Walking away from joint loans

never-in-doubt

poppy10 wrote: »

Try googling:
http://www.marketoracle.co.uk/Article12229.html:
"Marlin Financial Services is a debt recovery agency that buys difficult to recovery debts from the banks and credit companies at usually less than 10p in the pound."

http://www.guardian.co.uk/business/2009/jul/05/debt-collectors-private-equity
"Banks unsuccessful at chasing their customers' debts have sold off billions of pounds' worth of unsecured consumer loans to niche agencies at steeply discounted rates - as little as 5p in the pound in some cases."

Hiya

Nicely done Although to be fair it is standard industry knowledge that DCA's buy debt at a fraction of the actual value, therefore we always advise people to make F&F offers to the DCA and not the lender because at the point the debt remains with the lender they will want 100% repaid.

However, the moment they write it off as tax deductable losses and sell it to the DCA's (usually for around 7p - 23p in the £) they are no longer bothered about it as they are non accountable. So, from this you can imagine that if you owed £10k and the lender sold this to a DCA for £1400 (14p in the £1) then you offer the DCA £1500 - they will usually accept cos they have just made a profit!

Anyway, thats the way it works - nice one for providing the links, although a simple check of Watchdog (to ILW) would have shown the true extent as they reported on this earlier in the year.....

On that note, may be worth watching this week cos rumour has it there will be something about DCA's or CRA's - hmmmm (intriguing....)

thydipptimon

Hi Everyone..

Who do I need to write to, to rewrite the bills so consolidated loans are eligible for IBR. My Federal representatives, someone at the Dept of education, someone on a committee?

When we consolidated we thought it would make our lives easier, at 9% interest its been nothing but a curse. And now yet again when a wonderful program that would be such an asset to our life is about to be implemented we are yet again going to lose out because of this horrible consolidation. How were we to know this would be one of the biggest mistakes of our lives?

never-in-doubt

thydipptimon wrote: »

Hi Everyone..

Who do I need to write to, to rewrite the bills so consolidated loans are eligible for IBR. My Federal representatives, someone at the Dept of education, someone on a committee?

When we consolidated we thought it would make our lives easier, at 9% interest its been nothing but a curse. And now yet again when a wonderful program that would be such an asset to our life is about to be implemented we are yet again going to lose out because of this horrible consolidation. How were we to know this would be one of the biggest mistakes of our lives?

Are you in the US?

MORPH3US

barloo69 wrote: »

The debt collection agency has his address and could eventually send in bailiffs once they have taken him to court that is.

I'm not knowledgeable in this area so forgive me.... but if the OP's partner is servicing the debt then they would have no reason to send in the bailiffs to the OP's parnters ex partner surely?

never-in-doubt

MORPH3US wrote: »

I'm not knowledgeable in this area so forgive me.... but if the OP's partner is servicing the debt then they would have no reason to send in the bailiffs to the OP's parnters ex partner surely?

You're spot on, they cannot. Have a read here to establish the facts of what Bailiffs etc can and cannot do

Dealing with Bailiffs Harassment