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This Group of Companies buys very large numbers of accounts from
many major banks and finance companies. Those accounts have usually
been flagged by the original lender as a “Default”.
Once accounts reach that point, many banks and finance companies
now sell those accounts, rather than passing them to a collection
agent.
It may be the case that your account has been passed to a debt collection
agency, then returned to the bank,
after which the bank has chosen to sell your account to this Group
of Companies. Accounts are usually sold when
a customer has failed to make payments to a bank / finance house
or to a subsequent debt collection agency.
In other words the customer has not been able to enter into an acceptable
agreement with the bank / finance house or the collection agent.
Consequently the account has been sold. This Group of Companies
becomes the
new legal owner of your account and there is then no further correspondence
between the selling bank and the customer.
When you opened your account with the original lending bank, you
would have a signed a Credit Agreement or similar document. Such
an agreement or document generally allows a bank / lender to sell
a customer account
to a company such as this, together with all rights that existed
under such an Agreement. Your lender was not required to give you
advance notice of any sale.
In most cases your original lender will have sent you a letter explaining
the transfer of your account to this Group of Companies. In addition,
at the time of purchasing accounts, Thames Credit sends every new
customer a letter introducing the fact that the customer’s
account has been sold to this Group.
That letter is sent to the last known customer address provided
by the selling bank. If a customer moved and
did not update the bank with a new address, that is possibly why
the account has been regarded as delinquent,
and sold on.
If we have now contacted you, it is likely that your lender may
have tried but failed to make contact with you prior to the sale
of your account. It is therefore no longer necessary for you to
contact your lender, as your account
has been sold to this Group of Companies and we are the new legal
owners of that account. Contacting your
lender would only result in them referring you directly back to
us, hence that would be pointless.
When you fell behind with payments on your account it is likely
that prior to sale, your lender registered a Default on your credit
file. That entry may prevent you from obtaining credit in the future.
If there is also a County Court Judgement on your credit file, associated
with an account that we are now managing, we could provide you with
a letter to show your account as being paid in full (at such time
as you had fully repaid the balance or an agreed sum). That letter
would then allow you to inform the Court and to arrange for the
CCJ to be marked as satisfied
on your credit file.
In order for us to update your credit file with accurate information,
it is in your best interest to contact Thames Credit as soon as
possible. The process cannot begin until you make contact.
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