Debt sold on

hettiecarro

Hi

Can anyone tell me how I will know if my debts have been sold on? Do the original creditors have a duty to inform me?

I am ready to make F & F offers but am not sure if my debts are still with the original lenders.

Any advice very welcome.

DarkConvict

They must send you a NoA (notice of assignment) to tell you which creditor has sold which debt, and to who they have sold it to. I should probably use the term 'must' in a light sense here as its not usual to first hear about the change from a debt collector demanding payment.

I would address the F&F offers to the company you last paid, as debt collectors are usually quick to chase when passed to them.

Do you need help with F&F offers, do you know the terms you should state, as well as the need for a deadline so they respond in a decent time.

confused90

send a cca request, if it's still with the original creditor they will respond with a copy, if the debt has been sold the dca won't have a copy and will either stop chasing you or if they play by the rules (not many do) they should reply to say they have not got a copy.

you can also ask the dca you are dealing with if they now own the debt but some of them will lie and say no when they actually do because it's quite easy to avoid paying a debt when it has been purchased and i personally see nothing wrong with avoiding paying a debt purchaser because in my eyes they never lent you any money and are simply leeches trying to make a quick buck out of people in financial difficulty by buying thier debts for peanuts.

hettiecarro

Thanks both for your replies. Indeed I will need help with the F & F offers Darkconvict.

I will work out the exact balances again in the morning and post them. It is around 60K and I will have approx £35 - 40 to pay off. I understand I should try to start quite low - but your opinion will be very welcome.

hettiecarro

That's £35000 by the way - not £35 !!!!

DarkConvict

Here is the info we give to people, - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

National debtline provide the F&F template on there.

We recommend adding in a deadline date of 14 days to ensure they reply. Also adding in the money is been made available from a family member to help me out, it is only available for a short time and if you do not accept the offer will be made to one of our other creditors.
If you defaulted on the debts you could add in a request to remove the default as well but it is uncommon for them to do so, sometimes they will only do a partial settlement (credit report is updated to partially satisfied). Whatever you do, you need to ensure that neither the creditor or 3rd party will chase for the remainder, no point in paying a lump sum and them chasing you later.

Any confirmed offers you get, which must be in writing so you can confirm the terms should be kept for 6 years just in case.

Start at 20%, and move your way up if they refuse, only offer what you can afford, so don't 20% to all creditors if you can't afford it, offer 20% to a couple, if they refuse then try the others, if they refuse up it to 25/30% and try again.