
Notice of debt assignment
- Quick and easy to complete
- Contains all legally required information
- Completes your debt assignments
Send this notice of debt assignment to a person or business that owes you money if you have assigned a debt owed to your business to someone else. Assignment is the process of selling a debt outright to a third party, so that the debt will then be owed to the third party instead of your business.
You must notify your debtor if you have sold their debt, telling them who you have sold it to and providing contact details for the new owner of the debt. If you do not, your sale of the debt will not be legally effective.
Send this letter to the debtor by registered post and keep a record that you have done so. It is legally required that you do this to complete the sale of the debt.
Q&A
When should I use this document?
You can use this notice of debt assignment if you have sold any debts owed to your business to someone else (usually a specialist debt collection business).
You have to tell the person or business that owes you the debt that you have sold it to someone else for the assignment to be legally effective. Use this letter to give that notice of assignment and complete the process.
Send it by registered post to every debtor whose debt you have sold.
What does this document cover?
This notice of debt assignment covers all the details that the law requires you to include when you notify someone who owes your business money that you have sold their debt to someone else.
Have copies of your invoices to hand when completing it as it is important that you are accurate when explaining exactly what sums are involved.
Why do I need this document?
It is important that you send a notice of debt assignment if you sell your debt to someone else. The transfer will not be legally complete until you do.
Where can I find out more?
For further guidance about your debt collection options and steps you can take to chase them, up to and including court action, see Chasing payments and enforcement.
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