Equidebt goes to the wall... Cabot steps in

[DonkeyB]

This industry is become concentrated on a few out-of-control companies quicker than you can say ‘CCA request’...

 

http://www.credittoday.co.uk/article/15403/online-news/debt-buyer-in-administration

[DonkeyB]

...and even more concentration...

 

http://www.credittoday.co.uk/article/15405/online-news/bcw-group-bought-by-arvato

[snowy101]

110, Equidebt employees to lose their jobs. All will have bills to pay, some will have family's to feed , most will have cars to run. Some will struggle to pay their everyday bills, some will have credit cards / store cards with large balances . I wonder now, when facing an uncertain future & all the company's demanding payment , putting them into the hands of DCA`s who will be harassing , demanding , threatening them with bailiffs, bankruptcy, charging orders, CCJ`s etc etc. will they ever take a moment to reflect on their involvement in the suffering they caused others .I am not a vindictive person.

 

I know that some will be reading this, as will other DCA employees. Stop for one moment .

No one is bomb proof , no one can predict the future, no one deserves to be hounded for circumstances out of their control. This could be you any day soon.

[Newborn]

Good point snowy101. But it might also encourage remaining DCA staff to post misleading info on here as 'Disgruntled ex of ........ '.

[BRIGADIER2JCS]

Good point snowy101. But it might also encourage remaining DCA staff to post misleading info on here as 'Disgruntled ex of ........ '.

They are usually quite easy to spot, posts in crayon with lots of spelling mistakes, because they no longer have an automated threatogram machine to write for them:?:

[ScarletPimpernel]

The debt industry is moving closer to becoming entirely in the hands of offshore investment corporations, as well as less and less compliant.

 

Tax dodging exercise, anyone?

[unclebulgaria67]

The debt industry is moving closer to becoming entirely in the hands of offshore investment corporations, as well as less and less compliant.

 

Tax dodging exercise, anyone?

 

Debt buying is a gamble. There will be few who can make a profit, because you need a sizeable operation to make enough collections to cover costs. It will end up with a handfull of companies who will have most debts. The other issue on the horizon is that since the banking crisis in 2008, I believe that there has been a significant drop in people applying for credit. If this is the case, there may be a period where there are fewer enforceable debts to be bought.

[Wintry]

Hi

 

Another article here from the respected Insolvency News

 

Administration for Debt Buyer

 

http://www.insolvencynews.com/article/15403/corporate/debt-buyer-in-administration

[citizenB]

Equidebt used to pursue on behalf of the Co-op I think.

 

 

Debt purchaser Equidebt has gone into administration, Credit Today can reveal.

 

The firm’s debt portfolios are due to be sold to the debt purchaser Cabot Credit Management, but 60 of the firm’s 110 staff have been made redundant.

[ScarletPimpernel]

Equidebt used to pursue on behalf of the Co-op I think.

 

...and MBNA, and various others.

[Wintry]

Hi

 

Think you are right

 

PS - Just noticed another thread on this posted earlier today

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?394464-Equidebt-goes-to-the-wall...-Cabot-steps-in(2-Viewing)-nbsp

 

Apologies, I think it is time I went and laid down for an hour or two!

[citizenB]

No worries Wintry.. the more the merrier is what I say

 

I can if you wish - merge this thread with DonkeyB's

[Newborn]

Let's hope that Cabot are too busy over the next few weeks assessing all those nice new juicy 'assets' they've bought to worry about chasing the rest of us holding their own tired old worthless accounts. Oh! But the stuff they've bought is even more worthless - it brought the previous company down!

 

But no doubt anyone who's on the Equidebt database will now be getting worthless Cabot confetti over the next few days.

[Wintry]

No worries Wintry.. the more the merrier is what I say

 

I can if you wish - merge this thread with DonkeyB's

 

Hi

 

Cheers

 

I think merging the threads would be best.

 

Going to lie down for an hour now and watch a Colombo movie, they genuinely relax me:)

 

later everybody

[joesoap]

Oh, wor lass has been paying a minimum to these "people", should she continue; I guess the accounts will just be passed over.

[fightingback99]

Hopefully one day soon Cabot will go into liquidation.

[alisindebt]

I'm absolutely delighted to hear this news and encourage their redundant employees to post on here two things: firstly, will they tell us the dirty tricks they used to bully vulnerable people into paying up; secondly, will they let us know which DCAs chase the ex employees of Equithreat for credit they can no longer pay their own credit because they have lost their jobs. For example, a person who used to harass people by threat o gram letters and calls as an employee of the DCA, will they now be chased by the good people at Capquest? As I say, I am absolutely delighted at this good news. If only I could get a list of the employee details, I could sell it to Capquest and say, here you go, rich pickings, these people have no jobs, dip your bread, they are all behind with their credit payments.

Edited June 19, 2013 by alisindebt
Spelling errors

[ScarletPimpernel]

I suspect that we will end up with a situation where two or three large DCA companies dominate the debt industry, and I think this is most unhealthy. Apart from the big players all being owned by offshore investors, which is bad news for the UK economy, the main danger is that these big companies will become, like banks, too big to fail, and more difficult to regulate.

 

I predict increasingly poor compliance, and the big players will be the tail wagging the FCA dog.

[alisindebt]

Agreed, and like with banks themselves, ppi miselling, endowments miselling, etc., the reason that there is inaction from politicians is that the banks line their pockets. I mean, how many ex cabinet Ministers are hired in the City by big banks; how many politicians have their pockets lined by lobbyists?

 

Vincent Cable spoke a long time ago about dealing with personal indebtedness. Then never really did anything significant about it.

 

The remaining big debt firms will go down the same route of paying off politicians.

 

However, the principle at stake should be people first, profit second.

 

Personally, I managed to write off all my debts and recover every single ppi payment I had unlawfully been sold (all of them). This dates back to 2005.why has so little changed since them. I fought the banks, largely using the this site. I was tenacious. I did not give in to threat o grams. But many people are more vulnerable than me.

 

Personally, I wish that all DCAs go bust, just like those parasites as Equithreat.

 

But I don't think that is likely while politicians don't help protect people.

[Ell-enn]

I wonder if they'll make "Susie" the automated telephone robot redundant - all she does is leave messages "this is Susie calling from EQL for Mr XXXX - please call us as soon as possible on XXXX "

[alisindebt]

"Love ya to bits Susie. Thought I'd better leave you a message on your voice mail, because as you will appreciate, I'm here to help you. Sorry you lost your job. But that means you can't repay your credit cards, loans, overdraft and mortgage. Please call me today, my name is Anne Mcshane from a professional company called Crapquest. Don't put the call off, as failure to pay me could mean bankruptcy, bailiffs, County Court judgements and house reposession. Looking forward to helping you. Bye bye."

[ericsbrother]

Now, when these people buy debt they typically pay about 8p in the pound for it. I wonder how much Cabot is paying for the portfolio is Equidebt couldnt profit from it? Less than a penny in the pound I reckon. That is a huge profit on anything they can gather from the debtors. I reckon it iwould be good if politicians looked into this industry as the rules that allow DCA's to operate at all are medieval and wouldnt it be fun the see their accounts made public, I bet that a bit of transparency would put a halt to some of the tricks they pull to make a profit and may even earn HMRC a few bob.

[alisindebt]

Is there any legal obligation for them to declare how much they bought the debt for?

[BRIGADIER2JCS]

Is there any legal obligation for them to declare how much they bought the debt for?

 

No non whatever!!

[Old Cogger]

Is there any legal obligation for them to declare how much they bought the debt for?

 

 

 

No = hid under another cloak & dagger rule.

 

Like wise the whole debt purchase system stinks!