do debt companies rep. the banks

pmml

DO debt companies like Debt managers ltd, Moorcroft, Wescott, actually represent the banks or have they just bougt the defaulted bad debts on?

They do keep coming up with offers while still accepting min payments i.e. £10 pm. and 3 monthly reviews..

What is really the score with them?

My original contract was with the banks have I a contract with these people??

Broken_hearted

Would imagine most just bought the debt for pennies.

pmml

does this mean that I now have a contract with them and not the original banks..?
Barclays for example have, overdraft and loan 19k with Moorcroft. been offered 9k..to pay off so far.
and Barclays also have 8k loan with DML ltd. same sort of thing.

Who do I legally owe??

lxpeanut

It gets complicated some are the banks in house debt colectors in which case you owe the bank and some have bought the debt in which case you owe them (don't ask me why this is legal I still don't get thet). I have three debts with Halifax one is dealt with by Blair, Oliver and Scott who are in house debt colectors and the other two are dealt with by Apex and Wescot who have bought the debt. You can usualy tell debts that have been sold on because they will offer you reduced final settlements but inhouse debt collectors usualy don't. Also look at the letters they send you and see if they belong to the same group of companies as your bank (they have to put this in the company info uasualy on the bottom of the letter) in which case they are inhouse.

pmml

Thanks that makes sense..only seems to be DML ltd who contact me these days. they have def. bought the debt on..

I will do a bit more digging, as the westcott one they cant give me an original agreement copy.. but i think that they are part of lloyds..

cheers

Numpty_Monkey

This might help
http://www.payplan.com/debt-library/miscellaneous.php
and this
http://www.stoozing.com/cards.htm

pmml

thanks big help,

Seems that, all my debts have been bought on.. by the DCAs, from the banks..