Debt sold advice please

Hi flenk

We need to differentiate between the different types of requests you can make.

A Subject Access Request (SAR) made under the Data Protection Act is where you request information about yourself from a company and they have 40 days to provide it. If they fail to do so you can make a complaint to the Information Commissioner’s Office (ICO).

A CCA request under sections 77-79 of the Consumer Credit Act 1974 means you are asking for a true copy of your credit agreement and/or a statement of the account. You must send a £1 fee for the request to be valid. The company has 12 working days to provide the information. If 12 days pass and the information has not been provided the debt will become unenforceable until it is provided, assuming the credit agreement was taken out before 6 April 2007.

You can find links to sample letters here https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx

Susie
@natdebtline

Hi again flenk

Under the CCA request once the 12 days have passed the agreement becomes unenforceable. If at any point after that they were able to provide a true copy of the credit agreement then the debt will revert to being enforceable. If they struggle to provide the information you may be able to use it as a negotiating tool to get them to write the debt off or accept a full & final offer.

If they take court action before providing the information you should seek legal advice on entering a defence that the debt is unenforceable. Hope this helps.

Susie
@natdebtline

flenk wrote: »

Please can someone tell me:
When these debts are purchased what sort of percentage of the original debt are they purchased for ?
Or put another way, what is the minimum percentage of the original would a debt purchaser accept as settlement ?
Any advice here would be appreciated.

That information is never divulged, as its a private business arrangement between the original creditor and the new owner.

You can only make an educated guess judging by the amount of discount some DCA`s offer.

A number of other factors also determine this figure, but with discounts ranging from 30% to 60% your looking at pennies in the pound, sometimes you have to be a bit cheeky and try your luck.

But, dont forget, you are still liable for the full amount outstanding, and any discount is entirely at the creditors discretion.