Moving Abroad with numerous debts, what can dca's really do ... Freeze Bank Accounts?

[Queens_king]

Hi

 

I am in very serious debt but I have recently found employment well outside of the EEC but my salary is still to be paid into a UK Bank account.

 

As most of my debt payments are by cash (one DCA tried to direct debit over £2,000 out of my old account so I will not trust Direct Debits or Standing orders) I will not be able to maintain payments until I return once every 6 months or so.

 

My question is .. Can any of the creditors freeze my bank account and if so when can they do it. Do they have to serve me with any court papers?? If they can do this in my absence then they have shot themselves in the foot as I will not be able to maintain any payments at all due to the cufrrency exchange and legalities of taking the currency out of the country

 

If some one with the knowledge replies I will expand a little more.

[dx100uk]

dunno where you got the info from

 

but there is no way any one can freeze any of your assets

the worst that can happen is offset banking

where a bank takes money direct from your A/C for a debt bwcause the debt is in the same banking group.

 

 

DCA 's have NO LEGAL POWERS

 

dx

[bluedogx]

Standing orders are not the same as direct debits.

 

SO - your bank pays the creditor the amount you have stated. .

 

DD- the creditor requests payment from your bank which they have to pay.

 

You could set up SO's to pay while you are away

[ims21]

I agree...standing orders woud be your best bet as you can control them and the dcas do not then have access to your bank account details like Sort Code, Account Number etc.

 

Regards

 

ims

[cerberusalert]

For them to get access to your bank a/c they would first have needed to have obtained a CCJ against you which you hadn't settled, then they would have to apply for enforcement i.e a Garnishee order which has limited use. On top of that they would need to know who you banked with etc.

 

If they haven't obtained a CCJ whilst you were a UK resident they cannot do it whilst you're not, if they did it using a previous address you could have it set-aside.

[Queens_king]

Hi all

 

First of all I must make this clear ...

 

I HAVE NO INTENTION OF RUNNING AWAY FROM MY DEBT, EVERY INTENTIONS OF CLEARING IT

 

Maybe a stupid question but I really would like know the answer.

 

I am about to leave the UK with a serious amount of debt

but I still intend to clear this debt once I have settled into my new home (outside of the EU and the Americas).

 

This means that for maybe 4 to 6 months that the DMP plan I am on will not receive any payment

as I need to settle into my new surroundings.

 

There will be no one in the UK who will know where I have gone.

I will have a PO Box number and an agent to collect the mail to scan and send on to me

 

However, my money will still be paid into a UK bank account but within 24 hours

be transferred to a new account in my new homeland.

 

Can any creditor freeze my bank account without first taking court action.

 

Also if I am not in the UK how will they serve the papers as the address

I had would have been sold and therefore no longer be mine

 

Thanks in advance for any help/info.

 

Anonemous

[citizenB]

I wouldnt have thought so?

 

Do any of your creditors have any connection with your bank account .. eg.. LTSB current account - credit card/loan ?

[Queens_king]

Hi all

 

I do not own a business. I am not self employed. Under w hat conditions and what rights do a DCA have in checking your credit file.

 

Can they do this before they send you the trash letter or can they do this at any time or not at all

 

Who are they: Moorcroft

 

T.I.A.

[dx100uk]

they have a licence to do it anytime.

dx

[rdm2006]

Just to be clear, its not a "search" (as if you had applied for credit), it is more of an enquiry and does not affect your credit like searches do.

 

Still a bl**dy cheek tho in my opinion

[Queens_king]

Hi,

 

I know that Debt Purchasers buy debts for a fraction of the price (maybe as little as 10p in the £)

 

If for example I SAR the debt purchaser and discover that he has for example only paid £100 for a £1,000 debt

and decides to go for a CCJ for the £1,000 where would I stand in defending the debt as £100

as this is what the purchaser has paid for it, not the original £1,000

 

My reasoning on this is that if the original creditor cant be bothered waiting for the debt to clear

the purchaser has actually closed my account with the original creditor

and opened a new account with the value he paid for the debt no matter

what the CCA states as my agreement is with the original creditor not the purchaser

 

Asking as I have two debts purchased

and being chased for almost £8,000 but previously being paid to the original creditor via a DMP

[unclebulgaria67]

It would be nice if it worked that way, but it doesn't. If that was the case, you could buy say a car for x value, then default on the finance and then use the argument that it cost the seller less than you paid for it, so you don't owe the amount financed.

 

Debt is basically a calculated risk commodity. The original creditor makes a risk assessment when they lend the money and they they price it, partly on the fact that a percentage of people will default. But they also factor in that the debt has a value to be sold on, as well as a write off value against tax. When a debt buyer buys debts, they do so on a bulk basis, buying often millions of pounds worth of debts, for an agreed value, which varies to how the debt is rated. They have the right to collect on the debt for its full value, as they own the debt as an asset, using the agreement you made to the original creditor. If they issued a court claim, it would be for the full value of the debt.

