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Who is a credit card debt owed to?

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Re: Who is a credit card debt owed to?

Post by Waffle on Fri Jun 09, 2017 7:23 am

A credit card debt is owed to the investor who purchased the receivables through a securitisation process. In the U.K. the assets (contract and receivables) are transfered into a trust unit (SPV) that the investor is the beneficiary of. The credit card company do not have to disclose this to you if you haven't stipulated for them to which is why few people are aware.

The credit card company acts as a manager if one will to maintain your performance. They are agent so the ones who you will deal with. You don't owe the debt your person does, it's an unincorporated corporation and you are its surety.

The title to your question needed a few explatry notes, but just use the name on the front, they are most likely acting as a third party agent.


Last edited by Waffle on Fri Jun 09, 2017 9:34 am; edited 1 time in total

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Re: Who is a credit card debt owed to?

Post by Waffle on Fri Jun 09, 2017 8:41 pm

I hope it helps Very Happy

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Re: Who is a credit card debt owed to?

Post by Waffle on Fri Jun 09, 2017 10:07 pm

Welcome, glad you joined. Its safer here, there is always the PM option if people are unsure... Glad you found what you were looking for

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Re: Who is a credit card debt owed to?

Post by Ausk on Tue Jun 13, 2017 9:37 am

[quote="Waffle"]A credit card debt is owed to the investor who purchased the receivables through a securitisation process. In the U.K. the assets (contract and receivables) are transfered into a trust unit (SPV) that the investor is the beneficiary of. [quote]

"The credit card company do not have to disclose this to you if you haven't stipulated for them to which is why few people are aware."

So just who do I need to write to and what do I need to say to learn what you have, about this matter?

thanks

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Re: Who is a credit card debt owed to?

Post by Waffle on Tue Jun 13, 2017 12:29 pm

I don't know of any rabbit on yootoob. I get most of my documents from law sites, I'll put some up for you a little later.

It's best to get it from the horses mouth otherwise it's just hearsay....

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Re: Who is a credit card debt owed to?

Post by actinglikeabanker on Tue Jun 13, 2017 4:03 pm

@Ausk wrote:
@Waffle wrote:A credit card debt is owed to the investor who purchased the receivables through a securitisation process. In the U.K. the assets (contract and receivables) are transfered into a trust unit (SPV) that the investor is the beneficiary of.


"The credit card company do not have to disclose this to you if you haven't stipulated for them to which is why few people are aware."

So just who do I need to write to and what do I need to say to learn what you have, about this matter?

thanks

If you write to the bank and ask them if your credit card debt, loan, mortgage etc etc has been 'packaged and securitised in a special purpose vehicle (SPV)'. Additionally, if it has been packaged into an SPV could you please advise what type of vehicle it is, such as a 'true-sale, synthetic balance sheet transfer etc etc'.

This information should be asked for under a data subject access request. https://ico.org.uk/for-the-public/personal-information/



Last edited by actinglikeabanker on Tue Jun 13, 2017 6:58 pm; edited 1 time in total (Reason for editing : Added DSAR line and web link)
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Re: Who is a credit card debt owed to?

Post by Waffle on Tue Jun 13, 2017 8:06 pm

Acting like a banker is right i believe, they don't tell you because you don't stipulate for them to. It would appear its a simple as just asking, I will be able to confirm this when my subject access request comes back.

One very specific area of the SPV is the data controller, its actually one of the more responsible positions due tot he strict legislations, more often than not the investor or investing company will also have to be a data controller because of the sensitivity of the information being passed around.

We do have a subject access request template in the debt forum, the request asks for more data than that with a securitisation process, but actinglikeabanker has added some nice additions in his previous post which would be very useful to include if one wanted.

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Re: Who is a credit card debt owed to?

Post by daveiron on Tue Jun 13, 2017 8:17 pm

That is one of the additional questions i add to my 3 letters ,

" I require a signed statement from a named individual that this account has not been sold or traded in any way"

I have only used it once & i do not know if it had an effect ,as the response i got was " we have deemed this debt to be uninforceable"

Would like to know the results if anyone else uses it.

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Re: Who is a credit card debt owed to?

Post by Ausk on Wed Jun 14, 2017 9:47 am

Good useful info in the thread I'll keep an eye on this.
thanks

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Re: Who is a credit card debt owed to?

Post by Waffle on Wed Jun 14, 2017 10:50 pm

Hey Ausk, the thread in this link has a bunch of learning material, the bulky stuff is in the last few pages but it may be worthwhile just sifting through it, there is a few documents describing in detail from practical law, practical law is a very useful site....

http://www.getoutofdebtfree.org/forum/viewtopic.php?f=88&t=105670

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Re: Who is a credit card debt owed to?

Post by Waffle on Thu Jun 15, 2017 6:21 am

Your question has been answered, but you'd have to write a letter asking exactly who you owe the credit to.... It won't be the bank or credit card company!

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Re: Who is a credit card debt owed to?

Post by Waffle on Tue Jun 20, 2017 9:28 pm

Unfortunately it is a bit of a technical answer that only the "creditor" can give you.

Whenever we get involved in an credit agreement with a bank or a credit card company they treat the agreement as a financial asset. To maximise the efficiency of turning around income the creditor will open a new legal entity different to the bank and unassociated, a bit like an offshoot branch with no association. The is always a trust unit in the UK and known as a special purpose vehicle (SPV). They then create money for the SPV to buy a pool of these assets (loan and credit card agreements and the receivables from them) from the bank. These are then transferred to the SPV for investors to purchase. The investor will purchase a pool of financial assets usually a minimum of 100k's worth. The majority of the monthly payments that are made by the debtor are transferred from the creditor to the SPV then to the purchasing investor. Apart from the interest on the credit and a small percentage of the monthly payments (receivables). This whole process is known as securitisation.

You are in agreement with the original creditor so this is who you should deal with for now, under the data protection act they have obligations to tell you if your data has been transferred to a third party, which is the SPV and investor, so write to the creditor and ask them under section 7 (1) of the data protection act 1998 to provide you with all of your data they have transferred to a third party, to who and why. This is a subject access request, there is a £10 fee associated with a subject access request.

You can also just write a general letter asking if they can provide you with any information about the securitisation of the assets.

In the case above the company on the front of the letter is an umbrella company for the one on the back, the one on the back is the creditor, the one on the front is just an agent. The agent will usually have to go to the original creditor to fulfil your requests.

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Re: Who is a credit card debt owed to?

Post by Lopsum on Tue Jun 20, 2017 10:24 pm

@max2000 wrote:Like I say "THANKS".

If you like to do Research may I suggest Chemistry and Physics as a starting point.

Think Chemtrails.
What is the meaning here max? When waffle has spent the time to answer your question it might look better to show some respect even If you have any valid criticism of what waffle has said then by all means express your opinion, but asking a direct question then throwing it back in their face can be seen as time wasting/trolling , warning-  any more snide comments towards waffle will not be tolerated!
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