Can I buy my debt from DCA?

[friendinneed]

To cut a long story short about 11 years ago I had a personal loan through Bank of Scotland. I was made redundant and for some reason (i didnt query this part enough at the time) they would not pay out for redundancy payments. I was issed with a default despite being in constant contact re the redundancy and still making payments albeit they were small but still I thought it showed willing.

 

Anyway the debt was passed 10 years ago to Blair Oliver Scott. I started paying £40 per month and this has not increased over the past couple of years to £100 per month.

 

I have no idea what my balance is and have recieved no paperwork or statements. When I ring they only want to discuss more payments per month and I think thats unreasonable.

 

My question is this, I heard some time ao that DCS's "buy" your debt from the original lender for a very discounted price in the hope that they will make money by getting you to pay the full amount. Does anyone have any experience in "buying back" my debt and making a small but full and final settlement figure?

 

All help appreciated

[PGH7447]

I would in the first instance send b-liar, orrible and snot a sar to get them to send you all statements the agreement, and any other bit of info they hold on you about this debt.

 

How much was the loan and was interest stopped at the time of making the intiial offer, 10 years at £40 means you have paid a sizable chunk off.

 

also if this is being paid by Direct debit, I would personally cancel this and setup a standing order for what you wish to pay not what they demand

[friendinneed]

The loan was £10k and I belive interest was stopped but not 100% sure

[2Grumpy]

By redundancy insurance, do you mean that you had PPI?

 

There might be some scope for reclaiming that.

 

There might be unfair charges to claim back.

 

With a debt of that age it is worth sending a CCA request to the DCA.

 

It might be worth sending a SAR to the original creditor to find out what the balance was whe it was sent to the DCA & details of charges, PPI etc.

[andydd]

The loan was £10k and I belive interest was stopped but not 100% sure

 

You need to check..

 

1) Amount Of Loan

2) Was there PPI ?

3) If there was PPI, why was the loan not paid when you lost your job ?

4) How much have you paid off ?

 

You could CCA and SAR them to get the answers you require.

 

The whole 'buying' debts has been dealt with elsewhere on here, the general consenus is its a bit of a [problem] and should be avoided.

 

Ive been made redundant but now my CC loans have been frozen, no interest and Im paying them £1 a month.

 

Andy

[babybear39]

SAR goes to the original creditor not B, O & S.

 

Request a statement of the account since it's been handled by Bullies, Orrible and Stupid. This is FOC and you're entotled to it at any time. You may wish to consider CCAing them. You've paid roughly £6000 of this alleged account. Make sure they have the legal right to collect on it