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Just noticed this, and though it useful to refer to.
Specific to CCA regulated debts (old and new) if the assignment was from Feb 2011 onwards.
http://www.bis.gov.uk/assets/biscore...e-guidance.pdf
Th new section 82A added to CCA 1974 by the CCD is here.
Consumer Credit Act 1974
Specific to CCA regulated debts (old and new) if the assignment was from Feb 2011 onwards.
http://www.bis.gov.uk/assets/biscore...e-guidance.pdf
16. ASSIGNMENT OF RIGHTS
16.1 Where any rights of a creditor under a consumer credit agreement (for example the right to be repaid the money) are sold or transferred to a third
party, notice of that assignment must be given to the borrower as soon as reasonably possible, except in the circumstances described below. This
requirement applies to all regulated consumer credit agreements other than agreements secured on land. This requirement is in new section 82A of the
CCA 43.
16.2 It is the responsibility of the assignee (the creditor acquiring the rights) to ensure that notice is given. However, he does not have to give notice
himself, but can agree with the assignor (the creditor assigning the rights) that the assignor will give notice instead, depending on what is more sensible in
the circumstances. It is important, however, that notice is given as soon as reasonably possible and in a way that is clearly understandable by the
borrower.
16.3 Notice does not have to be given where arrangements for servicing the credit are unchanged as far as the borrower is concerned. For example, if
Creditor A sells his rights under a credit agreement to Creditor B but Creditor A still collects the borrower’s repayments in the same way and is the only
point of contact for the borrower on matters regarding the agreement, notice does not have to be given.
16.4 Where notice has not been given, and arrangements for servicing the credit do subsequently change, the borrower must be informed of the
assignment on or before the date that change happens. Again, this must be readily comprehensible to the borrower.
16.5 The definition of “creditor” in section 189 of the CCA applies to this new requirement on assignment of rights. This means that when an assignee
purchases debts (or otherwise acquires rights under a credit agreement) it also acquires certain obligations to the borrower including the duty to comply
with CCA requirements (such as the rules on statements and notices and other post-contractual information). The assignee becomes the creditor under
the agreement. This ensures that essential consumer protections under the CCA cannot be circumvented by assigning the debt to a third party.
16.1 Where any rights of a creditor under a consumer credit agreement (for example the right to be repaid the money) are sold or transferred to a third
party, notice of that assignment must be given to the borrower as soon as reasonably possible, except in the circumstances described below. This
requirement applies to all regulated consumer credit agreements other than agreements secured on land. This requirement is in new section 82A of the
CCA 43.
16.2 It is the responsibility of the assignee (the creditor acquiring the rights) to ensure that notice is given. However, he does not have to give notice
himself, but can agree with the assignor (the creditor assigning the rights) that the assignor will give notice instead, depending on what is more sensible in
the circumstances. It is important, however, that notice is given as soon as reasonably possible and in a way that is clearly understandable by the
borrower.
16.3 Notice does not have to be given where arrangements for servicing the credit are unchanged as far as the borrower is concerned. For example, if
Creditor A sells his rights under a credit agreement to Creditor B but Creditor A still collects the borrower’s repayments in the same way and is the only
point of contact for the borrower on matters regarding the agreement, notice does not have to be given.
16.4 Where notice has not been given, and arrangements for servicing the credit do subsequently change, the borrower must be informed of the
assignment on or before the date that change happens. Again, this must be readily comprehensible to the borrower.
16.5 The definition of “creditor” in section 189 of the CCA applies to this new requirement on assignment of rights. This means that when an assignee
purchases debts (or otherwise acquires rights under a credit agreement) it also acquires certain obligations to the borrower including the duty to comply
with CCA requirements (such as the rules on statements and notices and other post-contractual information). The assignee becomes the creditor under
the agreement. This ensures that essential consumer protections under the CCA cannot be circumvented by assigning the debt to a third party.
Consumer Credit Act 1974
82A Assignment of rights
(1) Where rights of a creditor under a regulated consumer credit agreement are assigned to a third party, the assignee must arrange for notice of the assignment to be given to the debtor—
(1) Where rights of a creditor under a regulated consumer credit agreement are assigned to a third party, the assignee must arrange for notice of the assignment to be given to the debtor—
(a) as soon as reasonably possible, or
(b) if, after the assignment, the arrangements for servicing the credit under the agreement do not change as far as the debtor is concerned, on or before the first occasion that they do.
(2) This section does not apply to an agreement secured on land.
(b) if, after the assignment, the arrangements for servicing the credit under the agreement do not change as far as the debtor is concerned, on or before the first occasion that they do.
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