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Default and assignment details?


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Would just like a brief recap please on the timelines required before a creditor/ company can issue a notice of assignment and actually assign?

 

If a debt is due payable on a specific date is that the date the debt officially is in 'default'? 

 

Does the creditor have to put in writing the borrower is in default and simultaneously issue a 'default notice'?

 

How many days are required from the default day and/or the default notice to the creditor being able to issue  a 'notice of assignment'?

 

What happens if the correct procedure is not followed?

 

Many years ago I had an issue with a credit card company which issued a default notice and then issued a notice of assignment (to a dca) too early .  The assignment was deemed invalid and the credit card debt was written off.   Is it the same now?  I'm a bit out of touch with current legislation.

 

I have a situation where I received a 'letter before action' - it was dated the day after the default of a debt.   The letter stated the debt had already been assigned.  Later documents showed the debt had been assigned only 6 days after the default date.     No default notice had been given.  And no written notification of assignment to a different company had been given.   Would this make the assignment - and the debt - invalid?

 

This debt was assigned to a separate creditor/ company to which I already owed a smaller sum.   The creditor has since tried to reclaim the combined sums.

 

What are my chances of claiming the assignment was not done correctly and is invalid and thus reducing the amount owed?

 

I have the potential to be able to clear the smaller sum but not the combined sums.

 

 

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This happened a few years ago.  Attempts to collect on the combined debts have so far been unsuccessful, but think the creditor may try again.  I was just going through all my old emails and papers and I noticed the discrepancies on the dates and assignment

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you cant get a LOC a day after a NOA, not possible.

 

dx

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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letter of claim or letter before action with a reply pack wanting I+E etc.

 

your story is not making sense and i think your are getting mixed up with notice of assignment and default notices.

 

rather than try and work this out yourself

tell us about the debt and the problem you think you have.

 

dx

 

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Posted (edited)

I am confused.  But only because I don't think correct process was followed.

 

I received a lawyer's 'LBA' the day after a debt defaulted. The letter advised - almost as a passing irrelevant comment - that the debt had already been assigned to a different company.  And they were instructed to take further legal action on the combined debts. 

 

The creditor had given no notification that they were assigning the debt, nor did they ever send a notice of assignment. 

 

Documents received a few months later showed they had actually assigned the debt only 6 days after the debt defaulted.

 

I am confused with the process. 

I thought that a debt had to be in default for a creditor to issue a notice of assignment? 

 

And to be in default for a certain amount of days before issuing the NoA?   

 

I got neither default notice or a notice of assignment. 

The creditor just assigned the debt to another company. 

Is this possible?

Edited by dx100uk
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You are getting confused.com

 

When and original creditor sells a debt, it's typically defaulted (by the issuance of a default notice under section 87 of the CCA) on or before the date of sale.

 

Notice of assignment from the debt buyer and the original creditor then should follow. The debt buyer may issue both NOA'S inc using the original creditors logos/address details. The OC does not have to send a NOA themselves.

 

A letter before action is just a meaningless twaddle letter if it does not mention the pre action protocol , have a reply pack, and give you 30days to reply and can be ignored

 

for letter of claim examples and what to do click it

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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