Sale of debt to collectors. Agreement for the sale of debts of legal entities and individuals by banks to collectors: sample

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

If you are interested in this topic, then most likely you have overdue the loan, and the same thing happened to you as with most debtors - the sale of debt. First of all, this means that when applying for a loan, you, trying to take the money in your hands as soon as possible, did not consider it necessary to carefully study the contract.

If all of the above does not apply to you, then it will still be useful to find out who collectors are and how banks sell debts. After all, if these gentlemen came to your house or your friends, it will not be possible to return everything back. Therefore, knowing how to act in such a situation will be very good.

Who are collectors?

Many people, having heard this word, immediately imagine a kind of pumped-up "brother", a hefty man with a club, knocking a debt out of you. In fact, everything is far from being so tragic. Such a way of knocking out money is a criminally punishable act. Few people have been using it for a long time.

Actually, the employees of the collection company -people with economic / legal education or have a degree in psychology. Former guards in such structures are quite rare.

The task of the employees of the collection agency is to return the debt. They may call you, write letters, visit you personally at home and at work, and use other legal methods. Selling debt to collectors does not give them the right to intimidate you and your relatives, damage property, threats and other similar methods. All this is the reason for your appeal to the police.

Why is the bank selling your debt?

This is a rather important point, which also cannot be ignored. In any lending agreement, the conditions under which the bank has the right to assign debt to third parties are necessarily prescribed. This is the notorious sale of debt. That is, the bank, giving you money, gets the right to demand them back. Such a right, by law, can be transferred to anyone, both on a paid basis and free of charge. But in fact, no one, except collectors, needs such “happiness”. Note that no one asks your consent to transfer the debt, but you are required to notify you of this fact.

Most often such loans are sold to collectors:

• not secured by collateral or guarantor;
• consumer;
• with overdraft facility;
• debt for which is less than 300 thousand rubles.

Most often it is not profitable for banks to work with such clients on their own, it is best to sell them. After all, legal costs can bemore than the loan itself.

What can a bank do?

The sale of debts of individuals in this case can be carried out in two ways:

• provision of debt collection services;
• final transfer of creditor's rights to another person.

The first way is to conclude an agreement on the provision of collection services. In this case, the ownership remains with the bank, and the collector receives a commission for the service rendered. This is the most beneficial way for the client. Taking care of its reputation, the bank will be very careful in choosing a claimant, as well as in the methods of his work. This means that the debtor, of course, will be annoyed with calls, letters and visits, but measures on the verge of what is permitted will most likely not be applied.

The second option is the full sale of the debt or an agreement on the assignment of the rights of the creditor. Such a path can end sadly for the debtor. The fact is that after concluding a deal with collectors, the bank is content with the amount received, and the former debtor is no longer interested in it in any way. This means that they do not care about the measures used to return the funds. Therefore, collectors, especially unscrupulous ones, are also not shy. All permitted and sometimes prohibited methods are used.

How to draw up an assignment agreement

Such a document is called an assignment agreement or an agreement on the assignment of claims. This is the most common option in a situation such as the sale of debts of legal entities (and individuals too). Consent of the debtor for the conclusionno such contract is required.

Assignment is used in many areas of activity, not only in lending. But, according to the legislation of the Russian Federation, such an agreement cannot be concluded in relation to personal obligations. For example, compensation for material and moral damage, alimony is not transferable.

Such an agreement is most often concluded in cases where the creditor cannot collect the debt on his own. Sometimes legal entities and individuals, by mutual agreement, share the obligations that have arisen in this way. Such an agreement can be concluded both on a paid and free basis.

Parties to the contract

If there is a sale of debt, the parties to the transaction are:

• assignee - the one who buys, the new owner of the right to claim;
• assignor - the one who sells, the original lender.

The entity obliged to repay the debt, although it is a party to such an agreement, is not considered a third party, since its consent is not required to complete the transaction.

Depending on the number and characteristics of the parties to the transaction, the cession agreement can be divided as follows:

• Sale of debts of legal entities to a legal entity - this is how the usual reorganization of an enterprise most often looks. In fact, only the name of the debtor changes, while the legal entity itself remains the same.
• The transition of the debt of a legal entity to an individual - most often, when an enterprise is liquidated, debt obligations are assumed by the former director. The debt is transferred to a new payer on the same terms and in the same amount.
• Agreement between individuals -assistance in obtaining a loan, division of property in a divorce, payment by parents of children's debts and so on.
• Tripartite assignment agreement - when the debtor is informed that his debt has been sold, and his signature testifies to this.

In any type of assignment agreement, one of the parties may be a collection agency.

Features of the contract and its content

The debt sale agreement (a sample is presented below) must contain the following items:

• the amount of debt;
• presence and amount of the pen alty;
• reference to the original contract, the conclusion of which led to the debt;
• terms in which it was necessary to repay the loan;
• contact information and bank details of the parties;
• obligations imposed on the debtor.

Depending on the field of activity, the assignment agreement can be applied in the following areas of economic activity:

• assignment of the right to claim in the field of real estate - in this way you can sell an apartment purchased with a mortgage if the loan has not yet been repaid;
• cession in insurance - transfer of probable risks to another insurance company;
• assignment of claims under supply contracts - the use of factoring, that is, an invitation to an intermediary bank that has the right to demand payment of receivables;
• sale of debt under a contract;
• cession in credit operations of banking institutions - sale of debt to a collection agency;
• cession atbankruptcy is one way to reduce receivables.

Signs that your debt has been sold

As you already understood, for legal entities, the sale of debt most often does not come as a surprise, and sometimes it is voluntary and desirable. What can not be said about loans issued by individuals. Here, the purchase of debt by collectors often comes as a surprise.

How to understand that your loan is sold? You need to start worrying if:

1. You receive calls from unknown persons demanding payment of a debt. Specify by what right they do this, and offer to send the assignment agreement by registered mail.
2. You can't pay the monthly fee and get the answer that "the account is closed". Contact your bank for clarification. This situation may be a sign that you are facing legal proceedings.
3. Received a notice from a collection firm demanding payment of the debt. Most likely it has already been sold. Additional information can be obtained from the bank or by calling the phone number indicated in the letter.



4. You have received a notification from the bank that your debt has been sold to a third party. It can be a letter, SMS, phone call or other way. If you have any questions, you can also contact the financial institution for clarification.

What should a debtor do?

The main thing is not to panic. You must understand that the situation has not changed as much as the collectors may imagine. Your obligations remained the same, changedonly the creditor, and not the terms of the contract. This means that no matter what measures are taken against you, you are not obliged to pay anything in excess of what is provided for in the original contract.

1. Get a copy of the cession agreement in your hands. This can be done both at the bank and at collectors. If there is no such agreement, you may not pay anything at all, at least until the relevant court decision is made.
2. Find out the exact amount of debt, taking into account detailed explanations: the loan body, interest, pen alties, fines and so on. To do this, order a special certificate from the bank.
3. Get all possible loan documentation: contract, collateral agreement, surety certificates, repayment schedule, payment receipts. Order a loan account statement, it shows exactly what and when you paid.

All of these documents will help when dealing with a collection agency or come in handy in court. And remember: if the collectors do not have an agreement on the sale of your debt to them, they have no right to demand money from you.