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DCA's Purchasing Debts


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Hi Guys,

 

Just a quick one! When a Collection agency purchases a debt of an original creditor is it possible to find out how much they bought it for?

 

Freedom of Information maybe? Would be interesting to see how little they paid for it in relation to what they are trying to get out of us.

 

Thanks :D

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That's a good question, James - as one would think it should be covered.

 

Sadly not though, I think. I believe, though I'm not sure, that this is not covered by a SAR (Subject Access Request) - though I'd love to see where this is in the legislation (as I'm a geek).

Any help and advice is offered in good faith, based solely on my own knowledge and on experience gathered from this site. I am not qualified to offer legal or financial advice, which you should seek from an expert before making any important decisions. My opinions are therefore offered without liability.

 

If I've been helpful, please click my scales. :-)

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If it is the case they only pay a small percentage of the debt how can they justify chasng you for the full amount as the original creditor did.

 

Basically they are making profit on peoples misery. How can the government expect people to try and get out of debt with people like this around.

 

If something went to court would my question be likely to be answered by the courts or just get told to shut up and pay?

 

Thanks

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You are battling with "the old boys network" when it comes to things like this. It's far easier to challenge them on the legalities of the (alleged) Agreements that they're supposed to have before demanding payments from you in the first place.

 

Are you currently being pursued for a bought debt yourself ?

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When you sign your enforceable CCA :p , you give permission for the OC to follow up defaults using a 'third-party' collector thereby allowing them to get the debt off the books, and do their thing with the taxman.

 

You do not give permission for them to 'sell' the debt, and your personal details at a knock down price to a private unconnected entity...... they get around that by allowing the purchaser to bully you into submission and acknowledging their right to collect.

 

It wouldn't be logical to 'sell' a debt to anyone if you could get the money back yourself... plus court interest, but do you know anyone who has actually taken the time, effort and expense to challenge them??

 

The Law of Unjust Enrichment : LAWS3012 :: Law

 

 

This topic tends to separate the "old sweats" on the threads a bit. ;)

 

 

The purchasers are just a bunch of parasitical worms from the bowels of hell, preying on the misfortune and fears of the uninitiated.

 

Blimey...all that and I'm still sober....:cool:

HOIST BY THEIR OWN PETARD.

 

Blimey it works....:-)

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What makes it worse is when the debt purchaser buys the debt for about 10%, then slams on interest so that you can never be out of debt to them, you just have to sit and watch a debt you have struggled with spiral to the point where you will never be able to pay it off if you live to be 185!

 

The purchasers are just a bunch of parasitical worms from the bowels of hell, preying on the misfortune and fears of the uninitiated.

 

Well said Dannyboy.

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have a read at this this is the view from scor

 

 

Callcredit - Consumer Credit Referencing - Press Office Article

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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have a read at this this is the view from scor

 

 

Callcredit - Consumer Credit Referencing - Press Office Article

 

 

Don't you just love the way they say it is to prevent serious arrears...they try to present it as being for your own benefit. Nothing to do with them looking to make a profit, or letting them trawl/faff around with your own personal details and records.........it's purely for your own benefit, not theirs.

 

(Sigh.)

 

They just seem to do whatever they want to do.

 

Even if you do what they consider to be the right thing, you'll get pooped on.

HOIST BY THEIR OWN PETARD.

 

Blimey it works....:-)

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Don't you just love the way they say it is to prevent serious arrears...they try to present it as being for your own benefit. Nothing to do with them looking to make a profit, or letting them trawl/faff around with your own personal details and records.........it's purely for your own benefit, not theirs.

 

(Sigh.)

 

They just seem to do whatever they want to do.

 

Even if you do what they consider to be the right thing, you'll get pooped on.

 

Old Boys Network.... as already said. ;)

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even a member of the FSA is involved with this lot and the ICO have turned a blind eye towards this data sharing,as i said on a thread before brown has only just decided to have another look at the FOI AND DPA for the simple reason he has a goverment department who 40million records of old credit cards of past five years that he wants to sell off to the likes of experian etc

nice little earner for the gov,so the new ICO enquiry is and will be a complete whitewash and they will bring forward a new clause allowing scor and the like to share share share gggrrrrr

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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anyone knowledgable on interest? Interest is charged on the reducing balance as capital repayments are deducted. When the original lender

sells onto a DCA he writes off 70-90% of the capital. How can the dca then legally charge interest on the pre written off amount surely it can only be on the dca purchase amount. Any case law on this?

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I think that you'll find that in equity, a debt that is not fully repaid is never fully satisfied. Statute barring and partial settlement just means that it is uncollectable by the current creditor or debt owner. That means that the debt or remaining debt still exists until either debtor or creditor dies. So technically I suppose remnants of debt can then be legally sold on for a few pence with the subsequent purchaser gambling that the debtor is unaware that although the debt still exists, it is totally unenforceable and uncollectable.

