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DCA Assignements

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DCA Assignements

Post by Waffle on Thu Aug 03, 2017 5:28 pm

Hi All

I have had all rights, title and interests (collectively an estate) for a credit card debt assigned to a third party by the OC.

I was not given any notice of this prior to the assignment.

For the past three months I have also been noticing the OC and they have not responded once, as well as maintaining a payment plan.

Is anyone is able to help provide information on the "official" procedures an OC is supposed to take prior to assigning the estate to a third party.

I am under the impression that a 'creditor' is supposed to notice you prior to assigning an estate to a third party, is this correct?

Any information on this will be very much welcomed.

Ti add to this I just sent them a postal order to make a payment on the account, they did not do this and have transferred the funds to the third party for them to apply. I did not authorise this, would I be right in saying that is wrong and perhaps I should reclaim it. I wouldn't want them to think I was acknowledging the estate.


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Re: DCA Assignements

Post by daveiron on Thu Aug 03, 2017 7:26 pm

Hi waffle,

was you served with a default notice ? that they must do. You also have the right to see the deed of assignment

Consumer Credit Act 1974 sec 87


Last edited by daveiron on Thu Aug 03, 2017 7:34 pm; edited 1 time in total (Reason for editing : addition)

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Re: DCA Assignements

Post by Waffle on Thu Aug 03, 2017 8:47 pm

nice one Daveiron, i'll have a check if they served the default, I have not had a correspondence from them for about 3 months......

I'd been sending notices and information letters, nothing, then on the 27th of last I sent a request for information to do with the securitisation of the receivables and tax. They immediately sold the balance on receipt of that letter Very Happy Laughing Laughing Very Happy

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Re: DCA Assignements

Post by Ausk on Sat Aug 05, 2017 8:29 am

The thing to do would be to check the relevant property law act in your jurisdiction. This will give you the facts, the knowledge and confidence to deal with this matter.

Perhaps a link could be put on this site to relevant Section of the UK property law act.

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Re: DCA Assignements

Post by Waffle on Sat Aug 05, 2017 7:43 pm

Thanks Ausk, I think it's s136 LoP 1925 I'll check it out

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Re: DCA Assignements

Post by Waffle on Wed Aug 09, 2017 9:13 pm

136 Legal assignments of things in action.

(1)Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal thing in action, of which express notice in writing has been given to the debtor, trustee or other person from whom the assignor would have been entitled to claim such debt or thing in action, is effectual in law (subject to equities having priority over the right of the assignee) to pass and transfer from the date of such notice—

(a)the legal right to such debt or thing in action;

(b)all legal and other remedies for the same; and

(c)the power to give a good discharge for the same without the concurrence of the assignor:

Provided that, if the debtor, trustee or other person liable in respect of such debt or thing in action has notice—

(a)that the assignment is disputed by the assignor or any person claiming under him; or

(b)of any other opposing or conflicting claims to such debt or thing in action;he may, if he thinks fit, either call upon the persons making claim thereto to interplead concerning the same, or pay the debt or other thing in action into court under the provisions of the M1Trustee Act, 1925.

(2)This section does not affect the provisions of the M2Policies of Assurance Act, 1867.
[F1(3)The county court has jurisdiction (including power to receive payment of money or securities into court) under the proviso to subsection (1) of this section where the amount or value of the debt or thing in action does not exceed [F2£30,000].]





Common forms of security

Common forms of security over claims and receivables are:

Security assignment (or mortgage).

Charge.


Formalities

The security will almost always be in writing. The security must be executed as a deed if it grants the lender a power of attorney. A lender taking a security assignment may require that assignment to comply with section 136 Law of Property Act 1925. The key advantage this compliance brings is that the assignee can bring a court action to enforce the assigned right without joining the assignor in the proceedings. There are other ways of obtaining that ability. For example, the assignment or charge may grant the lender a power of attorney to bring court proceedings in the assignor's (or chargor's) name. Alternatively, it might authorise the lender to appoint a receiver to enforce the assigned (or charged) rights in the security provider's name but at the lender's direction. Nevertheless, lenders tend to prefer that their security assignments comply with section 136 where possible.

To comply with section 136, an assignment must be:

In writing signed by the assignor.

Of the whole right.

Unconditional.

Expressed as an assignment (that is, a title transfer) rather than a charge (that is, the mere appropriation of an asset without transferring its title).

Notified in writing to the debtor or other person against whom the assigned right is enforceable.

Of legal rather than equitable rights (such as future property).

Whether rights are future property is a complex question under English law. An assignment of all rights to claim under an existing insurance policy is, for example, regarded as future property. Future property may be assigned or charged under English law, but if it is assigned the assignment will not comply with section 136.

To perfect the security assignment or charge, it is advisable (though not always commercially possible) to notify the debtor or other obligor. Priority between multiple assignments of the same right is (broadly) determined by the order in which the debtor or other obligor receives notice of each assignment. To benefit from this rule a notifying assignor must, among other things:
Give value for its assignment.

Not have had notice of a previous assignment when it took its own assignment.

A security assignment or charge of claims or receivables granted by a UK company or LLP must be registered at Companies House in the 21-day period immediately after the security is created or it will be void on insolvency and against other creditors

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Re: DCA Assignements

Post by Waffle on Wed Aug 09, 2017 9:40 pm

Van Lynn Developments v Pelias Construction Co Ltd 1968 where by Lord Denning - the debtor is entitled to see the deed of assignment; Webster v Ridgeway (2009) ELR 439 the debtor is entitled to see a redacted version.

What gets me is that they have all our personal data transfer it throughout europe and beyond, but they will do all to stop us from seeing proof of claim! It has to be redacted now??

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