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Years DCA Outlook


sillygirl1
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I thought I would write a brief summary of the debt collection activites on this site, and think on the whole that CAG has been very successful in nailing certain companies and making them realise that debt buying and selling isn't the 'easy money' it once was.

 

Aktiv have been slapped by the OFT, and about time too - their 'distressed debt' portfolios have been questioned and their collections activites have left a large black hole in their accounts.

 

Other companies with black holes are Welcome Finance, GMAC, London & Scottish and The Lewis Group (although they do now claim to be 'in the red' via Welcome collection activities).

 

HFO Services are being given headaches by CAGGers for their diabolical practice of sending people Google pictures of their homes and copies of their own credit reports - when will the Office of Fair Trading and Trading Standards wake up and smell the coffee with this company, with its myriad offshore offshoots.... however they are now under scrutiny by the courts services so perhaps getting their particulars questioned is a more effective route.

 

If more courts acted like this the claim route would prove uneconomical

 

We have also heard of cases where HFO are chasing people in the USA via their employers, and cases where HFO are threatening arrestment of bank accounts.... this apparently does cost a lot of money and they seem to think they can do it 'just like that'

 

I think bank account arrestment will be the new threat of choice next year.....

 

Letters from DCAs still are littered with inaccuracies but do the OFT and Trading Standards care, no! They are more interested in preserving jobs to help the unemployment stats than the companies activities. How many people are being threatened with things in the following order (completely incorrectly)

 

Formal examination of means by a court of law

Bailiffs coming to assess and remove goods

Arrestment of bank accounts

Committal to prison

 

Anyone else care to add comments about the DCA outlook for next year other than that I forsee the debt buying and selling cycle will be even more 'distressed' from the debt buying angle as they know people can't get money to pay up as easily as before, and the money isn't available for the amount of returns now quoted (one company was down 60% on buying debts and 40% on collections).

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Hi there

The only other blot on this horizon was the Increasing use of Charging Orders under the last Brown govt. This was a particularly nasty backdoor scheme of turning UNSECURED debt into a secured debt on your home --totally DISGUSTING practice especially when the original CCA calls the debt UNSECURED DEBT which is why higher interest charges are levied.

 

However these days the Courts do not like any idea of getting people to sell houses etc for consumer credit card debt so if you have any of these charging orders just sit tight as the amount will be eaten away by inflation etc over the years. This is NOT a decent or quick way for a company to make money any more.

 

For a "Forced Sale" these days you need to have consideably more than 25,000 GBP outstanding and even then its unlikely that a Court would order a forced sale.

 

In fact because of their greed you could be in a stronger position --just say I am not likely to move for over 30 years so you will have to wait a LONG time for your money --assuming you are still in business - but I can offer a Full and Final settlemne of XX% and make it small too. These companies usually bought piles of debts for pennies in the pound hoping to "Get Rich Quick". Don't make it happen for them.

 

I think a lot of people realize now that buying debts is just not worth it --and as for the "arrestment" of Bank accounts --easily avoided via "Parachute" and European accounts.

 

For the new year "A Cagger a day exterminates a DCA".

 

Cheers

jimbo

Edited by jimbo45
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You are so right about charging orders. We had one, and when we sold the house there wasn't enough to go around, so we told the one with the CO that we could only pay them £x or they got nothinng as we couldn't sell the house. They removed the charging order and accepted a lower payment.

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...and the continuing delusion of the industry body and publications that there is really anything wrong with the way it operates.

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

If a Cagger helps you, click their star. Better still, make a donation however small, so that CAG can continue to help others.

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Ther Achilles heel (house prices) has been severely dented so they can't force their poor 'delinquent debtors' to remortgage to dodgy sister companies any more.. the brotherhood of the Debt Buyers and Sellers Group (DBSG) is suffering....

 

As for Credit Today, their Awards ceremonies should be banned.....

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