VIC Pioneer Credit stopped direct debt for 2 years without consent and now want more. Is that legal?

[settle]

It relation to your last paragraph I disagree with your statement as it shows that 2 FSP own the debt and this is where the problem
In the system, the true meaning of an assignment is there an account is closed within the original creditor not leaving it open as they do

ITS WRONG AND MISLEADING to consumers as they are led to believe its the debt collector debt when in fact it’s not by virtue of the $5 deposit it reverts back to the orginial bank

We have had many files recalled back to the banks from debt collectors by challenging s188 with them

 

[Rob Legat - SBPL]

In respect to your last point: that doesn't mean you're right, it just means they're willing to cave. And there are many reasons why they do this under the current legislation.

I ran a number of non-bank credit providers. They didn't open a bank account for every borrower, they operated a single bank account into which payments were made and then allocated into individual loan accounts (which were internal accounting journals). The simple continuing existence of an account into which a payment can be made means nothing.

Regardless, whether an assignment is true or not has nothing to do with whether an account remains open. The legal basis of the relationship between lender and borrower is contractual; that's clear from the legislation as it holds at its core the concept of a 'credit contract'. Contractual rights can generally be assigned, and that is what happens. If there is a valid assignment, and the lenders don't act inconsistently with those assigned rights, then you can't argue that there is not a true assignment.

The Code also requires that the consumer be notified of the assignment, to inform them of the party to whom they now owe the debt. Acting inconsistently with that (for example making payments to another party) in such a way that the consumer does not comply with the terms of the credit contract as assigned could lease them open to default.

 

[settle]

Noted and accepted

 

[settle]

Interesting enough the system is all wrong which we challenge

Another interesting section with FSP is consumers in receipt of social security income and how they don’t assist them