Selling of Debt
My understanding is that if a creditor sells a debt there has to be a Deed of Assignment to prove that the debt has actually been sold on to another company. I also believe that a deed of assignment requires four (4) wet signatures to be Companies Act 2006 compliant.
So it would appear that the Deed of Assignment is an integral part of the process of a creditor selling the debt onto a debt purchasing company.
SAR’s Request for Deed of Assignment (Subject Access Request)
I find it very strange that if someone writes to a creditor with regards to a debt that has been sold on, and requests to see a copy of the Deed of Assignment. The major creditors never seem to pass on this information.
In general if you apply to a creditor for all information held regarding a certain account, you can be sure that you will receive a large packet of documents in the post. I am sure that the main reason for the large amount of documentation (i.e. every single statement since day one of the account), is to try and overwhelm you with information. You can also be very sure that the Deed of Assignment will not be amongst the mountain of documents that you receive!
Deed of Assignment and the Courts
So the Deed of Assignment is a very important document, and without it a creditor can not legally take court action against you. Well so you would think! I often hear of cases where the defendant has requested a copy of the Deed of Assignment from the creditor, prior to going to court. Then when the case is heard by the Judge, the defendant will say that they did request Deed of Assignment from the creditor, but none has been produced to date! However, it would seem that the absence of such an important document has no bearing on the case. It is just dismissed and the Judge rules in favour of the creditor.
It makes me wonder how many individuals have lost their case because the absence of a very important document in not available? Is it because the Deed of Assignment does not exist, or are they keeping it from public view.
Also why does a Judge not care whether or not the document exists??? Where is the Justice??
Here is a rare example of a Deed of Assignment;
Further Reading Companies Act 2006
#STOM Stop Thieving Our Money