We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Question of the Week: Ads offering to let you sell your debts
MSE_Martin
Posts: 8,268 Money Saving Expert
Q. I've seen adverts offering to let you sell your debts. Is it worth it?
A. [FONT="]No! There's a growth in companies offering to let you sell your debts to them where you pay a fee of around 10%. They say they'll sell it to a third party which will then argue it doesn't have to pay them.
Yet you CAN'T sell debts without the lender's permission. So usually go through the transaction and you'll be left with the debts PLUS you'll have shelled out a 10% fee.
If you're struggling, the best thing to do is try to cut interest costs, and repay as quickly as possible or seek non-profit free debt counselling agency, there's a full detailed guide & video at Debt Help.
A common related question is about companies promising to help you write debts off. Read the Credit Wiping mini briefing for more on that. [/FONT]
[threadbanner]box[/threadbanner]
A. [FONT="]No! There's a growth in companies offering to let you sell your debts to them where you pay a fee of around 10%. They say they'll sell it to a third party which will then argue it doesn't have to pay them.
Yet you CAN'T sell debts without the lender's permission. So usually go through the transaction and you'll be left with the debts PLUS you'll have shelled out a 10% fee.
If you're struggling, the best thing to do is try to cut interest costs, and repay as quickly as possible or seek non-profit free debt counselling agency, there's a full detailed guide & video at Debt Help.
A common related question is about companies promising to help you write debts off. Read the Credit Wiping mini briefing for more on that. [/FONT]
[threadbanner]box[/threadbanner]
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards