Bully Boy Debt Recovery firms

Houndog_2

I heard yesterday that if you fall behind with loan payments the lender can sell the debt to one of these companies..so in effect the recovery firm pay off the debt at a great reduction then start chasing you for the full amount. If this is all done without your permission, and as per the Bill of Exchange Act 1888, then you are within your rights to contact the debt recovery firm saying, " thank you so much for paying off my loan for me, it's very kind of you. I would now be most grateful if you didn't contact me again or I may charge you for any replies I make" My informant tells me this is absolute 100% fact as I am at the mercy of 3 of these "bullyboys" is this too good to be true ?????

[Deleted User]

It's rubbish. The debt has been reassigned, you stilll owe it.

CHR15

Houndog wrote: »

I heard yesterday that if you fall behind with loan payments the lender can sell the debt to one of these companies..so in effect the recovery firm pay off the debt at a great reduction then start chasing you for the full amount. If this is all done without your permission, and as per the Bill of Exchange Act 1888, then you are within your rights to contact the debt recovery firm saying, " thank you so much for paying off my loan for me, it's very kind of you. I would now be most grateful if you didn't contact me again or I may charge you for any replies I make" My informant tells me this is absolute 100% fact as I am at the mercy of 3 of these "bullyboys" is this too good to be true ?????

Your "informant" is a blithering idiot.... as is anyone else who would think this is true.

Your permission stops at you giving the lender permission to take the agreed payments.

iolanthe07

Anyway, you need to focus on meeting your obligations and paying off the debt on the terms you agreed.

worried_jim

:rotfl::rotfl::rotfl:My informant. !!!!!!.

nottoolate

from your other thread your informant is someone who heard this bullwarks on a local radio program and was so gullible that they were taken in by it. :rotfl:

debts can legitimately and legally sold on without it paying them off.

law of property act 1929

DCFC79

If you take out a loan and the payments aren'tthe loan company are entitled to sell it on to a recovery firm to get back whats owed. If these "bully boys" are chasing you for the money then pay them.

RichGold

Houndog wrote: »

I heard yesterday that if you fall behind with loan payments the lender can sell the debt to one of these companies..so in effect the recovery firm pay off the debt at a great reduction then start chasing you for the full amount. If this is all done without your permission, and as per the Bill of Exchange Act 1888, then you are within your rights to contact the debt recovery firm saying, " thank you so much for paying off my loan for me, it's very kind of you. I would now be most grateful if you didn't contact me again or I may charge you for any replies I make" My informant tells me this is absolute 100% fact as I am at the mercy of 3 of these "bullyboys" is this too good to be true ?????

oldhand

And in other news,pigs have flown,little green men have landed and elvis is alive and well........................:cool::cool:

RobertoMoir

Houndog wrote: »

I heard yesterday that if you fall behind with loan payments the lender can sell the debt to one of these companies..so in effect the recovery firm pay off the debt at a great reduction then start chasing you for the full amount. If this is all done without your permission, and as per the Bill of Exchange Act 1888, then you are within your rights to contact the debt recovery firm saying, " thank you so much for paying off my loan for me, it's very kind of you. I would now be most grateful if you didn't contact me again or I may charge you for any replies I make" My informant tells me this is absolute 100% fact as I am at the mercy of 3 of these "bullyboys" is this too good to be true ?????

I've got to ask... was your "informant" named Stanley and were their parents a Mr Black and a Miss Decker by any chance?

Their advice is very incorrect. Perhaps it shouldn't be possible to "buy" debts in the way that currently happens, but I'm afraid that it is possible.

paddyrg

And almost certainly, the loan agreement you originally signed gave the lender the right to reassign/sell your debt.

Sorry chap, time to pay up.