Question on judgments

curiousJudg

Hi, wondering if somebody could help me regarding a personal judgment issue.

In summary large personal judgment obtained by a bank 1st May, 2018. However the same bank had written six months before to state that they were in the process of selling the debt, I then got a letter about three months before the judgment was obtained to confirm that the debt had now been sold to a vulture fund and the bank would not have any more dealings with me. So bank obtained a judgment on a debt that they no longer owned, where does this leave me? do I have a judgment from bank and could also be chased by vulture fund for the same debt? Also to add the bank are now writing to me telling me that they will be seeking to enforce the judgment.

Claw Hammer

curiousJudg wrote: »

Hi, wondering if somebody could help me regarding a personal judgment issue.

In summary large personal judgment obtained by a bank 1st May, 2018. However the same bank had written six months before to state that they were in the process of selling the debt, I then got a letter about three months before the judgment was obtained to confirm that the debt had now been sold to a vulture fund and the bank would not have any more dealings with me. So bank obtained a judgment on a debt that they no longer owned, where does this leave me? do I have a judgment from bank and could also be chased by vulture fund for the same debt? Also to add the bank are now writing to me telling me that they will be seeking to enforce the judgment.

You must have been served with court papers before the bank got judgement. You must have ignored them.

curiousJudg

Hi yeah got papers notifying me of intention to obtain judgment, solicitor advised that there is no real defence to the debt. then got letter in the mean time saying that debt had been sold and therefore they wouldn't be dealing with me anymore I was to deal with vulture fund. So honestly thought no more about it waiting to get letter from vulture fund which never came then got letter notifying me that original bank had obtained judgment. Hope that make sense

Claw Hammer

curiousJudg wrote: »

Hi yeah got papers notifying me of intention to obtain judgment, solicitor advised that there is no real defence to the debt. then got letter in the mean time saying that debt had been sold and therefore they wouldn't be dealing with me anymore I was to deal with vulture fund. So honestly thought no more about it waiting to get letter from vulture fund which never came then got letter notifying me that original bank had obtained judgment. Hope that make sense

You didn't defend the claim against you. What does it matter who obtained the judgement? You owe the money. You have admitted that. You will of course be pursued on it.

curiousJudg

Claw Hammer wrote: »

You didn't defend the claim against you. What does it matter who obtained the judgement? You owe the money. You have admitted that. You will of course be pursued on it.

Okay didn’t defend as received letter a few weeks after summons saying debt being sold to third party therefore I assumed court action not being taken. I am not arguing the debt or that it is owed I am simply wondering who owns the debt?? Bank say they sold it yet they obtained judgement. And yes it does matter who is going to be enforcing judgment due to other assets etc which I can’t go into.

Stanford

The bank can sell a judgement mortgage to the vulture fund as an asset so expect to see the Sherriff soon, get some legal advice

curiousJudg

Stanford wrote: »

The bank can sell a judgement mortgage to the vulture fund as an asset so expect to see the Sherriff soon, get some legal advice

Judgment not enforced yet and the question now is can the bank enforce a judgement on a debt that they sold or will the vulture fund seek their own judgment ?

Stanford

You are delaying dealing with the issue to your detriment, the bank has most likely assigned the judgement to the vulture fund, get your Solicitor to get a copy of the Judgement from the Court Office and begin negotiating with them

curiousJudg

Stanford wrote: »

You are delaying dealing with the issue to your detriment, the bank has most likely assigned the judgement to the vulture fund, get your Solicitor to get a copy of the Judgement from the Court Office and begin negotiating with them

I am currently dealing with the issue believe me!! to go back to the original point , debt sold months ago to vulture fund - not a judgment just the debt, months later bank went and obtained judgment in their own name for the same debt that they sold. To date haven’t heard a word from
Vulture fund and original bank seeking payment of the debt. Again who owns the debt - it makes a very big difference in terms of negotiating.

Stanford

As I said it appears that the bank has assigned the judgement to the vulture fund and so you will be dealing with them, why are you reluctant to involve your Solicitor?

curiousJudg

Stanford wrote: »

As I said it appears that the bank has assigned the judgement to the vulture fund and so you will be dealing with them, why are you reluctant to involve your Solicitor?

That’s why I’m here, not a bit reluctant to involve solicitor simply seeking advice as well. The bank only sold on the debt , the judgment was obtained months after the sale in the banks name and not in vulture fund name.

Stanford

I think the advice is clear, engage your Solicitor to represent you on the matter before somebody seeks to enforce the Judgement

curiousJudg

Solicitor engaged thanks. Still looking for reply to original question for my own curiosity so if there’s any legal heads out there, perhaps you could tell me is the debt owed to bank or to vulture fund, bank having obtained judgement months after debt sold to vulture fund and in the banks own name. That’s all I’m looking to find out for now thanks in advance.

randomrb

curiousJudg wrote: »

Solicitor engaged thanks. Still looking for reply to original question for my own curiosity so if there’s any legal heads out there, perhaps you could tell me is the debt owed to bank or to vulture fund, bank having obtained judgement months after debt sold to vulture fund and in the banks own name. That’s all I’m looking to find out for now thanks in advance.

It all depends on the dates involved. You say the judgement was obtained months after the debt was sold. Was this when you were informed of it or the date on the judgement

curiousJudg

randomrb wrote: »

It all depends on the dates involved. You say the judgement was obtained months after the debt was sold. Was this when you were informed of it or the date on the judgement

Hi yes judgment obtained approx 3 months after letter conforming that debt was sold to vulture fund.

Claw Hammer

The proceedings started before the debt was sold. The bank probably sold the equity in the loan and kept legal title. It will transfer legal title after judgement. Loans and judgements are being swapped around between banks and vulture funds like partners at Lanigan's ball. Ultimately, the courts take the view that you borrowed the money and didn't pay it back. The banks and vulture funds will all have paperwork to cover the whole situation.

curiousJudg

Claw Hammer wrote: »

The proceedings started before the debt was sold. The bank probably sold the equity in the loan and kept legal title. It will transfer legal title after judgement. Loans and judgements are being swapped around between banks and vulture funds like partners at Lanigan's ball. Ultimately, the courts take the view that you borrowed the money and didn't pay it back. The banks and vulture funds will all have paperwork to cover the whole situation.

Great that’s clear now thank you

nuac

Mod
Ok, closing thread