creditcardkiller.co.uk

ICan'tStandIt · 18 December 2009 at 9:26PM

Does anyone have any experience of these people ?

I'm not planning on using them, but I understand that they somehow 'buy' debts off people.

As someone who works in banking and deals with credit card debt all the time, I know for a fact that you cannot sell a debt unless the bank the money is owed to consents (which it's highly unlikely that they would do).

The bank can sell on the debt as it's theirs to sell, but the debtor (the customer) can't sell it - which if I read it right, "Credit Card Killer" claim to be able to buy debts.

It must be so upsetting to think that you're finally rid of a debt, only for the bank that you've supposedly got rid of is still chasing you.

I really loathe these sorts of operations. I know that banking has a bad reputation, but these fly-by-night types are on another level when it comes to giving false hopes and conning people.

xmaslolly76 · 18 December 2009 at 9:42PM

http://www.thisismoney.co.uk/credit-and-loans/dealing-with-debt/article.html?in_article_id=488370&in_page_id=62

The artical seems to say its all very dodgy and i personally think if you can afford there fees you can afford to make at least nominal payments to your debts. Looking at their website your first debt would cost you £450 and then £350 for any subsequent debts in fees and there is no guarentee that the system works you will still be chased for payment.

fermi · 18 December 2009 at 9:51PM

If they are making those sorts of claims, then please report them to the OFT and Ministry of Justice.

Companies scamming consumers with nonsense claims like that need to be shut down.

http://www.oft.gov.uk/news/press/2009/72-09

OFT warns consumers about 'debt sale' scams

72/09 23 June 2009

The OFT is warning consumers not to be taken in by businesses claiming to help them become debt free by 'buying' or 'selling on' their debts.

The warning follows a significant increase in the number of adverts on the internet and in newspapers from debt and claims management companies that misleadingly state they can take over liability for debts or write off debts by purchasing consumers' credit agreements.

In fact the law does not allow the sale of debt without the lender's permission and so businesses that suggest otherwise are making clearly misleading claims. Brokers who introduce clients to debt and claims management companies that say that they can 'buy' and 'sell on' consumer debts are also misleading consumers.

Consumers need to be aware that if they 'sell' their debts to one of these businesses, either directly or through a broker, they will still be liable for their original repayment obligations as well as losing the money they paid for this false service.

Consumers will also still be subject to any debt collection activity and negative credit scoring associated with the original debt.

The principal regulator for claims management companies is the Ministry of Justice. Those businesses that operate in the credit/debt sector also need to be licensed by the OFT. Some of the firms offering these services do not have consumer credit licences and the OFT is working in partnership with local trading standards services to prosecute them for unlicensed trading. Formal licensing enforcement action has already been initiated against licensed companies whose advertising or websites are making these misleading claims.

Ray Watson, OFT Director of Credit, said:

'Like most scams, when something looks too good to be true, it usually is, and this is certainly the case here. You cannot simply sell on your debt and its liabilities, and businesses that make misleading claims to the contrary are just trying to take advantage of consumers' distress.'

'The OFT will not hesitate to take swift action against businesses which deliberately mislead consumers.'

'Consumers with debt problems should contact their creditor to arrange a repayment plan or their local Citizens Advice Bureau who will be able to provide free advice.'

ICan'tStandIt · 18 December 2009 at 10:06PM

xmaslolly76 wrote: »

http://www.thisismoney.co.uk/credit-and-loans/dealing-with-debt/article.html?in_article_id=488370&in_page_id=62

The artical seems to say its all very dodgy and i personally think if you can afford there fees you can afford to make at least nominal payments to your debts. Looking at their website your first debt would cost you £450 and then £350 for any subsequent debts in fees and there is no guarentee that the system works you will still be chased for payment.

Thanks for that link, very interesting and it just further confirmed my suspicions that the people behind this company, Basil and Amanda Rankine, are just pond-life making money out of people's misery and misfortune.

Not sure if I can report them though, Fermi, as I have no personal experience of them. Not sure if the fact that I had to send a letter to a customer today saying that her letter from "Credit Card Killer" wasn't worth the paper it was written on and that we still wanted her to pay up counts :-(

fermi · 18 December 2009 at 10:12PM

ICan'tStandIt wrote: »

Not sure if I can report them though, Fermi, as I have no personal experience of them. Not sure if the fact that I had to send a letter to a customer today saying that letter from "Credit Card Killer" wasn't worth the paper it was written on and that we still wanted her to pay up counts :-(

Of course you can.

You just send an email to [EMAIL="enquiries@oft.gsi.gov.uk"]enquiries@oft.gsi.gov.uk[/EMAIL] saying that you have noticed that this company is making the type of false claims the OFT warned about in their advisory I linked to.

The OFT don't resolve individual complaints in the same way the FOS do, but they do register all complaints and flag relevant ones up to their investigation branch. The more reports they receive on a company, the more likely they are to investigate as a priority.

If these people are not reported then they will continue to get away with these scams.

ICan'tStandIt · 19 December 2009 at 12:48PM

Thanks Fermi, I will look into doing that.

oscar52 · 19 December 2009 at 1:04PM

fermi wrote: »

If they are making those sorts of claims, then please report them to the OFT and Ministry of Justice.

Haven't creditcardkillers aka Basil and Amanda rankine already had their license/permissions (whatever the correct term is) revoked by the MOJ?

fermi · 19 December 2009 at 1:27PM

oscar52 wrote: »

Haven't creditcardkillers aka Basil and Amanda rankine already had their license/permissions (whatever the correct term is) revoked by the MOJ?

Yep. But they "claim" that this [STRIKE]SCAM[/STRIKE] business of theirs does not need it.

But that is up to the MoJ to decide, not them, so best to report to the MoJ that they are still trying to trade.

creditcardkiller.co.uk

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