Did you know Debt Collectors can purchase your debts for a lot less than the figure
that is owed?

Debt Collectors like Advantis, Cabot Financial, Capital Resolve, CapQuest, Intrum, Lantern, Lowell, Moorcroft, PRA Group, Wescot etc purchase books of debt for a lot less than is owed. The business model is then to get as much back in as possible to cover the purchase price and make a profit – they aim to double or triple their money giving you an idea of how much they buy the debts in for.

When they purchase the debt, they must give Notice of Assignment. Notice of Assignment is used to inform you that a third party has ‘purchased’ your debt. The new company (assignee) takes over collection procedures.

If a Legal Assignment has been made, part of the purchasing company’s obligations are to inform you of the situation via an official Notice of Assignment, and let you
know that payment should be made to themselves rather than your former creditor.

The Law of Property Act, 1925, lays down the requirements for both types of assignment. The criteria for a Legal Assignment include:

• It must be made in writing (Deed of Assignment)
• Notification must be sent to the borrower (Notice of Assignment)
• The assignment must be absolute

It is important to remember that although they can contact you for payment, they still must abide by creditor etiquette.

They cannot pretend to have certain legal powers or lie to you, break data protection laws or search for you on social media.

Debt-Rescue has discovered on a lot of our client’s accounts, the Notice of
Assignment was not completed correctly and we can therefore add this to the legal challenge to get your debts written off.

Our legal partners will also handle all communication with debt collectors to take the stress, and what can be called harassment, away from you.

We have had great success writing debts off with debts that have been sold to Debt Collectors including:

•  Advantis
• Cabot Financial
• Capital Resolve
• CapQuest
• Intrum
• Lantern
• Lowell
• Moorcroft
• PRA Group
• Wescot

So, if you are under pressure from any of the above, please get in touch and let us explain how we can help you before it gets out of control.