How much did the DCA pay for my debt?

And how can I find out?

I really don't see why I should be funding the DCA director's holidays in Barbados, Gleneagles etc, when I've just had to borrow £20 from his daughter to put petrol in my car to help her move house... :rotfl:
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Comments

  • Ids61
    Ids61 Posts: 71
    First Anniversary Combo Breaker
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    Hi
    Very difficult, my MBNA debt was sold to a DCA, Even my SAR did not reveal an amount.
    My best guess is around 10%.
    Whatever the amount it's a fraction of the balance, there parasitic existence means they must buy cheap and collect to maximise the profit.
  • Gordon_Hose
    Gordon_Hose Posts: 6,259
    Debt-free and Proud!
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    I think it depends how much is owed and whether it's Statute Barred or not. I've heard stories that it can be 10/20p in the pound, down to 2p in the pound.
  • mr_spud
    mr_spud Posts: 18 Forumite
    doesn't the debtor have a legal right to know? if yes, how does the debtor find out? if no, why not? otherwise debt collection is no better than a con.
  • the_insider
    the_insider Posts: 795 Forumite
    Why does the debtor have the right to know? They will not accept settlement at the same rate, they are entitled to collect the full, original balance but will often accept a lower amount.
    Getting married 02.08.14
    Wins for the wedding: membership for a 'wedsite' and app, £35 gift voucher for party supplies shop, £50 worth of hand painted signs, 1kg of heart shaped marshmallows :money:
  • JSF23
    JSF23 Posts: 43 Forumite
    I also think DCA's buy a job lot, e.g. some good, some bad so it may not be possible.
  • bottleofred
    bottleofred Posts: 2,902 Forumite
    mr_spud wrote: »
    doesn't the debtor have a legal right to know? if yes, how does the debtor find out? if no, why not? otherwise debt collection is no better than a con.

    While I don't agree with the tactics used by many debt collectors as I've had to deal with them, they are in business to make money, so am unsure how you think it is a con. Don't get me wrong, I was harassed so much that I had to change my home phone number, but if I hadn't defaulted on my loans/cards then I'd have paid a lot more in interest and charges than I actually ended up doing. I really don't think you'd ever find out what they pay, but am sure it's probably 20-25%. You should try and get a decent full and final settlement figure to settle the debt and some debt collectors will allow you to pay this off if you don't have the full amount.
    If you've nothing decent to say, perhaps you shouldn't say anything.

    £2 savings jar £300:D
    Total credit card debts £1250:mad::mad::mad::mad::mad: - Will I ever learn!!
  • chanz4
    chanz4 Posts: 10,867
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    its like anything say trading a car in, the dealer will buy for about 2k less bet he wont tell you how much but will sell at a profit
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • fermi
    fermi Posts: 40,546
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    mr_spud wrote: »
    doesn't the debtor have a legal right to know? if yes, how does the debtor find out? if no, why not? otherwise debt collection is no better than a con.

    No. The debt will be sold under a commercial agreement, the terms of which will be confidential between the buyer and the seller.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

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  • mr_spud
    mr_spud Posts: 18 Forumite
    chanz4 wrote: »
    its like anything say trading a car in, the dealer will buy for about 2k less bet he wont tell you how much but will sell at a profit

    except in the case of a debt, the dealer has bought something which previously had a know price (i.e. the original amount owing).
  • mr_spud
    mr_spud Posts: 18 Forumite
    they are in business to make money, so am unsure how you think it is a con.

    I am unsure why I should give a stuff about the success of their business enterprise. :)
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