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darknight

Selling Debts to DCA's

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Hi All,

 

I have a question about Original Creditors selling debt on to DCA's.

 

I understand that a DCA usually purchases an outstanding debt from the Original Creditor for a fraction of the price, eg 10%.

 

So this means that the OC only gets 10% of the debt owing.

 

The question is, if OC is willing to accept 10% from the DCA, then why don't they make an offer to the debtor to settle for 10% rather than selling the debt to the DCA, and still only get 10%?

 

Thanks,

DK

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they write the debt off against tax and that's how they gain from selling it off for a massive discount


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It's a long winded, complicated, tax fiddle.

 

HM Revenue & Customs: Bad debts: how to reclaim the VAT makes for interesting reading and may fire your interest to look further......

 

I can't even begin to explain, but they only 'risk' money they can afford to lose, if it existed in the first place, and is underwritten (insured) anyway. Lenders and 'Financial Services', purchasers in particular, are all feeding at the same trough and will squeeze not only the debtor, but the taxpayer in general.

 

It's far too complicated but if you have the time and inclination to look into it, it will change the way you look at banks/creditors/collections forever. (If you don't hate them enough already......;))


HOIST BY THEIR OWN PETARD.

 

Blimey it works....:-)

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They don't care anyway it's the mugs putting money into the SPV who stand to lose as its often probably not even the OC's money that is lost.


You have the right to food money.

If you don't mind a little investigation, humiliation, and if you cross your fingers rehabilitation..............

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