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Joshua
Joshua, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 26069
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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if a debt is sold to a third party without my knowledge or

Resolved Question:

if a debt is sold to a third party without my knowledge or signed consent am I liable for the repayment
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I ask the type of debt in question please?

Customer:

credit card debt of £2033 it was sold to a third party without my knowledge or consent owing to the fact that we had entered our debts with a financial management company, we have asked for a settlement offer via the debt company who advised an offer of 25-30 % we offered just over 25% but they only want th full amount , as I did not enter into this agreement and have not signed any paperwork am I liable for the debt

Joshua :

thank you. The consumer debt can be sold to a third party and the credit card company does not require your consent in order to sell or assign the debt

Joshua :

if the credit card company assigns the debt to a third party company, then that third party acquires all the rights in respect of that debt

Joshua :

you are free to negotiate with the company that has acquired the debt.

Joshua :

such companies will typically be willing to negotiate on the debt rather than issue court proceedings particularly if the debt is under £10,000 as they cannot reclaim court fees in the Small Claims Court.

Joshua :

My suspicion would be that 25% would be rather low as costs of taking the matter to court would not likely exceed £300-600 for company depending upon how efficient they are however if you are able to increase your offer, such companies are known to accept anything as low as between 40-70% of the debt in question. It is a matter of negotiation.

Joshua :

is there anything above I can clarify for you?

Customer:

no that's fine thank you for your help

Joshua :

If I can assist any further as the situation develops please do not hesitate to revert to me

Joshua and other Bankruptcy Law Specialists are ready to help you