The message here is to get everything in writing and if you get an agreement to repay or satisfy the debt for a less than the total figure, keep the paperwork to hand for ever!! That includes copies of cheques, postal orders and statements. To be honest I would keep everything even if you repaid the full amount, as once DCAs have got their teeth into your case they won't give up without a dirty fight.

 

Newborn

Beaten:

RBS: £4,500

AMEX: £4,200

Barclaycard Visa: £12,100

Barclaycard M/Card: £12,600

(Including the numerous DCAs they have set on me.)

PPI reclaims (into my bank account): £25,000

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anyone knowledgable on interest? Interest is charged on the reducing balance as capital repayments are deducted. When the original lender

sells onto a DCA he writes off 70-90% of the capital. How can the dca then legally charge interest on the pre written off amount surely it can only be on the dca purchase amount. Any case law on this?

 

The full 100% debt is still due after sale. The write-off and purchase price are purely a business transaction, so are unrelated to the actual debt outstanding.

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The full 100% debt is still due after sale. The write-off and purchase price are purely a business transaction, so are unrelated to the actual debt outstanding.

 

Agreed, aktiv.

 

But I'd likewise like to see the legislation with regard to this. Call me a geek (I am), but I'd like to understand it more.

 

:)

Any help and advice is offered in good faith, based solely on my own knowledge and on experience gathered from this site. I am not qualified to offer legal or financial advice, which you should seek from an expert before making any important decisions. My opinions are therefore offered without liability.

 

If I've been helpful, please click my scales. :-)

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...I'd like to understand it more.

Here U go HC...

http://www.consumeractiongroup.co.uk/forum/general/33174-consumer-credit-act-agreements.html

...What U want to know, should be in there somewhere?!...;):)

The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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Thanks MTM

 

But I was more after the actual legislation regulating sale of debts and what it is reasonable to add afterwards.

Any help and advice is offered in good faith, based solely on my own knowledge and on experience gathered from this site. I am not qualified to offer legal or financial advice, which you should seek from an expert before making any important decisions. My opinions are therefore offered without liability.

 

If I've been helpful, please click my scales. :-)

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Was just trying to be helpful HC!

...If U read through the Thread, U will find that near enough EVERYTHING that U EVER wanted to know about the subject is in that Thread...somewhere!...:)

U could always type a few choice words into 'SEARCH'...;)

...Or have a look at one or two of laiste's Posts, either here on CAG, or elsewhere!...:)

P1 should be able to steer U right, if U get stuck...:)

The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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Thanks MTM

 

But I was just wanting links to the actual legislation. I like to be able to refer to the actual sources at times.

 

I'm actually interested in the history of this - how is it legislated and when? What are the specific Acts of Parliament?

 

I've got some of it - was just being lazy and hoping somebody could provide me with quick links to all of the official guidelines.

 

:)

Any help and advice is offered in good faith, based solely on my own knowledge and on experience gathered from this site. I am not qualified to offer legal or financial advice, which you should seek from an expert before making any important decisions. My opinions are therefore offered without liability.

 

If I've been helpful, please click my scales. :-)

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...was just being lazy and hoping somebody could provide me with quick links to all of the official guidelines.
It's a 'self-help' website HC...;)

U can't hope to gain the necessary experience, without putting the donkey work in + reading one or two Threads here + there!...:)

...Otherwise U would come unstuck if U had to attend Court on your own + explain your arguments against a shrewd DCA Solicitor to a District Judge/Sheriff etc...:)

The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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Well - MTM - as one with no debts and no charges to claim back, I'm happy to say that I hope never to be in that situation. I'm not gloating - I've been lucky - only ever had one DCA after me and I seem to have tamed that one. Loads of folk have not been as lucky as me and I'd like to help if I can.

 

:)

 

I'd like to put in the donkey work by reading the actual legislation so that I know what I'm talking about.

 

I've now got links to it.

Any help and advice is offered in good faith, based solely on my own knowledge and on experience gathered from this site. I am not qualified to offer legal or financial advice, which you should seek from an expert before making any important decisions. My opinions are therefore offered without liability.

 

If I've been helpful, please click my scales. :-)

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Here U go HC...

http://www.consumeractiongroup.co.uk/forum/general/33174-consumer-credit-act-agreements.html

...What U want to know, should be in there somewhere?!...;):)

 

That's some monster of a thread :eek:

 

Any new posters worried about DCA's etc should automatically be directed to that thread........by the time they've read all that, the debt will be Statute Barred anyway. ;)

HOIST BY THEIR OWN PETARD.

 

Blimey it works....:-)

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