Can my friend 'sell' a personal debt to another individual?

[bob shaw]

I've got a friend I owe a five figure sum to.

 

 

We've not really spoken about it much because he knows my situation (ie poor)

 

 

I don't think he's got any doubt I'd pay him back if I could (and I would) but he's got this other friend who's saying, 'You're being taken for a ride. Sell me half the debt and I'll put the screws on him. '

 

 

Can the guy I owe money to sell part of the debt and that would become legally enforceable debt?

 

 

I have no agreement with the guy who lent me the money other than I have signed an IOU that simply states I owe him the money.

 

 

I'm not bothered if the other guy buys the debt just so long as he can't bankrupt me which is the kind of person he is.

[SabreSheep]

At a guess - No

 

If he did that he would essentially become a Debt Collector and debt collection is a licencable activity by the FCA

[bob shaw]

That's what I thought. Wasn't sure though. Had to ask

[SabreSheep]

However

 

Your friend could issue a court claim for it, and being a 5 figure sum would put it out of the realms of a small court claim with big costs implcations.

 

However a court can only award what you can afford to pay.....