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Get ready for the onslaught ...Credit Today!


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Hi Caggers,

 

Just read this in Credit Today,

Looks like Marlin are going to be busy bees soon.

 

News

 

Marlin snaps up £21m bank portfolio - 03/09/2010

martin_dunphy.jpg

 

Marlin Financial Group has sealed a multi-million debt purchase deal, rumoured to be the biggest the industry has seen for 18 months, Credit Today can exclusively reveal.

 

It is understood the deal with one of the UK’s leading banks is in excess of £21m and was completed in a single transaction, according to sources.

 

The acquired debt portfolio is primarily non-performing consumer loans including credit cards and personal loan debts.

 

The transaction will fuel hopes that activity is beginning to return in the sector and lenders are more willing to sell debt once again.

 

One industry expert said: "There certainly are a lot of large deals underway in the market but it is becoming increasingly difficult to secure funding and complete on large transactions.

 

"This deal shows that you need surety of funding to gain a big portfolio and could send warning signs to smaller firms who don't have the balance sheets needed."

 

Banks and investors shied away from the market after the brink of the recession created volatile pricing conditions which led to ill-disciplined deals and dented profit margins.

 

The lack of funding by lenders resulted in the market drying up and activity grinding to a halt while sellers and buyers waited for an equalisation in prices.

 

But this latest deal could stoke a return of activity to the sector. Private equity firm Duke Street Capital snapped up a controlling stake in Marlin earlier this year in a £50m deal which added to the debt purchaser’s buying fire power.

 

Martin Dunphy, executive chairman of Marlin, said: "We are involved in several large transactions at any one moment and we wouldn’t like to comment on one in particular."

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Lets hope it was £21M wasted on unenforceable debts lol

HTH (Hope This Helps) RDM2006

 

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I couldn't stop laughing when I had that email sent to me by credit today, if that is the bench mark that the DBSG and DCA's go by then, the sole fact that Marlin have wasted so much money buying this portfolio, and going on their past competence regarding previous and current alleged debts, this will hopefully sound the death knell .:whoo:

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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ah so caggers are going to see 1000's of the marlin FAKE BAILIFF letters dropping through their doors.

 

i thought that the local TS were already looking at getting their licence removed in july because of those letters???

 

dx waves to the marlin spies/guests.

 

oh 6 now!

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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"Ill-disciplined deals"

 

Guess this is the nearest we'll ever get to the industry's mouthpiece admitting that a large percentage of these supposed debt purchases are unsubstantiated, unenforceable crocks.

As of 03/03/12 please do not under any circumstances wait for my further input or guidance on any current thread or defence of a court claim I might have been involved in on or through Cag.

Jasper1965

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I really do hope it's MBNA they've bought from. I have an account with MBNA and I've seen off numerous DCAs so far on it. I've not had the pleasure of dealing with Marlin yet.

 

Fingers crossed.

 

Regards.

 

Fred

Before you criticise another man you should first walk a mile in his shoes. Then, when you criticise him, you'll be a mile away and he won't have any shoes on.

 

Don't get me confused with somebody knowledgeable by all those green blobs. I got most of them by making people laugh.

 

I am not European, I am English.

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I wonder which bank were greedy enough to dump their 'non performing' portfolio in an attempt to appease the government...

 

If it is one of my old debts then tough, it is all charges and all unenforceable so they ain't got a hope - and being a seasoned CAGGER I will be prepared should a letter drop through my letterbox.

 

Should I have a phone call - well I won't be passing their security questions.

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Portfolio? What kind of talk is that? What a ridiculous tag for bin rummagingThe collective noun for bought debts should be a "dustbin" of debtsAnd debt buyers' collective noun should be a "rummage" of debt buyers

I am a lawyer, but I am an academic lawyer. I do not practice as a barrister or solicitor. You should consult a practising Solicitor BEFORE taking any Court or other action

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Portfolio? What kind of talk is that? What a ridiculous tag for bin rummagingThe collective noun for bought debts should be a "dustbin" of debtsAnd debt buyers' collective noun should be a "rummage" of debt buyers

It's enough to give 'Skip-Divers' a bad name.

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I especially like this bit:

 

Operating in the high-balance segment of the market, Marlin is already a leading debt purchaser among those with a specialist litigation focus. The Group’s unique approach is based on a proprietary database and set of algorithms that enable the evaluation, identification and prioritisation of debtor accounts suitable for the litigation process according to their individual circumstances. It also uses a streamlined process that enables judgment and enforcement orders to be obtained rapidly.

So, reading that, they are a leading debt purchaser - so? That be absolutely nothing if it is all SB or unenforceable!!

Er, do they not use the UK Court system, then, sounds like they have found a way to bypass that - perhaps they are refering to their bully boy tacticstut07.gif

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Harrassed Senior, you beat me to the same quote, surely it is very much against the OFT guidelines on debt collection practices to focus on speedy litigation and enforcement....

 

This bit translated into lay terms means we know how to manipulate the Northampton Bulk System and get away with it.

 

It also uses a streamlined process that enables judgment and enforcement orders to be obtained rapidly.

We must be able to report them for that above statement to some authority with teeth, I would suggest trying the MOJ...

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