E-Petition - everyone please sign . Re. Debt Purchase and unfair Statutory Demand and Bankruptcy procedure use.

[citizenB]

2 more signatures added..

 

I think there have been many petitions to prevent turning unsecured debts into secured debts in this way. What I find reprehensible is that the original creditor would have factored in "risk" in the original interest rates.

 

They then offload the debt when the borrower hits a financial hiccup, writes the debt off their books and into the hands of a Debt purchaser who then manages to secure the debt.

 

Please also note that this only applies to home owners ! Who have been hit with a double whammy in that mostly the value of their property would have dropped like a lead balloon.

[citizenB]

Takes a long while for them to update their petitions doesnt it ?

[citizenB]

storm, sadly we have discovered through other petitions that there is a certain amount of apathy in respect of petitions

 

You only have to look at other petitions to see that even where there has been a huge number of views, the signatures remain quite low.

[citizenB]

I have popped it on the CAG tweet list as well.

 

I wonder if the title could be changed to have more impact !

 

Perhaps we could have a few suggestions

[citizenB]

I must admit, I am saddened by the lack of response for the e-petition.

 

Although, I have said this before - unless someone is directly affected, they tend not to support campaigns

[citizenB]

Many thanks citizen!

 

 

Do you mean the title on this forum. I can't access the actual petition at all. But indeed, if you can come up with a better title on here, if you can access feel free to try to grab that attention

 

Yes, I did mean the title of the thread, storm.. not the petition. Although I believe there have been many other petitions in respect of this particular issue.

 

 

 

It is NOT just people that have had Statutory Demands that need to sign it is ALL people that have experienced debt collectors, buyers and any other debt advisory that sees the harmful behaviour. Like I keep saying nobody denies they may have owed money to bank or credit card company etc, but these companies PREY and even will go out of their way to acquire two or three (or more) of a person's accounts from various sources and add them together.

 

 

It doesn't seem possible to rely fully on the laws, the regs. or as in older cases unenforceability, nor terminated accounts... I consider Courts are favouring DCAs too often

 

 

I think the courts are waking up to the fact that many Debt purchasers are using Stat Demands innapropriately, so they arent all getting away with it. We have seen many SDs set aside on this forum and others.

 

What is so frustrating is that often the amounts are just over the BR limit of £750.00 which is crazy.

 

There really needs to be a total overhaul of the way debt is sold - pursued - collected.

 

I also believe that creditors should be forced to advise in their advertising and on their credit agreements that ALL debt, even unsecured debt can, if not repaid, land a person with a charge on their home or B/R

 

Please note that those Debt purchasers who use the Insolvency process to collect debt, tend to target home owners - there is little point in targetting someone who doesnt have any assets !

 

I think it should also be made clear that unsecured debt usually has a higher interest rate, so if they do manage to get a charge on a property, there should be some relief from the very high interest rates previously paid to the creditor.