Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)

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  1. #1
    Basic Account Holder wooldra Novitiate

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    Default Purchase price for bad debt?

    Does anyone have a notion as to what price a Collection agency pays for a bad debt. I.E. a credit card company has an amount owed of 10,000 & is being paid by the creditor at the rate (agreed with the CC company of 50 per month). Suddenly without warning a third party (the collection agency) contacts the creditor, saying that they now own the debt and no further contact (or payment) is to be made to the original cc company!. Furthermore they demand immediate payment of the full sum and will not accept any form of repayment schedule. My suspicion is that this is perfectly legal practise, but I would like to establish a ball park figure that the agency has paid the credit card company for the debt, my view is probably between 20 - 40 %, anyone have a view on this?.

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  2. #2
    Site Team 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man Highly authoritative 42man's Avatar

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    Default Re: Purchase price for bad debt?

    They will pay between 7% and 30% of the original debt....

    PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

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  3. #3
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    Default Re: Purchase price for bad debt?

    i read a post some where on here yesterday that came from the TIMES NEWS PAPER it stated that with the increase of DCAicon's the practice of buying debt has gone up and the price of aquiring the debt from banks has gone down to between 3% & 20% of there face value

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  4. #4
    Basic Account Holder MONX Highly informative MONX Highly informative MONX Highly informative MONX Highly informative MONX Highly informative MONX Highly informative MONX Highly informative MONX's Avatar

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    Default Re: Purchase price for bad debt?

    Kind of explains why they are so vociferous!

    I guess If I was only paying 90 for a 3000 debt, I would want final payment in full too, however I just couldnt bring myself to use the tactics the qualling fen-sucked giglets that work for the DCAicon's do.



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