Is anyone able to advise? When Citi-Bank sold its Mortgage Shortfall Debts to PSPC NO1 Ltd was the transaction completed legally? I have read on another listing that the OFT has stated it was not but I cannot get correct clarification on this. Anyone Know why PSPC went into liquidation? Is anyone else dealing with the above Companies at the Moment?

-- Steve Pittaway (steve.pittaway@bigfoot.com), December 03, 2003

Answers

Steve I don't know if it helps, but this trail has been haunting me for years. I don't know if the transfer to PSPC was done legally, but what I have identified is that although the debt was assigned to PSPC it was handed over to a company called Shortfall Administration Services ltd (SAS). They were supposedly acting on behalf of PSPC.

I had quite a few exchanges of correspondence with them from March 1998 to June 1999. However In June 1999 PSPC decided to deal direct. As SAS had gone in to Voluntary liquidation. But the collections manager from SAS (Paul Prior) amazingly happened to be the collections manager at PSPC.

Then in June 2000 I had a letter from Facility Trading Services Ltd acting on behalf of their client PSPC, guess what? the collections manager at FTSL was also called Paul Prior... appears to be a common name.

Also as I understand it from Companies House, PSPC also went in voluntary liquidation in January 2002.

Reading between the lines it would appear that these guys are just a bunch of pirates praying on the unfortunate. They've created a web of interlocking companies that seem to last between 3 and 5 years and then are voluntary wound up.

I hope it's useful info

S-S

-- See Sure (see_sure@hotmail.com), December 17, 2003.

Has anyone had a mortgage shortfall debt assigned (sold) to a company called Asset Recoveries UK Ltd. If you have, please let me know as a number of people (and Judges) are interested in obtaining further details of their actions.

At present, one particular District Judge wants all Asset Recoveries cases sent to their court to be dealt with all at the same time. This may be a benefit to the defendants.

myros

-- myros (myros2@hotmail.com), January 21, 2004.

I've recently (just before Christmas) had a letter from Asset Recoveries Ltd referring to previous correspondence, presumably PSPC SAS and Facility Trading Services, expecting me to complete an I&E and how I propose to repay the alledged debt. I've asked them to confirm who they are and legally what right / role they have. They have yet to answer.

If you need more info mail me at hotmail.

SS

-- SeeSure (see_sure@hotmail.com), January 23, 2004.