NSW Is Master Debt Sale Agreement Valid?

[Marg4578]

Hi there,

if a Master Debt Sale Agreement between a Bank (selling the debt) and a Debt Collector (purchasing the debt) is missing information in the date (missing the day and the month, only has the year) but everything else is filled in properly (parties, signatures, etc...) is the agreement technically valid?

 

[Tim W]

Are you the debtor, or the debt shark,
or is this a homework question?

 

[Marg4578]

Hi Tim, I am being chased for money (makes me a debtor I guess). Does that make a difference to the answer? The law should be the same for everyone.

 

[Marg4578]

Hi there, I have another question about Notice of Assignment. Is that enough to prove that the debt collector now owns the debt? Shouldn't there be a deed of assignment?

 

[Tim W]

I rather doubt that you will be able to escape the debt
(which can almost certainly be proved to exist, using other business records,
regardless of who currently owns it).

I can't say for sure without seeing the documents,
but I don't see this as a fatal deficiency, no.

 

[Marg4578]

Thanks Tim.

 

[Marg4578]

So the Credit Act section 12 which says there has to be a bilaterally signed contract (which there isn't in this case) does not apply to this?

 

[Tim W]

So the Credit Act section 12 which says there has to be a bilaterally signed contract (which there isn't in this case) does not apply to this?

To which act exactly are you referring?

 

[Marg4578]

Hi Tim, I am referring to the National Consumer Credit Act 2009.

 

[Tim W]

Are you referring to the National Consumer Credit Protection Act 2009 (Cth), or to another act?

If the former, is this the section to which you are referring?
If so then I am not clear on its relevance to your question.

In the meantime, there is some general information about debt agreements here.