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Debt selling & CCA advice
Hi
I've just registered but have been reading the posts for a while with interest.
Background
I'm in a similar boat to many on this forum with a number of debts in default. I originally contacted cccs as repayments were too much and I simply wanted to reduce these to a more manageable amount. Hopefully also someone to deal with my creditors. They put me onto Grant Thornton to act as advisors but I'm afraid GT made a big mess of it, advising me to go for an IVA. As my main creditor was Northern Rock this failed and despite my advising them that NR were known for refusing IVA's they persisted. It later failed completely and although I didn't have to pay GT I was left still dealing with all my creditors and 6 months wasted.
I struck plans with them all and have kept to the plans despite lots of problems but three (including NR) appear to have sold on the debts to DCA's. I assume they have sold them on as the DCA's (apart from employing the persistent phone tactics highlighted in threads here) have all said they can accept lesser figures as f&f payment.
I have a few questions about the DCA's and CCA requests.
1. How do I know they have bought the debt rather than representing the original creditor (one, APEX state they have bought my EGG card debt but it still appears on My accounts on Egg.com).
2. I'm tempted to send cca requests but I'm very unclear as to what they can achieve apart from a delay to repayments (which is not in my interest). I've also read that it can prompt court action from the DCA. Some say the debt can be written off, others that you can get a reduced amount (but I think you can get that anyway). If they can't provide a cca or the cca is flawed I assume you still have months/years of grief while this is fought over ultimately in court, is that correct? Or do some DCA's just say "Whoops, it's a fair cop, we'll write off your debt".
To clarify my position I am happy to repay my original creditors the full amount but I'm very unhappy about DCA's buying cheap debts written off by banks and then making peoples lives a misery. It's turned peoples unfortunate circumstances (for the many and varied reasons that people get into debt) into a lucrative industry leaving the banks (shed of the bad debt) to carry on as before.
As Alan Greenspan said about the credit crisis and corporate greed "We'll be having this same conversation in the future".:rotfl:
I've just registered but have been reading the posts for a while with interest.
Background
I'm in a similar boat to many on this forum with a number of debts in default. I originally contacted cccs as repayments were too much and I simply wanted to reduce these to a more manageable amount. Hopefully also someone to deal with my creditors. They put me onto Grant Thornton to act as advisors but I'm afraid GT made a big mess of it, advising me to go for an IVA. As my main creditor was Northern Rock this failed and despite my advising them that NR were known for refusing IVA's they persisted. It later failed completely and although I didn't have to pay GT I was left still dealing with all my creditors and 6 months wasted.
I struck plans with them all and have kept to the plans despite lots of problems but three (including NR) appear to have sold on the debts to DCA's. I assume they have sold them on as the DCA's (apart from employing the persistent phone tactics highlighted in threads here) have all said they can accept lesser figures as f&f payment.
I have a few questions about the DCA's and CCA requests.
1. How do I know they have bought the debt rather than representing the original creditor (one, APEX state they have bought my EGG card debt but it still appears on My accounts on Egg.com).
2. I'm tempted to send cca requests but I'm very unclear as to what they can achieve apart from a delay to repayments (which is not in my interest). I've also read that it can prompt court action from the DCA. Some say the debt can be written off, others that you can get a reduced amount (but I think you can get that anyway). If they can't provide a cca or the cca is flawed I assume you still have months/years of grief while this is fought over ultimately in court, is that correct? Or do some DCA's just say "Whoops, it's a fair cop, we'll write off your debt".
To clarify my position I am happy to repay my original creditors the full amount but I'm very unhappy about DCA's buying cheap debts written off by banks and then making peoples lives a misery. It's turned peoples unfortunate circumstances (for the many and varied reasons that people get into debt) into a lucrative industry leaving the banks (shed of the bad debt) to carry on as before.
As Alan Greenspan said about the credit crisis and corporate greed "We'll be having this same conversation in the future".:rotfl:
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