Buy My Debt

flintoftfinance

Hi. Has anyone heard of "buy my debt". They claim to buy your debts for a 10% fee. Once the debt has been sold to them, they say you are no longer responsible for it and creditors cannot chase you for payment. It all seems to good to be true. I find it hard to believe they buy your debt for a fee - you could cut your debt significantly. If anyone has heard of them or had any dealings with them, grateful if you could post any information (good or bad). Thanks.

RAS

Not heard of this company but the Ministry of Justice and the OFT have both put out warnings advising people not to get involved with any such companies.

It is not legally possible to sell you debt.

Link coming up.

dancingfairy

What?! Never heard of them - one thing springs to mind though - avoid with a bargepole - if it sounds too good to be true it usually is.
I have a feeling I have heard of something similar and the OFT were warning people about it.
df

Mainyasha

sounds too good to be true, would be nice if some company bought my 5 grand debt for 50 quid

flintoftfinance

Thanks for all your replies. I thought it all seemed to be to good to be true! Also wanted to alert people that this is going on - I got a leaflet through my door from them. Might contact the OFT and let them know.

bottleofred

Hi flintoffinance,

AVOID these idiots! If it sounds too good to be true, it usually is!

WRINKLES

You cannot be held responsible for someone elses debt, That is the law writen in statute . Although it may be possible to take ownership of a debt ,for instance if you buy a company then you would also take ownership of the company debts,This fly by night outfit should be selling snake oil .

DVardysShadow

RAS wrote: »

Not heard of this company but the Ministry of Justice and the OFT have both put out warnings advising people not to get involved with any such companies.

It is not legally possible to sell you debt.

Link coming up.

bottleofred wrote: »

Hi flintoffinance,

AVOID these idiots! If it sounds too good to be true, it usually is!

Hmm. People are always saying on here that DCA's buy debt for pence in the pound. So if a DCA can buy your debt at 5p in the £, but you pay them 10p in the £, they are doing nicely.

I don't see any legal constraint on a company contracting to pay off your debts for a fee.

Having said that, there is a big potential fora scam, if the company takes 10% but does not discharge your debt.

mr.ton

Lowells have a an absolute classic were by they get you to place a bid for your account - if the bid reaches their reserve price then the account is yours :rotfl:

WRINKLES

DVardysShadow wrote: »

Hmm. People are always saying on here that DCA's buy debt for pence in the pound. So if a DCA can buy your debt at 5p in the £, but you pay them 10p in the £, they are doing nicely.

I don't see any legal constraint on a company contracting to pay off your debts for a fee.

Having said that, there is a big potential fora scam, if the company takes 10% but does not discharge your debt.

It is a scam it is not worth discussing ,if anyone is daft enough to fall for it then they will probably be the same people who also buy into pyramid schemes ,i commented on greed in another post earlier today ,buy a get out of jail card ,yea come on fellas get real.

WRINKLES

Hi mr Ton how are you mate