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Selling Debts
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Hi All
My loan with HSBC, £22,000 (unsecured) has now been passed / sold to the 5th debt collector in 18 months as I am not in a financial position to repay.
Why do they keep on selling / offloading debts?????
Because of people like you - when they set their business plans they accept a certain percentage will default (lets say 10%). Of these, they can write it off....unlikely or sell it on. At least they will get something for the debt if not the full whack.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
If they are selling it on and not taking court action, am i right in thinking the debt is unenforceable?
The loan was taken out in 2006.0 -
It really is National Troll Day!!0
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GoldenJill wrote: »It really is National Troll Day!!
See my previous post on BR...... I aint a troll - muppet :mad:0 -
If they are selling it on and not taking court action, am i right in thinking the debt is unenforceable?
The loan was taken out in 2006.
you haven't given much info on this thread but here may be many reasons why they haven't gone to court
-you have no assets to seize
-you have no / little income
-they have lots of better bets that you
-incompetence0 -
GoldenJill wrote: »It really is National Troll Day!!
I think you'll find thats actually in late SeptemberHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
they dont have to take you to court to sell a debt, it can be sold at anytime as per t&c of origional agreement0
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See my previous post on BR...... I aint a troll - muppet :mad:
ok OK chill out! trolls are *usually* new users or folk with few posts making inflammatory comments - frequently about selling debts / unenforceability - trying to create arguments with members of differing opinions on the forum...
don’t worry… if you're honest and really seeking good advice then that is what you will receive...0 -
If they are selling it on and not taking court action, am i right in thinking the debt is unenforceable?
The loan was taken out in 2006.
It might be unenforceable, it might not. Their selling on of the debt has precisely zero point nothing to do with its enforceability though. This is what DCAs do - they purchase a debt for a percentage and the previous owner is happy to get it off their books in exchange for a small amount of money, turning a 100% loss on the money you haven't repaid into merely a 85% loss, for example. Better than nothing.If you don't stand for something, you'll fall for anything0 -
If they are selling it on and not taking court action, am i right in thinking the debt is unenforceable?
The loan was taken out in 2006.
No you not right in thinking that.
Who owns the debt really is of no concern to you at all. Eventually someone will buy your risk and take appropriate action to recover it.
You would need to provide a lot more information if you want advice (how much, how many repayments, what contact you have had etc etc)
You have given practically no information for anyone to give advice so you can understand the Troll responses (well I can anyway).0
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