[BRIGADIER2JCS]

There is one very large flaw in this premis a SAR will NOT reveal any detail of the Deed of Assignment noting the ''purchase price'' of a debt this is confidential sensitive commercial information to which you are not entitled.

Furthermore debt is sold in large portfolio so such a ''revalation'' would not ocurr.

[coymiche]

the brigadier, states that the debtor cannot access the' deed of assignment'.well, not wishing to put my foot in it,i think the debtor may have the right to view or obtain a true copy of such an assignment, of course the debt collector will not provide this document for whatever reason,this may lead to a stalemate,with the debt collector unable to proceed with their rather odious activities,this infomation even if not verified is surely worth further evaluation and careful research, with all due respect to the brigadier.

[rameses_qc]

Well you could see the deed of assignment, yes. You won't be entitled to see the price paid for the debt, as it's nothing to do with anyone but the seller and the buyer. Selling a debt is a separate contract to the actual credit contract between the debtor and the creditor. In any case, these creditors assign hundreds of debts all at once and receive a lump sum for all of them which, as has rightly been stated, the buyer pays a fraction of the face value. If they collect only 2 from a hundred, they will be well on their way to a profit

[BRIGADIER2JCS]

Indeed so the deed of assignment is a contract between the creditor and the debt purchaser and is sensitive commercial information, only once in many years experience have I seen a judge order the production of a deed and then the defendant was not permitted to view it, a notice of assignment is all that is needed, and can be sent by the creditor , DCA or both.

 

IMO there is not nor ever has been a ''right'' to view such a document.

[brokebutnotbeatn]

At the end of the day you borrowed money. You spent the money. The right of the creditor to try and collect is absolute - but he may not have his paperwork in order so may not be able to enforce in court. However, he has insurance to cover bad debtors and a right to sell his bad debt on. The new collector has a right to buy that debt and will then try to enforce. Many debts he won't be able to; I suspect most attempts will succeed in getting some money back. How much he paid for your debt or the bulk of your debts is between him and the seller. You don't have a 'right' to know as you relinquished your rights when you defaulted on the agreement.

[rameses_qc]

Indeed so the deed of assignment is a contract between the creditor and the debt purchaser and is sensitive commercial information, only once in many years experience have I seen a judge order the production of a deed and then the defendant was not permitted to view it, a notice of assignment is all that is needed, and can be sent by the creditor , DCA or both.

 

IMO there is not nor ever has been a ''right'' to view such a document.

 

Yes thank you for the correction. I did, of course mean the notice of assignment, which is all that is required in law. The deed is nothing to do with the debtor.

[coymiche]

well,not too sure of this,it's really all about the existence of these deeds,i find it difficult to believe that a "deed of assignment"is created for each debt packaged into these large portfolio's,then sold to the dca's,i have no doubt that some will definitely exist.as to the "notice of assignment" any letter from any party to you can be construed as a notice of assignment.

[zydeco]

i find it difficult to believe that a "deed of assignment"is created for each debt packaged into these large portfolio's,then sold to the DCA's,

And there's the problem.

people think that a deed is some fancy piece of paper with scrollwork, gold leaf and semi latin wording on a par with the medieval deeds that give towns the right to hold markets or public houses the right to open at the crack of dawn to serve the market traders.

 

In fact the deed of assignment for debts is only a list of 1000's of debts with one price paid for the lot so there is no individual "deed of assignment"

[Bandit127]

In fact the deed of assignment for debts is only a list of 1000's of debts with one price paid for the lot so there is no individual "deed of assignment"

In my case, not even a list. Just a deed, signed and witnessed by the appropriate parties (i.e. the OC and the DCA).

 

Worth nothing to me as I actually requested a copy of the notice of assignment...

[zydeco]

In my case, not even a list. Just a deed, signed and witnessed by the appropriate parties (i.e. the OC and the DCA).

OOH!! you must be special

[rameses_qc]

A deed is only a way of forming a contract without the usual necessary formalities, and to satisfy the Law of Property Act. There won't be an individual one for each debt. All the law requires is that, in the case of debt assignment, the debtor is notified in writing. Doesn't matter whether the creditor or the debt buyer does it. The deed is private between the buyer and seller, and would give no information anyway.

[BRIGADIER2JCS]

Bulk portfolio of debt bought and sold the price paid for such is a sensitive piece of commercial information, as rameses said iy of no value to a debtor to demand a copy of it.

The fervour around the deed seems to have been born out of the mistaken belief that it will reveal the price paid for an individual debt.

[Queens_king]

Hi all

 

I may haver posted this question before but I am unable to find anything on it or the link.

 

What is a "Third Party Debt Order"

 

Am I correct in saying that only the companies that are associated with the bank can lay thier hands on it - that is for example Bank B cannot obtain a "Third Party Debt Order" against Bank A unless they are related in some way

 

Then they only get one chance

 

Again, appologies if I have asked this before but I have lost the link etc.