Re: Anyone know anything about debt purchasers..?
Sat Jun 25, 2011 6:32 pm
I have fought for some people against a debt company (DCA), well quite a few DCAs but they had the same client I had the issue with. The debts were supported by a "legally binding contract" so they thought. Through the help of some charity solicitors we got the debts written off.
During my fight I learnt alot of things of which one of them you are finding out about. That being it can take some time to get a debt legally enforceable. This can work in your favour or against you depending how you go about it. Could talk all day about this subject.
Anyway that is not really answering what you want to know. So getting back to my fight. I was up against debt collectors who had contracts supporting the money they were chasing. Some of the debts went up to £10,000. However the DCAs did not pay that much for the debt as you well know. I found out that the highest percentage they paid was 5%. That is what you can expect for a debt that looks enforceable.
During my fight I learnt alot of things of which one of them you are finding out about. That being it can take some time to get a debt legally enforceable. This can work in your favour or against you depending how you go about it. Could talk all day about this subject.
Anyway that is not really answering what you want to know. So getting back to my fight. I was up against debt collectors who had contracts supporting the money they were chasing. Some of the debts went up to £10,000. However the DCAs did not pay that much for the debt as you well know. I found out that the highest percentage they paid was 5%. That is what you can expect for a debt that looks enforceable.
Re: Anyone know anything about debt purchasers..?
Sat Jun 25, 2011 6:55 pm
From what I recall there are 2 things you can do regarding using a DCA:
1. Let them buy the debt off you. As described above they offer you a percentage of the debt and in most cases it is not high.
2. You can get a DCA to represent you in chasing the debt. You dont get any up front money but they basically do all the donkey work for you. You have to be careful here because they could charge a high fee for their services. I'm not too sure what rates you would get but if they are successful all of their fees are passed onto the debtor and the DCA keep a percentage of the debt. I'm not too sure how much they would keep though. If they are unsuccessful then you could end up with a bill from them although I have heard some do a no win no fee scheme. Obviously do your homework for this route.
1. Let them buy the debt off you. As described above they offer you a percentage of the debt and in most cases it is not high.
2. You can get a DCA to represent you in chasing the debt. You dont get any up front money but they basically do all the donkey work for you. You have to be careful here because they could charge a high fee for their services. I'm not too sure what rates you would get but if they are successful all of their fees are passed onto the debtor and the DCA keep a percentage of the debt. I'm not too sure how much they would keep though. If they are unsuccessful then you could end up with a bill from them although I have heard some do a no win no fee scheme. Obviously do your homework for this route.
Re: Anyone know anything about debt purchasers..?
Sat Jun 25, 2011 9:01 pm
Midfield...
Do you mind if I ask what the debt is for?
Whilst I deal with Personal Injury claims the company I work for has a dept that deals with debt recovery. They play hardball and apply for summary judgment followed by a Charging Order/Bankruptcy Proceedings against the individual concerned.
In most instances the money comes in very quickly.
I had £2000 owed to me for rent possession. Mother was a Guarantor. Tenant did a runner so I went after the mother. She received a letter stating what we would seek to do and cheque, for £2000, was in my hand within 5 days!
Let me know if you want me to make any "no obligation" enquiries!
Do you mind if I ask what the debt is for?
Whilst I deal with Personal Injury claims the company I work for has a dept that deals with debt recovery. They play hardball and apply for summary judgment followed by a Charging Order/Bankruptcy Proceedings against the individual concerned.
In most instances the money comes in very quickly.
I had £2000 owed to me for rent possession. Mother was a Guarantor. Tenant did a runner so I went after the mother. She received a letter stating what we would seek to do and cheque, for £2000, was in my hand within 5 days!
Let me know if you want me to make any "no obligation" enquiries!
Re: Anyone know anything about debt purchasers..?
Sat Jun 25, 2011 9:13 pm
Send the boys in thats my advice 
Re: Anyone know anything about debt purchasers..?
Sat Jun 25, 2011 10:17 pm
i got knocked for 3k last year,in over 25 years of trading i must have been taken for over 15k .court action is a joke get your money back at a £ a week.just smash everything up now .super glue all locks and nitre moss all vehicles.just makes you feel a bit better.but don't get caught.
Re: Anyone know anything about debt purchasers..?
Sun Jun 26, 2011 7:00 am
You didnt loan a player to Swansea did you? 
