RMA Debt Collection Agency

looby75

My friend was having problems with a dca (not sure which one but morecroft rings a bell) and after weeks of being hassled day in and day out she finally snapped and let rip. The person on the other end of the phone was being quite rude to her and telling her she should be ashamed of her self for running up debts and not paying, to which she screamed down the phone "ASHAMED, I SHOULD BE ASHAMED....How about talking to my @#!* of a ex husband who ran off with someone 20 years younger than me, leaving all the debt he has persuaded me to sign up for over the 15 years we were together and his 3 children to fend for. If you want to speak to someone who should be ashamed hunt him down." then slammed the phone down. Funnily enough all correspondence was in writing from then on it LOL

Dr.Shoe_2

What a lot of these people fail to realise is is that many of us are victims. For example there are people on this forum that have had partners or spouses that have run up enormous debts and then disappear or others who (like myself) have had their pay drastically cut after having taken out loans. In my case my hours have been restricted by law to 48 hrs per week when I was doing 60 before. I lost £200 per week at a stroke.

looby75

Dr.Shoe wrote:

What a lot of these people fail to realise is is that many of us are victims. For example there are people on this forum that have had partners or spouses that have run up enormous debts and then disappear or others who (like myself) have had their pay drastically cut after having taken out loans. In my case my hours have been restricted by law to 48 hrs per week when I was doing 60 before. I lost £200 per week at a stroke.

Yes it would be so much easier if we all had those crystal balls some people seem to blessed with. :rolleyes:

There but for the grace of god. I know I wouldn't be in as much of a mess as I am now if I had been able to see 5 years into the future

rog2

Toto wrote:

I've just been reading this thread about DCA and their behavior and I agree they are by and large scum. The bit that is really bothering me right now though is this. I realise I got myself into debt, I signed credit agreements with various companies and I owe them money and hand on heart I don't mind busting my !!! to pay that back. What I do mind is someone else profiting from other's misery and behaving like they are holier than thou in the process.

Now if what I am reading is correct, the banks sell the debt for next to nothing to these DCAs who then collect not only the full amount but rack on a whole heap of trumped up charges into the bargain. I have a loan which was 18k I paid £4200 back in repayments with no payment protection and the DCA want £19500. Now even on an interest only basis that deal sucks. I do want to pay back my debts to the people I borrowed the money from, I don't want to line other peoples pockets, especially when they can't even be gracious in the process. It almost makes bankruptcy appealing LOL

Obviously I don't get a choice in the matter, I have to pay the amount requested by the DCA. If nothing else it all makes me feel a lot stronger when I have to deal with these people. I may be scum in their eyes for being in debt but I could never stoop so low to make a massive profit out of other people's pain. And they of course will say they are only doing it for the benefit of the creditor!

This is an interesting point and poses a question:

If the banks (or any financial institution for that matter) do sell debts to DCAs for peanuts, would it not be better for them to make a final offer, to the debtor, to settle the debt at a sum equivalent to that which they would receive from a DCA?
If this were a last legal resort then a lot of people, who are already suffering, would be spared the final indignity of the dreaded DCA.

Tootsie_Roll

rog2 wrote:

This is an interesting point and poses a question:

If the banks (or any financial institution for that matter) do sell debts to DCAs for peanuts, would it not be better for them to make a final offer, to the debtor, to settle the debt at a sum equivalent to that which they would receive from a DCA?
If this were a last legal resort then a lot of people, who are already suffering, would be spared the final indignity of the dreaded DCA.

Oh dear - we're back to the same old misunderstanding that dca's ALWAYS pay peanuts for debt that they purchase. Just why does this myth keep coming up ? Why do people always assume that is the case ?

Once again I will try to set the record straight. DCA's pay different rates for debt depending on a number of different factors including such things as previous payment record, age of debt, time it's been in arears and so on. So using MBNA as an example - most of their debt is not passsed out to a dca to collect on their behalf but sold as soon as it goes through their collections cycle. Other lenders will generally pass the debt out to 2 or even 3 dca's before selling it - clearly if you want to purchase MBNA debt you are going to pay significantly more than say a Barclays debt which has been to every man and his dog. Now factor in age of debt etc etc and you start to get an idea. Debt is sold for anything between 0.25p in the £ for really old rubbish that you have almost no chance of collecting right up to 70p in the £ for 'prime' debt that hasn't been worked very hard. The majority in the UK falls into the 25p - 50p bracket. I have been out of this game for a while now but dca's have been very unhappy for a few years now as the price of debt has increased massively over that time. In a lot of cases institutional investors have come along (yes that's your pension fund!) and paid way over the top forcing prices up - if the trend continues it will be very difficult to make any money at all as has already happened in a number of cases in the USA where the market followed exactly the same trend (they are a few years ahead of us) and there have been some spectacular failures.

