Letter Process / Debt transfer to new company

by Winston Mon Feb 19, 2018 9:07 pm

Hi - I'm a newbie that used to use GOODF and have now found this site! Marvellous stuff. Long story short...
Had and managed a debt with Moorcroft - went through the full 3 letter process all the way to estoppel etc and didn't hear anything else from them.

Now received a letter that the debt has been 'bought' by Lowell....

Can anyone advise what the best process to follow now is? Does this require a further 3 letter process or is a 'notification of conditional acceptance' more appropriate? Or even a letter or rejection? My knowledge in these areas is growing (gradually) but I'm hesitant to reply to them without getting advice first.

Any and all advice on this matter would be greatly appreciated. Many thanks in advance.

by Winston Mon Feb 19, 2018 9:39 pm

Something I forgot to mention in the above - we received TWO letters in the same envelope - one from the original company 'Creation' and the other from the company that has allegedly 'bought' the debt 'Lowell's'.

Never seen this before and it really does stink to high heaven...

by Ausk Tue Feb 20, 2018 8:34 am

Did you receive a letter to say that yur debt has been assigned to Moorecroft to Lowell?

They can claim they have sold the debt to whomever but they are still requried to send you a notice that the debt has been assigned. The property law act requires it.

Production of the 'assignment' is one the documents they must produce to court to prove they have standing in the court. Without standing or without the 3 foundation documents they have no case.

by Winston Tue Feb 20, 2018 8:45 am

We had been dealing initially with Creation, who then passed it to Moorecroft, and now the two letters in the same envelope are:

1. From Creation saying they have sold the debt to Lowell.
2. From Lowell saying they have bought the debt from Creation.

We have not heard anything back from Moorecroft after the estoppel was sent many months back so good riddance to them.

I don't see the mention of 'assignment' on any of the letters so not sure what you mean by that?

But now we really don't know what to do with this new so called 'agent'. I'm trying to read as much on this site as possible but there's conflicting advice on the best approach. What would you advise?

by Tiggy Tue Feb 20, 2018 1:00 pm

Assignment of a debt is another way of saying bought. If a debt is absolutely assigned under Section 136 of the Law of Property Act 1925, you can be pursued by a debt purchaser through the Courts. It's a loophole in the Doctrine of Privity.

so Lowells aren't an agent, they're a debt purchaser who will be able to pursue this debt through the Courts.

The two letters you received are known as Notices of Assignment.

by Winston Tue Feb 20, 2018 3:01 pm

Thanks for the clarification - what are the recommended processes from here? Revert to the 3 letter process or something else. Still trawling through these boards but none of the scenarios match.

by Winston Tue Feb 20, 2018 5:30 pm

Are there any mods reviewing these threads? Any help or info appreciated. Thank you.

by Ausk Wed Feb 21, 2018 7:38 am

Tiggy wrote:Assignment of a debt is another way of saying bought. If a debt is absolutely assigned under Section 136 of the Law of Property Act 1925, you can be pursued by a debt purchaser through the Courts. It's a loophole in the Doctrine of Privity.

so Lowells aren't an agent, they're a debt purchaser who will be able to pursue this debt through the Courts.

The two letters you received are known as Notices of Assignment.

Hi Tiggy, How do we know if the assignment is absolute or not? What do we need to look for? I cant imagine that a mere Notice of Assignment is all that is requried.

What eveidence could we ask for, for us to know that its been absolutely assigned and that therefore they can persue us through the courts?

thanks

by Winston Wed Feb 21, 2018 7:46 am

That's exactly what I was thinking - no idea where to go from here to be honest, I was hoping for some advice from knowledgeable folk but alas...

by **daveiron** Wed Feb 21, 2018 8:28 am

https://goodf.forumotion.com/t1131-new-3-letters-for-debt-purchasers

by Tiggy Wed Feb 21, 2018 1:00 pm

Ausk wrote:
Tiggy wrote:Assignment of a debt is another way of saying bought. If a debt is absolutely assigned under Section 136 of the Law of Property Act 1925, you can be pursued by a debt purchaser through the Courts. It's a loophole in the Doctrine of Privity.

so Lowells aren't an agent, they're a debt purchaser who will be able to pursue this debt through the Courts.

The two letters you received are known as Notices of Assignment.

Hi Tiggy, How do we know if the assignment is absolute or not? What do we need to look for? I cant imagine that a mere Notice of Assignment is all that is requried.

What eveidence could we ask for, for us to know that its been absolutely assigned and that therefore they can persue us through the courts?

thanks

There are two basic type of assignment that apply to debts Absolute and Equitable, with equitable they purchaser only has the right to collect the debt not sue for it, absolute is a transfer of all rights.

If the Notice of Assignment is not specific ask for a copy of the Sales Contract (aka Deed of Assignment) to establish the type of assignment agreed.

by Ausk Wed Feb 21, 2018 11:51 pm

Thanks Tiggy

by Winston Fri Feb 23, 2018 12:56 pm

daveiron wrote:https://goodf.forumotion.com/t1131-new-3-letters-for-debt-purchasers

Many thanks Dave - will read through these and see if I can fathom it all out. So hard to know what approach to take as I'm not versed in legalese and this stuff is like a foreign language!

by Winston Sun Feb 25, 2018 11:01 am

Tried using the site ceoemail to get the Lowell CEO name/address.

A question - if the actual address of the CEO is not known is simply stating FAO (for attention of) that individual acceptable? The name on the letter I've received (or should I say his title) is stated as UK Chief Operating Officer.

Should I cc to him as well? Many thanks.

by Winston Sun Feb 25, 2018 11:18 am

This is what I've been able to find out thus far - I'm guessing a Director is the best bet?

Bill FLYNN secretary since 28 Nov 2017
James John CORNELL director since 06 Aug 2003
John Patrick FLAHERTY director since 09 Dec 2016
David Ronald GAGIE director since 01 Mar 2016
Heinz Erwin Friedrich HILGERT director since 03 Apr 2017
Sara Louise LECKENBY director since 19 May 2012

by Winston Sun Feb 25, 2018 11:45 am

daveiron wrote:https://goodf.forumotion.com/t1131-new-3-letters-for-debt-purchasers

Hi Dave - a question, in the 1st letter as per this link the text reads:
"Also; [Webster v Ridgeway (2009) ] "Where a debtor is entitled to see a redacted
version.
You must also include a true copy of the Deed of Novation (not photocopy) showing
the signatures of all three parties.

Is part of this missing? It seems to read wrong after 'redacted version'? Any pointers most appreciated. Thanks.

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