. This lack of a NoA has been successfully used by banks in securitisation transfers to retain legal title even though the debt was sold. If it applies to them then why not you?

 

Looks like you've not been fairly treated by the court and this often happens. Banks and DCAs get away with things we could never dream to.

 

BCOBs only apply to FSA regulated deposit taking firms, i.e. current and savings accounts etc. COBs apply to all FSA regulated firms. The Principles for Business also apply.

 

The problem is that none of these apply to DCAs because they're not FSA regulated. The customer loses FSA protection but can't do anything about it. They're regulated by the OFT who have their own guidance but won't take individual complaints.

 

Ours debts are sold for a small percentage and we're forced to pay full price whilst the banks/DCA claim tax relief. Sometimes the bank can come back and want their write off. This means we can pay twice or thrice for a debt.

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  • 4 months later...

I will quickly explain what has happened for your. ICF went bust and the loan portfolio was purchased including any accounts that had CCJ on them. Merit finance as it is now called have owned this debt since about 2002. They have used various collection agency to collect this debt but now collected it themselves. Chivers easton Brown are the solictors they use to collect payments via CCJ's or Charging orders that have not been paid direct to Merit finance. Even if you have been paying the debt under a CCJ they are still entitled to apply for a Charging order against your property. To have prevented this you would have needed to convince the judge that you are paying what you can. Interesting however that once 6 years has past from the original CCJ date they cannot add any statutry interest. Once a Charging order is placed against your property you will need to make arrangement to continue to pay and if they try to force the sale of your property you will need to justify to the court that you are paying what you can and never miss a payment. All a C/o does is secure the debt for the future. If you stop paying etc then they will have the right to force the sale of your property. The problem you have is the you needed to defend your case before they got the Charging order as if you had proved that you had been paying and never missed a payment it would have been very unlikely they would have got the C/o

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