Regal Credit letters

JohnR

Yes, they are a legitimate company, if one with questionable methods of collecting the money owed to their clients. Expect constant harrasment.

MothballsWallet

JohnR wrote: »

Yes, they are a legitimate company, if one with questionable methods of collecting the money owed to their clients. Expect constant harrasment.

Unless someone in power shows an iota of IQ and nukes their offices to dust...

PhylPho

JohnR wrote: »

Yes, they are a legitimate company, if one with questionable methods of collecting the money owed to their clients. Expect constant harrasment.

Regal Credit may be an exception, but generally speaking, debt collection agencies don't have "clients." The only client they serve is themselves.

These bottom-feeders operate in a sleazy secretive market-place closed off to consumers, where primary debt holders who for one reason or another -- for example: the basis for the debt is arguable; action for civil recovery isn't worth the time and hassle -- flog off the debt at a discounted price.

So a debt of, say, £1,000 is discounted out at £350 - £500. The ostensible £650-£500 gross profit to the debt buyer (a 'collection agency') is there to pay the costs of the agency's staff, offices and overheads.

For the debt collection agency itself to avoid going into debt, it *has* to get its money back somehow. So threats, evasion, distortion and downright lies are commonplace -- after all, if collecting the debt in the first place had been that easy, then the primary debt holder would've secured it.

There ought to be a law in the UK that no primary debt can be flogged to a secondary purchaser unless and until the primary has verifiably demonstrated that all avenues of recovery have been pursued without success.

Above all: there ought to be a law which compels every debt collection agency to specifically state whether it is seeking to collect on a debt which it has knowingly bought, and whether it truly is acting as an appointee of the primary debt holder.

That would stop the selling of debt and put so very many of the bottom-feeders deservedly out of their grubby little business.

Remember: when you deal with a debt collection agency, you're as likely as not dealing with the equivalent of some cheap punter in a back alley betting shop. The punter has placed a stake on a horse it thinks will win money for it.

And you're the horse.

Malcolm_Hoggart

Thanks for the response, I am still unsure what to do as the dept is not mine but my sons and they claim they can recover the dept from the occupier and are threatening court action which will increase the dept with legal fee's etc. What advise can you give me?

JohnR

Well, as far as I am aware, they CANT claim the debt from the occupier - however it may affect your credit rating.