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Selling Debt to a Third Party

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  • 06-30-2014, 01:27 AM
    seamonkey
    Selling Debt to a Third Party
    My question involves business law in the state of: England

    If two parties have a valid contract, for the purchase. The seller delivers the goods; however, the buyer fails to pay for the goods as per the contract. Is it possible for the seller to sell the debt to a third party for recovery? If so what law would apply?

    I am interested in business to business and not as a consumer protection law.

    Thanks
  • 06-30-2014, 06:22 AM
    flyingron
    Re: Selling Debt
    US law only here. UK law here: http://www.thelawforum.co.uk
  • 06-30-2014, 09:40 AM
    adjusterjack
    Re: Selling Debt
    Quote:

    Quoting seamonkey
    View Post
    My question involves business law in the state of: England

    If two parties have a valid contract, for the purchase. The seller delivers the goods; however, the buyer fails to pay for the goods as per the contract. Is it possible for the seller to sell the debt to a third party for recovery? If so what law would apply?

    Of course it's possible.

    And you don't need to know what law applies because there are debt collection companies all over the UK that buy debts.

    What you need to be concerned about is that you aren't likely to get more than pennies on the dollar (pence on the pound?) for a debt like the one you describe.
  • 07-03-2014, 04:52 AM
    jerirodgers
    Re: Selling Debt to a Third Party
    When the original creditor decides to sell these charged off accounts to third party debt collectors. They “package” the accounts into portfolios.


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