CO-OP cca/sar then sells

[mikeymack2002]

Hi all

 

 

I am currently helping 2 friends sort out their debts with the CO-OP

both have current accounts and credit cards.

 

 

Both debts in default 2013/14 both pre 2007.

Defaults in 2013/14 all debts currently showing on credit files.

I am waiting for the monthly updates on the CRA files

 

Last payments both were 2013/14

 

I sent a CCA to them 07/07/2014 no reply to either.

 

 

Follow up letters sent still no replies to both.

Both sent via RM and signed for receipted and still have the screen shots of the signatures date and time.

 

So on 01/12/2014 I SAR them both.

Via RM and signed for receipted and still have the screen shots of the signatures date and time.

 

On the 19/12/2014 I receive a letter from the CO-OP saying the debts have now been sold to HOIST.

 

Why would the CO-OP sell the debts in access of £20k?

 

I know that the CCA's and SAR are still valid what would the next steps now be?

[fkofilee]

DX will normally say something fishy but i always disagree...

A lot of debts are sold as part of debt sale, not because there is something wrong but they seem to get a better rate when buying in mass bulk.

 

Wait for SAR Response, also wait for CCA if they havent sent them yet...

See what turns up.

Remember no CCA for Current Accounts but credit cards will deffo have one.

[mikeymack2002]

I know no CCA for a current account as they are exempt from that this is why the SAR was sent.

But within days all accounts were sold.

 

 

I know from other experiences that the CO-OP are very lax in regards to keeping correct records.

I am a customer as well and have requested a CCA and to be informed they no longer have one

this account was opened in 2014 the agreement is already lost.

 

The CCA's are already months overdue BTW by 5 months already

[gregs07]

I seriously doubt they've got the correct

Paperwork...

[ims21]

Lenders sell debts for a number of reasons. Maybe they think the debt is going to go bad so they off-load it to someone else and get at least something back for it leaving the debt purchaser with the potential headache of collection. Another reason is that they may want to make their overall balance sheet look healthier by getting rid of some toxic debt.

 

It may be that they know they have an unenforceable debt on their hands and palm it off to someone else.

 

Hoist will need to come up with the appropriate documentation to be able to enforce, whether this a recon for April 2007 accounts onwards or a copy of the original signed agreement for dates prior to that.

 

For the overdraft there should be a copy of the overdraft agreement/advice letter produced. Evidence of the usage of the facility would also go in their favour.

 

If it were me, for the sake of a couple of quid, I would send CCA requests for the appropriate accounts to the new owner, perhaps include a paragraph to the effect that the original owner has thus far not complied with previous requests.

 

Failure to provide relevant documents under a S77/78 request carries no sanction other than failure to comply means it is unenforceable in court until they do comply.

[mikeymack2002]

ims21

 

 

Those were my thoughts exactly its only a few quid and that will stop enforcement for a while as well. I will CCA the DCA's again and explain this to the debtors, also a SAR was sent recently as well that will return a CCA as well I believe

[ims21]

ims21

 

 

Those were my thoughts exactly its only a few quid and that will stop enforcement for a while as well. I will CCA the DCA's again and explain this to the debtors, also a SAR was sent recently as well that will return a CCA as well I believe

 

There has been much debate on whether a SAR will yield an agreement. I have to say that some lenders will provide it with a SAR, others won't. One outfit that I was involved with did send me a photocopy of the signed agreement from 1989/90 as part of my SAR.

[mikeymack2002]

So I guess to be on the safe side re CCA Hoist then will draft and post it tomorrow then