Protected trust deeds: improving the process consultation

15. Sale of Debt

15.1 Where debt is sold when a trust deed protection request has been submitted but before it has been approved, creditors must ensure that the debt buyer is a signatory to the Banking/Lending Code or follows the principles contained in the Banking/Lending Code and complies with the Office of Fair Trading ( OFT) Debt Collection Guidance.

15.2 The selling creditor is required to inform the purchaser that the debt is subject to the terms of a PTD, to ensure that the debtor is not pursued by the purchaser for payment of the relevant debt. The purchasing creditor's claim must be supported by a copy of the assignation which demonstrates that it has been intimated to the debtor or the trustee.

15.3 The purchasing creditor must inform the trustee of the revised account number(s).

15.4 The trustee must amend their records of the debt to reflect the new creditor within 30 days of receipt of proof of the assignation or an alternate agreed timeframe.