How much did my debt sell for ?

sourcrates

We get a lot of posts on here asking how much debt purchasers actually pay, to buy your old credit accounts.

Well those figures are normally kept a closely guarded secret, and are never divulged to the general public, however, one debt purchaser, Cabot, gives you a clue to the hugh profits these companies can make from debt purchase.

Included in there "about us" section, is this little publicized fact :

"Between Cabot’s inception in 1998 to 30 June 2017, it has invested a combined total of c£2 billion in the acquisition of over £21 billion in face value of purchased loan portfolios".

Obviously they will never re-coup the full face value, but even if they only manage a small percentage of that, it is still a tidy sum of money.

[Deleted User]

Well, they got zippo out of me

walkman50

Cabot recently settled debts I had with them for 35%. They wrote off 65% of the debt.

Debts were on a DMP with StepChange for several years and would have taken 20 years to fully pay off. It took several weeks of negotiating, but I have seen 35% listed for Cabot from several sources over the years.

Hope this helps someone.

fatbelly

We believe that debts change hands for 6-16% of the balance. So the figures you quote seem to fit in - an average of just under 10%.

As you say, it's a lucrative business.

BernardM

http://goodf.forumotion.com/t1131-new-3-letters-for-debt-purchasers

What does it matter , once the debt has been purchased follow this process and be debt free. Fight back.

fatbelly

That link says

the 3 letter process should be followed throughout , as can be seen by the above , you are shown to have tried to settle the matter on every occasion ( the more the better) this should stand you in good stead in the unlikely event it goes as far as Court.

Every court would see those letters for the nonsense they are

Sparx

BernardM wrote: »

http://goodf.forumotion.com/t1131-new-3-letters-for-debt-purchasers

What does it matter , once the debt has been purchased follow this process and be debt free. Fight back.

Those are the worst DCA template letters I have ever seen. Absolute crap. They don't even refer to the (non-existant) relevant legislation, half of which creditors are not even obliged to provide...

I'm all for fighting DCAs to get debt written off if not enforceable, but those templates are complete tosh and come across very obnoxious. If they were seen in court I'm sure a judge would disregard most of the irrelevant content.