Barclays sold my debt.....?
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creditcardshuffler
Posts: 134 Forumite
I received a letter today saying that Barclaycard have sold my debt to MAX recovery. I went BR in January so I am wondering why MAX recovery would "BUY" such a debt.
The letter was quite clear that it was not a demand and that they would be in contact with my supervisor/trustee, and that I need to take no further action.
Also I have received a SMS text message from Egg saying my (now defunct) Egg card has a ZERO balance now. So I guess the OR has sent out my "Statement" thingy to my creditors.
I am two months into my BR now, the time has flown by and the only letter from my OR after my telephone interview I have received has been to confirm that I can keep my Car. :j
My bank account is in the black my budgeting is going well (it has helped that my council tax is paid over ten months by direct debit so no payments in Feb/March as I paid £170 per month( this years bill arrived today it has gone up to £180 per month)). It has been a relatively smooth transition period as I have switched all the Direct Debits and my wages to my OH bank account. Heres hoping for a further quiet 10 months until I am discharged!!
The letter was quite clear that it was not a demand and that they would be in contact with my supervisor/trustee, and that I need to take no further action.
Also I have received a SMS text message from Egg saying my (now defunct) Egg card has a ZERO balance now. So I guess the OR has sent out my "Statement" thingy to my creditors.
I am two months into my BR now, the time has flown by and the only letter from my OR after my telephone interview I have received has been to confirm that I can keep my Car. :j
My bank account is in the black my budgeting is going well (it has helped that my council tax is paid over ten months by direct debit so no payments in Feb/March as I paid £170 per month( this years bill arrived today it has gone up to £180 per month)). It has been a relatively smooth transition period as I have switched all the Direct Debits and my wages to my OH bank account. Heres hoping for a further quiet 10 months until I am discharged!!
~:staradmin~BR January 15th 2008 ~:staradmin~
*~:staradmin~*
~*~E.D. July 9th 2008~*~
~:staradmin~
~:staradmin~Time to start rebuilding a more simple life~:staradmin~
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creditcardshuffler wrote: »I received a letter today saying that Barclaycard have sold my debt to MAX recovery. I went BR in January so I am wondering why MAX recovery would "BUY" such a debt.
Max recovery buy a lot of these. Especially from Barclays it seems.
As far as I remember the idea is that they buy the debts in bulk, so for each one they have paid very little. But if even a small percentage of these result in the OR paying a return to the creditors (now Max) then on average they make a profit.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Forgot to say; great news about the car.
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Thanks Fermi
I guessed that was the way they worked it, I hope they don't have any objections to the OR statement and then maybe (fingers crossed) I will be eligible for ED.~:staradmin~BR January 15th 2008 ~:staradmin~*~:staradmin~*~*~E.D. July 9th 2008~*~~:staradmin~~:staradmin~Time to start rebuilding a more simple life~:staradmin~0 -
Hmm max recovery bought all my barclays debts as well....they've been brilliant to deal with while I started cleaning up my credit files after my early dischargeWe all die. The goal isn't to live forever, the goal is to create something that will0
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They bought mine too after I'd been discharged! It was a Barclay's debt for an overdraft, all of £141. I phoned them up and they corrected it on the credit file as satisfied.0
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