Deed Of Assignment Of Debts

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

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; click on images to enlarge:

Further Reading Companies Act 2006

#STOM Stop Thieving Our Money

Posted inDebtpermalink

Not legal advice Disclaimer

HowToLaw includes links to other websites. These links are provided for your convenience to provide further information and educational purposes only. They do not signify that we endorse the website(s). We have no responsibility for the content of the linked website(s). These links to other websites not controlled by HowToLaw. You should be aware that these sites will have their own privacy policies and that these may differ from our own. Any links on HowToLaw to any document does not constitute legal advice and is not a substitute for legal advice. HowToLaw gives you no legal advice as to the suitability of any document to your specific circumstances nor as to what provisions contained in a document might be suitable to your specific circumstances. The basis on which you view or purchase any document through any website links is that it is suitable to be used only together with legal advice as to how the document should be applied and adapted to your specific circumstances. For legal advice for your specific situation, you should consult a lawyer. HowToLaw is not liable for any loss or damage that results from the use of or reliance on a purchased document or that is caused by you not obtaining legal advice for your specific circumstances, or that results from any action you take with any document that is provided through any links on the HowToLaw site.

0 thoughts on “Deed Of Assignment Of Debts”


Leave a Comment

Your email address will not be published. Required fields are marked *