hire purchase

ktcornet

Hi all! Im new to the forum so im sorry if ive posted this in the wrong place!

My partner was medically discharged from the army and has bi polar and post traumatic stress disorder. Three years ago on one of his bi polar highs he arranged finance with a company that deals with bad credit for a motorbike costing £7000.00!! The amount payable was over 13000 pounds.
Thay gave him the credit even after seing his bank statements with loads of transactions to gambling sites etc and little income.
anyway 3 weeks ago it was repossesed and advantage finance are still after £6000 pounds! Where do i stand with this? We cant afford to pay anything...my partner has become so ill that he cant work and I have had to stop work for a few months and become his carer. Can advantage finance take our car (which is only worth a few hundred anyway) or other belongings? we dont have much anyway, no huge tellys etc, just basics.
Could anyone tell me what they can do and if they should have given him the finance with his obvious bad credit history in the first place?
Thanks in advance,
Katie

PNPSUKNET

if you have evidence of his illness go via the cab, let them write to them. However all they can do is take him to court or pass around a few dca's

ktcornet

PNPSUKNET wrote: »

if you have evidence of his illness go via the cab, let them write to them. However all they can do is take him to court or pass around a few dca's

Thank you. yes I have plenty of evidence of his illness, i will go to cab asap. What is a DCA? Is it like a cca or worse?
Many thanks!!

Chrisblue1962

Hi ktcornet

Sorry to read about your situation. DCA means "Debt Collection Agency". They are basically companies who do deals to "buy" debts owing to credit card companies and alike at a discount and then collect the debt from the person who owes the money.

E.g. NuggetWest Credit Card company owed £5,000.00 by Fred Bloggins.

Grabbit Debt Collection Agency "buy" debt off NuggetWest for say, £3000.00.

Fred Bloggins now owes £5000.00 to Grabbit Debt Collection Agency £5000.00

Grabbit Debt Collection Agency £5000.00 collects £5000.00, making £2000.00 profit.


DCA's usually make additional money by levying charges if repayments are missed, letters not replied to, etc and chasing debts that mainstream lenders don't think they'll be able to collect anymore.

Many mainstream / original lenders "sell on" debts because their own internal costs will outweigh the actual debt. Mainstream lenders like "new debt" i.e. new customers or old reliable ones who pay on time as it's more profitable than chasing "old debt" in terms of staff time / costs.

Hope this helps and good luck.