Buy My Debt

DVardysShadow

WRINKLES wrote: »

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.

You are missing the point.

Although it is very open to scamming, on the basis of information which frequently appears on this forum, it looks to me that potentially a DCA could do this as an honest trade and make a good profit at it, while clearing the debts. mr.ton's post indicates that Lowells use a similar approach.

So, while there is a need to beware of the scam, the idea is still worth a discussion and a health warning is more appropriate than shouting 'scam!'

WRINKLES

DVardysShadow wrote: »

You are missing the point.

Although it is very open to scamming, on the basis of information which frequently appears on this forum, it looks to me that potentially a DCA could do this as an honest trade and make a good profit at it, while clearing the debts. mr.ton's post indicates that Lowells use a similar approach.

So, while there is a need to beware of the scam, the idea is still worth a discussion and a health warning is more appropriate than shouting 'scam!'

Hi mate dont take me wrong you are correct everything is worth discussing just shooting from the hip.

WRINKLES

I f i were a scammer i would make the same offer , i would only take on the debts that were statute barred or unenforceable , pocket ten percent , then wait for the next mug to come along.money for old rope.

fatbelly

It sounds like the sort of thing the OFT are trying to stamp out:

http://www.oft.gov.uk/news-and-updates/press/2010/43-10

This bunch only advertise a phone number. If you google it you will see that it is used by half a dozen dodgy looking companies. I'm with whoever said 'don't touch it with a bargepole'

Remember this is not a company offering to buy debts from the creditor but from the debtor.

DarkConvict

It is possible to own your own debt, But as debts are sold in batches to debt collectors and they do not know who they are buying. So the odds of defaulting on a debt, buying your own debt at a discount, removing your own default notice and clearing the debt is very unlikely.

But tell me if i am wrong, to own consumer debt, like debt companies do. Do you not require a license to operate?

hullight

Hold on...you pay them a 10% fee?

Sounds like a claims management company trying their luck with the Consumer Credit Act 1974.