Now to your question - lenders are generally very disorganised (hence the problems obtaining copy agreements etc), some will do short settlement campaigns prior to selling debt but most wont. There is also a danger that if dca's know they run these campaigns just prior to selling it devalues the whole pot and it may be more profitable just to sell as is. If the debtor writes to the lender and asks them they will probably get it. Certainly I would have taken your money and been grateful. DCA's will always consider a short settlement although I did work for one guy who thought it was very short termist and wouldn't consider them - not surprisingly they are not hugely successful and I moved on.

rog2

Tootsie_Roll wrote:

Oh dear - we're back to the same old misunderstanding that dca's ALWAYS pay peanuts for debt that they purchase. Just why does this myth keep coming up ? Why do people always assume that is the case ?

Once again I will try to set the record straight. DCA's pay different rates for debt depending on a number of different factors including such things as previous payment record, age of debt, time it's been in arears and so on. So using MBNA as an example - most of their debt is not passsed out to a dca to collect on their behalf but sold as soon as it goes through their collections cycle. Other lenders will generally pass the debt out to 2 or even 3 dca's before selling it - clearly if you want to purchase MBNA debt you are going to pay significantly more than say a Barclays debt which has been to every man and his dog. Now factor in age of debt etc etc and you start to get an idea. Debt is sold for anything between 0.25p in the £ for really old rubbish that you have almost no chance of collecting right up to 70p in the £ for 'prime' debt that hasn't been worked very hard. The majority in the UK falls into the 25p - 50p bracket. I have been out of this game for a while now but dca's have been very unhappy for a few years now as the price of debt has increased massively over that time. In a lot of cases institutional investors have come along (yes that's your pension fund!) and paid way over the top forcing prices up - if the trend continues it will be very difficult to make any money at all as has already happened in a number of cases in the USA where the market followed exactly the same trend (they are a few years ahead of us) and there have been some spectacular failures.

Now to your question - lenders are generally very disorganised (hence the problems obtaining copy agreements etc), some will do short settlement campaigns prior to selling debt but most wont. There is also a danger that if dca's know they run these campaigns just prior to selling it devalues the whole pot and it may be more profitable just to sell as is. If the debtor writes to the lender and asks them they will probably get it. Certainly I would have taken your money and been grateful. DCA's will always consider a short settlement although I did work for one guy who thought it was very short termist and wouldn't consider them - not surprisingly they are not hugely successful and I moved on.

I do not think anyone has said that ALL DCAs purchase debts for peanuts. In my own business I am often being offered up to 80% for outstanding debts (Please Note that I have NEVER, nor would even contemplate doing so, sold on a debt.) If DCA's are performing such a fantastic service, then I must express my surprise at the number of people who appear to be dissatisfied with their dealings with them.
Please, therefore, accept my apologies if I am the only one out of step.

Tootsie_Roll

rog2 wrote:

I do not think anyone has said that ALL DCAs purchase debts for peanuts. In my own business I am often being offered up to 80% for outstanding debts (Please Note that I have NEVER, nor would even contemplate doing so, sold on a debt.) If DCA's are performing such a fantastic service, then I must express my surprise at the number of people who appear to be dissatisfied with their dealings with them.
Please, therefore, accept my apologies if I am the only one out of step.

I think you may have misunderstood my post and I apologise for any confusion.

With the debt market as it is currently I don't think ANY dca's are purchasing debt for 'peanuts' unless that debt is very poor quality - very low return.

I am certainly not saying dca's perform a fantastic service either, you may have confused the service they offer their clients (lenders) with the 'service' they offer the debtors they call.

donkeysnack

Hi to anyone who is currently having dealings with RMA
Can anyone provide me with RMAs phone number. I unfortunately need to contact them and have mislaid the one letter I had with their details.
Many thanks in advance.

frankie1_2

I have received communications from this company.
The number I have is 08717506699.
These are part of the MBNA company I've been informed

rog2

Why pay 0871 rates, when a good percentage of the cost of your call will be paid to RMA? Try 01772 843163.