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MARTIN3030

US Debt busting group buy up distress accounts to help debtors.

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Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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interesting concept, would love to see it done over here, this is a way to give people a 2nd chance.


I know my rights Mr DCA I'm with the CAG......hello hello where you gone Mr DCA8)

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This is a very interesting article and could well work in the UK,it also gives an insight in to how much creditors will sell their debts for much the same as the the UK 5%-12%

 

FS

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It would be nice to do this with the next Euromillions jackpot of £133m. Maybe set aside £20m to buy up a batch of debts and set the people free.

 

How much paper value of debt would £20m buy I wonder?

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It would be nice to do this with the next Euromillions jackpot of £133m. Maybe set aside £20m to buy up a batch of debts and set the people free.

 

How much paper value of debt would £20m buy I wonder?

 

At least £100 million worth of debts. The trouble is that you would have set up an office full of people to generate the letters, changes to peoples credit records and to answer letters/phone calls. You would also have to register with the OFT. All this would take some time. It would probably be better to give the money to a debt registered charity and for them to help more people with debts.


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Certainly a concept worth pursuing. Pity the bank don't offer to write off individual debts at the value they sell them to debt purchases for. That is where the system is corrupt.

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Hopefully they buy up the UK government debts and set us all free! After all we cancel debts that other countries owe us!

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Don't fret the UK or the EU will find a way to stop it happening.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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I have a feeling that there is a huge amount of hidden debt out there, that the banks are not admitting to. Sir Mervyn King also said recently that he thought that some banks had not revealed the true levels of debt. At some point it is going to be worked out that banks have not made a real profit in the last 30 years. It is only the excessive bank charges, PPI mis-selling, moving debts off their accounts etc, that have made them look healthier than they are.


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They are unlikely to be showing any good results anytime soon as long as the fines continue to hit them where it hurts.

I think already this year the fines tally must be in excess of £500m and there are still more to come


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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You would not be collecting money, so therefore you would NOT need to register with the OFT....

 

Isn't this what the likes of the Rankines tried with Creditcardkiller and similar, only wanting a lot of upfront money to get the ball rolling.

 

How would the staff be paid long term if the initial money was used to buy the debts - how would your income stream keep this a viable option long term.

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SG

 

Re the OFT I think you might have to register as you would be buying debt and therefore hold a debt liability for a period. It is not technically handling client money as such, because you were writing it off, but I suspect that the OFT would want such a company to be registered.


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Very true UncleB, but I think it is still a liberty that companies can buy our debt for pennies whilst we can't.

 

I still think that the debts should also only show for 3 years instead of 6.... in this technological day and age they need to have a 'faster' turnaround.

 

I think a lot of the current credit crunch is due to the CRAs and the way they hold and market our data - after all didn't Experian have its Alert service (where providers paid to be alerted if you did NOT pay a bill on time) set up just before the crunch, and what about the data that has never been declared as part of their licence process they hold.

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It needs a new government bill ensuring that before a debt can be sold it should be offered to the debtor at the same price. Fat chance.

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twofoot Your idea makes 100% sense but as you say Fat Chance,however I feel if a debt is sold the debtor should be made aware of for how much,I am aware they are often sold in bulk but this should not stop the OC of advising you with the letter of assignment.

 

FS

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The deed of assignment shows this info.

But of course if you ask for a copy they will say its commercially sensitive.

I was sent one by Citi I think they sent by mistake.The debt amount was around 2k and was sold for about £200


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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The other thing to do is make the sale of debt (as an asset) illegal, whether it is by an inter-company transfer or a sale to an individual.

 

That way the debt industry would gradually die off and not be able to help perpetuate the misery and poverty of this country.

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In order to get the necessary laws passed, you would need a decent, honest, politician - that's all your idea's up the chute, then!

 

Sam


All of these are on behalf of a friend.. Cabot - [There's no CCA!]

CapQuest - [There's no CCA!]

Barclays - Zinc, [There's no CCA!]

Robinson Way - Written off!

NatWest - Written off!

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This is a good idea and probably one years worth of the banks fat cat bonuses would clear half the countries debt.

 

As Twofoot said, if there was a bill that meant the banks offered the debt to the debtor for the same price as it does to the DCAs many would be able to get themselves straight, and if this was the case, I for one would gladly donate what I could back in the pot to help others.

 

It would have to be used for genuine help though as this sort of thing would lead to people purposefully spending and defaulting. Anyway, this Government, the banks and the people that support them money wise would never make any thing out of it so I cant see it happening.

Shame.

 

Up2

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Didn't the Rankines try to buy your liability from you.i.e you paid them to take it. This was illegal hence a spell at her majesties pleasure

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Martin ,what route would we have to take and who would we approach to make it a requirement to show the value of how much the debt was sold for with your Letter of Assignment,as I feel this would be possible and a step in the right direction.

 

You are quite right each time I've asked the "it's commercially sensitive information" is the excuse.

 

I have also tried when the DCA makes a 50%-60% offer,to settle the debt ,have written to them don't be silly,I will offer 20% of the outstanding debt and you will still be making a large profit,they do not reply,so when offers come in now unless they are really sensible I just don't reply

 

FS

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