Debt Collection Agency Bound?

snowball1_2

Guys, these three debts...

1. Cooperative Bank £12,811
2. Barclays Bank £12,700
3. Cahoot £7,057

I have been paying these people £7-8 a month without any hassle, threatening letter not even phone calls.

I was just curious whether anyone thinks these debts will be sold off soon to DCA's? I have been paying them this low amount for over a year now without any issues. I am thinking or hoping, that they are sold so I can save up some money to offer a F+F payment...

Your thoughts my friends?

snowball1_2

Bump :j

fatbelly

Why and when creditors decide to sell debts on is not an exact science. In the 'old' days (before the credit crunch) there was a market for debts like this at about 30% of the headline balance. So e.g. Cahoot could decide to accept £7-8 for 1000 months or take a swift hit and sell it for £2100.

Now, although creditors want cash fast, there is not the same market.

But they don't need to be sold off for you to offer f&f. You just need to have been issued with a default notice, which you probably have, as your payments will be well below the contactual amounts. So your plan is good. Start saving!

snowball1_2

fatbelly wrote: »

Why and when creditors decide to sell debts on is not an exact science. In the 'old' days (before the credit crunch) there was a market for debts like this at about 30% of the headline balance. So e.g. Cahoot could decide to accept £7-8 for 1000 months or take a swift hit and sell it for £2100.

Now, although creditors want cash fast, there is not the same market.

But they don't need to be sold off for you to offer f&f. You just need to have been issued with a default notice, which you probably have, as your payments will be well below the contactual amounts. So your plan is good. Start saving!

Thanks for your reply

If some of my creditors have not issued me with a default notice then am I still able to offer a F+F payment, or is it only relevant when a notice has been given?

Also how do I find out who has given me defaults? I know ive recieved quite a few but have misplaced most of them

Ames

You could check your credit files, they'll show any defaults. You can only be defaulted once for each debt. Experian are doing a free trial at the moment, and I think you can go through Quidco to get cash back for it.

snowball1_2

Ames wrote: »

You could check your credit files, they'll show any defaults. You can only be defaulted once for each debt. Experian are doing a free trial at the moment, and I think you can go through Quidco to get cash back for it.

How do I go about using the free trial mate, any links?

To be able to offer a F+F payment do I need to have recieved a default?

Ames

I'm not sure sorry, I've never asked for my report. Someone will be along soon who knows though! (Or just watch telly for a bit, there seems to be lots of adverts for it right now).

I don't know about if you've had to receive a default to offer an f&f, I haven't done one. I'd have thought if you've been paying well below the normal amount for a long time then they'd prefer to get something back now, or at least that's what I'm hoping with my debts! As fatbelly says though you probably do have defaults.