offer to write off a debt

[odezi]

Hello All

 

I have loans with various providers. I appointed a debt management company sometime ago to freeze the interest rates and I have been paying reduced monthly repayment to the lenders. Most of my loans have now been sold on to third parties. A couple of these companies have contacted me offering to write-off up to 40% if I agree to make an immediaye payment of 60% of the loan. While this is generous I can't help but think these companies will make trmendous returns from the loans because they have been sold to them for a lot less than they are worth.

 

I would like to know if there is anyway I can obtain information of how much the loans were sold to the third parties. Is there anyway I can find this out?

[maroondevo52]

Hi,

 

There's no chance you'll find that out, I'll move this thread to another Forum for further input.

 

Regards.

 

Scott.

[debbbbsy]

I would like to know if there is anyway I can obtain information of how much the loans were sold to the third parties. Is there anyway I can find this out?

 

You could respond by asking for proof that they legally own this account before entering into any discussions regarding a Full & Final Settlement. Request a copy of the Deed of Assignment.

[odezi]

Hi Scott

 

Many thanks for the reply.

[harrassed senior]

I did that, and they just sent me a blank Deed of Assignment telling me that they would only produce the figures before a judge as this was 'sensitive commercial information'!! I bet it is!!!

[Bazooka Boo]

Deeds of assignment and Notices of assignment are two completely different documents, the first being predominantly regarding properties and only being able to be requested by a DJ and the latter being a piece of A4 sent by the new owner of an alleged debt saying they are the new owners and the seller of the alleged debt, normally in the same envelope printed by the new owner, informing said debtor that they are now in charge of recovering the lemon.

 

Any company who is prepared to write off any amount of the alleged debt for a fixed percentage should be viewed as very very dubious!

They either do not have ANY paperwork to legally enforce repayment, OR they will have bought this for 6p to the pound, so will make a massive mark up on anything you pay them, even if it is 60% of the original debt, they way to tackle this is to hit them with a F&F offer of payment at say 10% of the amount they claim is owing, each time they refuse (in writing) you reduce the amount by 1%, until they either specify that they will NOT accept a payment from you less than a certain amount OR that they will not be moved on their original figure of payment, you then have them by the short and curly's!

[Mr Worried]

Good Morning BB

 

One would be inclined to agree

 

Mr

 

 

Deeds of assignment and Notices of assignment are two completely different documents, the first being predominantly regarding properties and only being able to be requested by a DJ and the latter being a piece of A4 sent by the new owner of an alleged debt saying they are the new owners and the seller of the alleged debt, normally in the same envelope printed by the new owner, informing said debtor that they are now in charge of recovering the lemon.

 

Any company who is prepared to write off any amount of the alleged debt for a fixed percentage should be viewed as very very dubious!

They either do not have ANY paperwork to legally enforce repayment, OR they will have bought this for 6p to the pound, so will make a massive mark up on anything you pay them, even if it is 60% of the original debt, they way to tackle this is to hit them with a F&F offer of payment at say 10% of the amount they claim is owing, each time they refuse (in writing) you reduce the amount by 1%, until they either specify that they will NOT accept a payment from you less than a certain amount OR that they will not be moved on their original figure of payment, you then have them by the short and curly's!

[odezi]

Hi Bazooka Boo

 

Your idea is a very good one and worth a try.

 

many thanks

[sir_gilmour]

Hi

Welcome to The Consumer Action Group.

 

 

I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.

 

Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.

 

 

Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.

 

It can be bit confusing at first.