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Finargh

DCA/Debt Buyer Compensation

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Hi - why do debt companies now seem to be paying out small compensation for when complaints etc are made? Speaking from my experience Lowell has on several occasions now sent me £50 cheques when I have eg complained about how long they've taken to respond.

 

Has something changed? Are they now being forced to do this by some thing/one?

 

Cheers

 

(also halfway through next month I shall finally be default-free with a good credit record and no non-statute-barred claims against me :)))))))))

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Some debt buyers were using the wrong calculations so agreed to pay out overcherged interest and fees at a flat rate to avoid being sued for more on an individual basis. If yu have received a cheque it is OK to bank it as long as you accept that you no longer have a claim against them for the relevant account.

It would be wise to check before cashing but generally most people will will get close to what they would be owed

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