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Debt Sale & Purchase

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Don't make many posts (can't type quick enough ) and these boards are like Hampton Court Maze-when you're small and can't see over the top.

However dropped this email to Cleggover as per his 'write to me - I'm a man of the people' pitch now he's in temporary charge;


When is the calition government going to ban the practice of debt sale and purchase? People should be allowed to deal only with the original lending instituition,which in the main would be banks (and which have to conform to a regime of conduct ) instead of unscrupulous third party companies. These companies fabricate facts,masquerade as lawyers ,harass and threaten many people.They are totally unregulated,have self ascribed cosmetic codes of practice which they flaunt with importunity, and completely ignore the Office of Fair Trading guidelines. The results of such harassment have resulted in many tragedies and untold misery for hundreds of thousands of this country's citizens.


Dropped a similar letter to Gordon last year and got a very nice reply on very very nice notepaper saying it was being passed to Mandy for a response.You guessed it-nowt, not even some nice notepaper.

As this is an email I suspect it will remain in the ether.


Thanks to CAG I don't fear anything anymore.

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Hi there

I can understand some of the Banks etc just wishing to rid themselves of "difficult debts".

However the DCA's should only be involved if they have ACTUALLY BOUGHT the debt and then should only be allowed to charge A MAXIMUM of 15% more than they paid for the debt -- and NO VAT added on either --(and that's being generous) to the debtor.


Of course we would like to see DCA's go out of business PERMANENTLY but -- being a bit of a devils advocate here -- if you DID borrow the money then you really DO have some obligation to pay at least SOME of it back.


Of course people's circumstances change -- people lose jobs, get Ill, divorced etc etc and I am not advocating a total avoidance of paying debts back -- but if you DO get into difficulties then there should be a DECENT, HUMANE, and FAIR method of debt collection.


Exhorbitant charges, lying and intimidating tactics and threatening rediculous court actions DOES NOBODY ANY GOOD.


I've NEVER seen anything like a letter from a DCA saying .......... We understand you might have a problem with XXXXXX from Bank YYYYYY.


We are quite prepared to accept YYYYY as a F&F settlement but if you think this is too much please WRITE to us to suggest what you CAN pay back. If you really can't pay anything then send us a reasonable statement of account and we'll then close your account and you won't hear from us again. ..................



This might actually yield them more money in the long run.


Threats etc whatever the rights / wrongs of the situatuion will just annoy a lot of folks and they WILL NEVER GET ANY MONEY.


Incidentally I think the whole Northampton thing should also be shut down -- If I'm in Lands End why should I have to deal with the Northampton County Court -- Northampton has NOTHING whatsoever to do with me.




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I am seriously looking at doing a petition on this, but you have to close all the loopholes on the original petition to get anywhere... last petition I did I got 236 votes before the then government closed it. I am thinking along the lines of:


Only the original creditor can place markers on our credit files




If a debt is sold ONLY the arrears at the time of sale can be chased via court, not the whole amount of the debt, regardless of any repayments already made.




If a debt is sold it can only be sold once


Hit them where it hurts hard (as they do to us) and the whole Debt Buyers and Sellers Group will be rendered useless.

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Northampton is a bulk clearing court, and once you defend a claim there it is transferred to a local court. It wasn't designed originally for the likes of Hamptons, Bryan Carter et al to use, just for small businesses chasing small debts.


I agree that it should be disbanded or realigned so that NO 'solicitor for rent' can use their facilities.

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Of course there is always another angle, were we the general jo public of this country not already being forced to pay back money to the banks etc. that they lost by recklessness, then perhaps we might have jobs and the wherewithall to pay our own debts!! Perhaps the DCAs should be employed by the Government to chase up the banks for the money they owe us, after all, who is the larger majority - the millions of people of this country being penalised by the Government, or a handful of Banks!!

Every journey begins with a single step :):)


Please note: I have no qualifications in this area - my advice is learned from the wonderful members of this Forum. Thanks to you all for your help.


If you have found my post helpful please leave a short message by clicking the star to the left of my profile - Thank You


The only person entitled to your Personal Finance details is a Judge not a DCA


Move all banking activity to another banking group if you have a dispute - your funds can be used to offset debts within the same group.

Be careful with Banking details (card/account numbers) as these can be used to take unauthorised payments.

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