Debts which have been sold

hynish

I have a number of credit card debts which due to circumrcumstances I cannot repay. It would appear that some of these companies have sold my debt on to collectors thus effectively they have washed their hands of me and terminated my contract with them. I'm now being bullied and harassed by these collection companies into either repaying my debt at a discounted rate or setting up a repayment plan. My argument is that I don't have to deal with these companies either by telephone OR in writing as there isn't a contract between us and the original contract with the credit card companies doesn't allow them to do other than collect as much of my debts as they can – which they have done by selling my debts. Thus the collection companies have purchased my debts purely on a speculative basis and are hoping to recoup their outlay by applying their bullyboy tactics.

Can anyone reading this tell me if what I am saying is correct or just nonsense.

Anthorn

A debt which is bought is the same as the original debt and the buyer has the same rights as the original lender. But, for example, the date of last contact or payment with the original lender still applies even when the debt is sold at a later date so the 6 years rule for statute barred debts still applies.

[Deleted User]

hynish wrote: »

Can anyone reading this tell me if what I am saying is correct or just nonsense.

It's nonsense.

Your t&cs will allow them to pass on their rights to a third party.

thenudeone

^^^ agree with this ^^^

chanz4

op pay what you owe, if you had of played ball these nasty companys wouldn't of bought your debt

datostar

If they're offering you discounted rates it would surely make sense to accept. You're going to have pay your debts one way or another and the less you have to pay the better. County Court judgements and possible bankruptcy will be even more unpleasant than them pestering you.

bankhater_1965

you need to try and reduce this debt , have you thought of reclaiming charges back , it sounds like you may have few ??
dont let them bully you into paying an amount you cannot afford !
debt collectors they have no power unless a warrant from the courts which is issued if you have a ccj and miss a payment then they can enforse this,
they cannot call to your property unless you agree to (by no meens do),
the financail advantage of a judgement against you is that all interest stops up to judgement,
dont worry they personally carnt do anything

bankhater_1965

chanz4 wrote: »

op pay what you owe, if you had of played ball these nasty companys wouldn't of bought your debt

we dont no the full circumstances do we why its at this stage, could be a number of reasons out of his control like redundancy etc

hynish

Thank you Bankhater for at least trying to understand the predicament I'm in.

Datostar and chanz4 - do you not think you should have done likewise? I'd love to be able to pay my way again.

Anthorn

Personally, I do sympathise to some extent with the OP on sold debts. Some of those companies which buy debts sometimes operate on the fringe of legality: For example those compamies which buy statute barred debts and then mercilessly hound debtors who don't know their rights in that respect. Such companies prey on ignorance and abuses like this will exist and thrive in an area which is largely unregulated!

Hanky_Panky

To answer the OP's question - yes of course they can continue to chase you for the debt as has been previously mentioned. Also bankhaters advice is inaccurate - follow at your peril. If you are in difficulty please get proper advice from CCCS or similar.

Anthorn wrote: »

Personally, I do sympathise to some extent with the OP on sold debts. Some of those companies which buy debts sometimes operate on the fringe of legality: For example those compamies which buy statute barred debts and then mercilessly hound debtors who don't know their rights in that respect. Such companies prey on ignorance and abuses like this will exist and thrive in an area which is largely unregulated!

What's a 'fringe of legailty' - you either comply with the law or not - if not then I would expect the full force of the law to be applied.

Also these companies do not specificaly buy SB debt - it will buy a tranche of debt that may contain some accounts which will have become statute barred. Contrary to popular belief on here it is quite acceptable to ask for SB debt to be repaid, the debt still exists and the individual still owes it. It only becomes an issue if the company concerned do not cease collection activity after having been advised by the debtor that they will not pay.