Attn martin lewis-rip off debt collection agencies its immoral

Premier_2

Why don't you just pay back what you owe? :huh:

If you haven't the money, you seem to believe there's a simple way to obtain it.
Set up your own DCA, buy someones debt (let's use you example) of £6000 for £600. Then ask the debter to pay the full £6000 making you a clear profit of £5400 all for the sake of a phone call, or perhaps a letter :cool:

I look forward to Martin sharing this idea with his 6 million email readers this Wednesday. Heck, if we all did it and just collected 5 debts each (say 1 per day, it's hard work making a phone call or writing a letter, isn't it), we could even get the government deficit problem resolved within the week. It's going to be so easy; anyone who claims they can't afford to pay their debts can simply be informed of how they too can earn £5400 with ease.

Cracking plan, larrybee. If this proposal works, Cameron will oust Osborne and make Martin Chancellor in no time, or pehaps get Martin a seat in the the other house like Brown arranged for Sugar.

Lord Lewis of Moneysavingville. I can envisage it now :money:

real1314

larrybee wrote: »

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.

You think it's immoral that a company should take a risk on recovering a £6k debt for which they paid only £600?
Yet you do not think it's immoral that a person should take £6k of finance and complain when they cannot settle for...not even £600, as little as £300.
That is a very perverse and self-serving attitude. You want £6k for £600 or £300 with virtually no risk, but the DCA only gets £6k for £600 at a very high risk.
Your attitude is more immoral.

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 ???

Or ww could have a law that limits the opportunity for people to evade the debt for the actual money they have taken through finance? If a DCA can only ask for double what they have paid, should a debtor only be able to settle for no less than half of what they have had as financed cash?

You really haven't considered your own responsibility in this course of action. You seem to see things as requiring total bias towards the consumer.:cool:

larrybee

OK OK its not that I don’t agree if you borrowed it you should pay it back.

In my example it should have been £3000 not £300 in that if said credit card company sold debt to DCA for ONLY £600 then why not offer customer first chance to settle at say £3000 then negotiate .

Anyway Maybe I have not explained fully.

What happens when you borrow money you try and pay back .You pay the minimum payment for years and then lose your job, then you become ill but still try to pay back the loan.

The credit card company get fed up with low agreed payments so they sell debt on to DCA at a VASTLY reduced price .I still say at this stage it is wrong to expect the above person to be pursued for the total amount when the credit card company have been paid by their insurance ( and yes okay they may pay highly for the insurance but I bet they still come out with a profit at the end of the day!!!!).

Anyway it is obvious that I can not express myself sufficiently here.

I still feel that it is wrong for the dca's to exploit the people who are trying to sort their debts out!!!!

zppp

larrybee wrote: »

The credit card company get fed up with low agreed payments so they sell debt on to DCA at a VASTLY reduced price

And apart from the costs to DCAs in tracing non-payers and corresponding with them, offering full and final settlement offers, sometimes 10% of the balance (what they may have paid in the first place to buy the debt) it is actually not as clear cut as you think.

triticale

lingy wrote: »

Under the freedom of informations act can you not contact the company who sold the debt ?

FOI only applies to government information, not that of private businesses!

larrybee

ZPPP well thats their problem isnt it ,if they take the risk on???

larrybee

thanks triticale

custardy

larrybee wrote: »

ZPPP well thats their problem isnt it ,if they take the risk on???

and the same argument could be used on your proposed poor borrowers

larrybee

so pay it back regardless of circumstances??? and feed those hungry correct dcas then??