Selling credit card debt

gman_uk

I'm looking at selling my existing credit card debt to a company and I just wondered if anyone can clarify that this is a legal process. ie. can you legally sell your personal debt to a limited company.

Thanks in advance

MPH80

Why would a company buy something that's going to cost them money ...?

I can understand where a company would buy something that would make them money - e.g. buying the debt from a bank - so they can charge interest/fees ...

But why would someone buy something that will cost them interest?

Ansu

If it's Card Killer, avoid it like the plague.

You don't actually sell them your debt, you actually pay them to 'take the debt from you'.

You can't legally sell your debt as the borrower, iirc it's in the CCA that you cannot sell your liabilities.

If in doubt, speak to a solicitor about it.

Paul_Herring

gman_uk wrote: »

I'm looking at selling my existing credit card debt to a company and I just wondered if anyone can clarify that this is a legal process. ie. can you legally sell your personal debt to a limited company.

Thanks in advance

You're looking at years before your debt is declared unenforceable, and then a further 6 years of a trashed Credit Record before that debt rolls off it, *if* the claim is subsequently successful:

http://forums.moneysavingexpert.com/showthread.html?p=21348133#post21348133

happy1982

That sounds dodgy selling your debt to someone?...

keithboy40

how does selling your debt work