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DCA's Disclosure?


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I am given to understand that some (If not all) Debt Collection Agencies purchase the debts owed at a discount.

 

They then add on certain dubious charges and then demand sums in excess of the original sum owed.

 

Can the DCA be forced to provide evidence of the amount that they paid for the debt? - If so, why should anyone be forced to pay any extra than the original debt owed?

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My understanding is that DCA's etc can only add charged if there is a provision for this in the original Credit Agreement........ assuming of course there even is a credit agreement!!! :rolleyes:

I am rarely around these parts any more. I only stop by when something has come to my attention that has sufficiently annoyed me so as to persuade me to awake from my nap and put in my two pence.

 

I am a final year law student; I am NOT an expert in law. All of my posts are just my opinion. I cannot be held responsible for any outcome whatsoever resulting from any person following the opinions or information contained within my posts. Always seek professional legal advice from a qualified lawyer.

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They have no right to add extra charges of any kind unless it is written in to the original contract - and it never is. They do not have to reveal what they paid for the debt - it's a business transaction but it's well known the usually pay 10-20%. They put in offers to purchase debts and usually buy in bulk. Right now they are struggling because banks won't finance their purchases, there is not a lot of venture capital around, some are losing clients after bad publicity and people know more about their consumer rights than ever before and aren't paying them. The prediction from the debt industry itself is that some will be out of business by the end of this year.

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They have no right to add extra charges of any kind unless it is written in to the original contract - and it never is. They do not have to reveal what they paid for the debt - it's a business transaction but it's well known the usually pay 10-20%. They put in offers to purchase debts and usually buy in bulk. Right now they are struggling because banks won't finance their purchases, there is not a lot of venture capital around, some are losing clients after bad publicity and people know more about their consumer rights than ever before and aren't paying them. The prediction from the debt industry itself is that some will be out of business by the end of this year.

 

Oh dear, what a shame, don't you just feel bad for them!! Perhaps we should all start believing their lies and threats and pay up without question to save these poor people from the dole line? :rolleyes:

I am rarely around these parts any more. I only stop by when something has come to my attention that has sufficiently annoyed me so as to persuade me to awake from my nap and put in my two pence.

 

I am a final year law student; I am NOT an expert in law. All of my posts are just my opinion. I cannot be held responsible for any outcome whatsoever resulting from any person following the opinions or information contained within my posts. Always seek professional legal advice from a qualified lawyer.

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When they lose their jobs who will collect the debts from the debt collectors??:confused:

Elsa x

PLEASE NOTE... I AM MOST SORRY BUT I HAVE VERY LIMITED AVAILABILITY AT THE MOMENT DUE TO EXTREME PRESSURE OF WORK - IF YOU REQUIRE URGENT HELP ON YOUR THREAD AND ARE GETTING NO RESPONSE PLEASE HIT THE TRIANGLE FOR SITE TEAM ASSISTANCE. ELSA XXX

 

Please check out my BLOG for the quick guide to debt threats - it has all the info & letter template links you need to get started on your journey of TAKING CONTROL. :roll:

 

All opinions are my own based on research. I am not legally qualified, if in doubt please consult a legal expert.

Hope this has helped or made you smile. Keep your chin up, you're among friends now! Elsa xxx

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When they lose their jobs who will collect the debts from the debt collectors??:confused:

Elsa x

 

I would like to personally volunteer for that job!!! :D

 

I could start by sending them all a nicey-nicey "I am here to help letter" and then I could swiftly move on to a letter threatening to send "one of the boys".

 

I could also phone them 12 million times a day, ranging in times from 1AM 'till 11PM.

 

When I phone, I could shout over them if they try to speak, I could tell them they will go to prison if they don't pay me, and I will demand payment in full immediately.

 

If they happen to know about the Consumer Credit Act and request a copy of their credit agreement, I will simply tell them that as I am not the original creditor, I do not have to comply. If I fancy it, I might even deduct the £1 postal order they sent me off the balanace!!

 

If they really know the law and refuse to pay me whilst the account is in dispute, I will just sell off the debt to another company or person at a fraction of what I am demanding................ any takers?? :D

 

^^ The above is just a satirical post for the sake of humour. :D :D

I am rarely around these parts any more. I only stop by when something has come to my attention that has sufficiently annoyed me so as to persuade me to awake from my nap and put in my two pence.

 

I am a final year law student; I am NOT an expert in law. All of my posts are just my opinion. I cannot be held responsible for any outcome whatsoever resulting from any person following the opinions or information contained within my posts. Always seek professional legal advice from a qualified lawyer.

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Yes, I wll be first to jump on the bandwagon and offer the poor souls counselling in order to loose the stigma they have as a debt collection agents (actually now I believe the phrases are "credit management agent" or "asset maximisation agent").

 

I wonder what will happen to all the call centres set up once a large chunk of their clientelle have stopped using them - be turned into community centres with advice desks on how to deal with your debts no doubt!

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Nice one Mustang67, I would love to be a fly on the wall in the Treasury Department when that happens, wasn't it Henry VIII who started the balance of deficits when he wanted the money for the Navy?

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