Selling a Debt

clivefw

I lent someone in the family some money as a loan. After 5 payments I received a text telling me to get lost. I took her to court and won. She was given a CCJ, ordered to pay £37 per month and she owes me £15,200. Since August 2013 she has made regular payments.


As this means that paying off the debt will take some time I was wondering if it is possible for me to sell this debt to a company who specialise in recovery. Her and her partner are in full time employment.

ReadingTim

There's not reason why you couldn't try and sell the debt, but I seriously doubt anyone would want to buy it; and even if they did, it might not be at a price you'd want to sell it at! - we're talking pennies per pound here.

I think that the best form of payback you'll get is the CCJ against this lady - that's going to mess up her creditworthiness for a while. But as for the money, as is usually the way with lending to friends and family, you're going to have to write off the cash completely, as it's going to take over 400 years to pay you back, assuming she keeps up with her £37 per month....

Clive_Woody

ReadingTim wrote: »

it's going to take over 400 years to pay you back, assuming she keeps up with her £37 per month....

Er no....unless they are charging interest at an Amigo type rate.

Repaid with no interest in a mere 410 months (just over 34 years).

ReadingTim

Clive_Woody wrote: »

Er no....unless they are charging interest at an Amigo type rate.

Repaid with no interest in a mere 410 months (just over 34 years).

Oops - I forgot to divide by 12 to get the years figure! :embarasse

DCFC79

Thats an eye watering amount to lend to someone and find out you might not get it back.

WillyWonga

Possible charging order against property if not rented - at least you can secure the amount in the event they sell.

Tixy

If you become aware of an improvement in her financial situation at some point in the future then you could go back to court to have the monthly repayment reassessed.