Attn martin lewis-rip off debt collection agencies its immoral

larrybee

Hi is anyone else out there fed up ,hacked off and really dis spirited etc about the crap that debt collection agencies get away with. like buying debts for pennies in the pound then coming after you for the full amount.

I WISH MARTIN LEWIS HAD THE TIME TO TALK TO ME!!! On this subject .I know he is a very busy man but I want to start and TAKE ACTION on this subject as I HAVE HAD ENOUGH!!!!!.

come on martin WHY NOT Start a REVOLT like you have done with bank Charges and ppi ETC.

HELLLLLLPPPPPPP:(:(:(:(:(:mad::mad::mad::mad::mad::mad:

nottoolate

i doubt martin will see this here. try the site feedback board

bargainbetty

If you read the boards, most people are taking action to reduce the amount DCAs get away with. Using the knowledge of the law that is available to us here, many people are preventing themselves from being taken advantage of or pressurised.

DCAs buying debts cheap is nothing new - it is how the business works. They do chase people and often rely on the debtors' lack of knowledge (and yes, some pretty mean-spirited tricks and bullying) to get people to pay up. People on here teach you how to fight this.

If you borrow money and do not pay it back there are consequences, but they can be managed. Martin Lewis has done his best to help people fight for themselves - why not start your own campaign? Get you MP involved, ask for a meeting with Trading Standards etc.... why ask someone else to do what you are capable of doing?

lvm

If you choose not to repay what you borrowed or agreed to repay then DCAs aren't doing much wrong! They are a business after all and need to make a profit. And anyway, most DCAs who buy debts for peanuts will generally clear the debt for less than the full amount so you're better off with a DCA that original creditor.

Of course, it depends on the tactics the use and when/if they become threatening but the general business of a DCA - nothing wrong with it!

bottleofred

Hi folks,

I totally agree with lvm as I was responsible for borrowing the money and then also getting into debt when it all went wrong. Yes, some debt collectors use horrible tactics, bully and harass debtors into trying to get them to pay, which is totally wrong, but they are businesses who make money like every other business. Larrybee, I didn't like them either and eventually had to get my phone number changed to avoid the many calls from them, but if people get into debt (me included), there will always be debt collectors waiting to try to make money out of it. I got some very good settlement figures from some dcas and remember having to pay 20% of a £12400 debt as a full and final, so while I was verbally harassed during telephone conversations, in one instance, I managed to save some cash.

winner12

Hi
Agree totally with the above post
It boils down to how much you let the DCA wind you up and with all the knowledgable people on these forums you can fight your own battles and in some cases be debt free much quicker.

larrybee

WOW Many thanks for all the above points!!

1/ “lvm” Whilst I appreciate when one borrows money ,one is responsible to paying it back but when say for arguments sake "Barclaycard sell on a what say £6000 debt for what would they ask a DCA for £600??? then the DCA come after you for the full amount .

(Yes it is a Business I agree BUT,) I think it is a bit or rather HUGELY IMMORAL that after buying the debt for so little thay are allowed to ask for the full amount .

One is not refusing to pay but if the credit card company had made such an offer maybe not £600 straight away but say maybe half (£300 ) ?? then that would not be so bad.

When the debt is sold at SUCH A LOW AMOUNT and the credit card company have insurance anyway against this it is WRONG that the DCA can come after you for the whole amount .

What about a new law to say (yes they the DCA are in business) but to limit the amount by making a percentage of the amount law ,if you see what I mean so they buy a £6000 debt for £600 than maybe they should only be allowed to ask for £1200 still allowing them to make a profit but also allowing the person like me/you a chance to pay it off and then everyone is helped ???

2/ “Bargain Betty” I do not expect Martin Lewis to sort it all out for me/us .

What I meant was for some help maybe in starting a campaign backed by Martin Lewis ( as he has lots of experience to offer )

Thanks though for your comments:rotfl::eek:

custardy

larrybee wrote: »

WOW Many thanks for all the above points!!

1/ “lvm” Whilst I appreciate when one borrows money ,one is responsible to paying it back but when say for arguments sake "Barclaycard sell on a what say £6000 debt for what would they ask a DCA for £600??? then the DCA come after you for the full amount .

(Yes it is a Business I agree BUT,) I think it is a bit or rather HUGELY IMMORAL that after buying the debt for so little thay are allowed to ask for the full amount .

One is not refusing to pay but if the credit card company had made such an offer maybe not £600 straight away but say maybe half (£300 ) ?? then that would not be so bad. It mayend up being sold that low,however I doubt they sell a £6K debt that cheap in the first place. the fact is you borrowed £x,and feel by defaulting you should get that cut down to £x/10?

When the debt is sold at SUCH A LOW AMOUNT and the credit card company have insurance anyway against this it is WRONG that the DCA can come after you for the whole amount .so that insurance is free then?

What about a new law to say (yes they the DCA are in business) but to limit the amount by making a percentage of the amount law ,if you see what I mean so they buy a £6000 debt for £600 than maybe they should only be allowed to ask for £1200 still allowing them to make a profit but also allowing the person like me/you a chance to pay it off and then everyone is helped ??? so limit a companies ability to make money,whilst requiring you to pay back the money you borrowed?

seriously,can you not step back and see what you are proposing? so If i borrow 20K,then i just sit back and pay nothing.
safe in the knowledge tha when it hits the DCA I will only be liable for X%, since the law states that. which by your example would be £10k
free £10K nice,what am i saying. get that law in today!

lingy_2

Under the freedom of informations act can you not contact the company who sold the debt ? Find out how much was payed and settle with the cheeky grasping collections agency for the amount they payed.Why do the original lending companies not let you settle in the same way as these sharks?

mandragora_2

Why should they?

ForumName_2

larrybee wrote: »

Hi is anyone else out there fed up ,hacked off and really dis spirited etc about the crap that debt collection agencies get away with. like buying debts for pennies in the pound then coming after you for the full amount.

I WISH MARTIN LEWIS HAD THE TIME TO TALK TO ME!!! On this subject .I know he is a very busy man but I want to start and TAKE ACTION on this subject as I HAVE HAD ENOUGH!!!!!.

come on martin WHY NOT Start a REVOLT like you have done with bank Charges and ppi ETC.

HELLLLLLPPPPPPP:(:(:(:(:(:mad::mad::mad::mad::mad::mad:

And why should you not pay back the full amount???????????????????

Dont borrow if you cant pay it back, simple.:)