CCA for an Unauthorised Overdraft - Help

SaulGoodman

I was going to go for £100 but thought it might have been a bit low so went for £250. With hindsight I probably could’ve got away with £100 but I guess it’s always a gamble, and I’m really happy.

Just_Di

SaulGoodman wrote: »

I was going to go for £100 but thought it might have been a bit low so went for £250. With hindsight I probably could’ve got away with £100 but I guess it’s always a gamble, and I’m really happy.

I think settling a £3k debt for £250 is a triumph. Well Done You.

Since most debt is bought for 10p in the pound, it's possible that Lowell still made a loss

Di

poppasmurf_bewdley

Just_Di wrote: »

I think settling a £3k debt for £250 is a triumph. Well Done You.

Since most debt is bought for 10p in the pound, it's possible that Lowell still made a loss

Di

I would doubt they pay anywhere near 10p in the £ on these debts.

Maybe 1p or 2p in the £, but even at that the chance of getting paid on many of these debts must be very small indeed.

Just_Di

poppasmurf_bewdley wrote: »

I would doubt they pay anywhere near 10p in the £ on these debts.

Maybe 1p or 2p in the £, but even at that the chance of getting paid on many of these debts must be very small indeed.

Debt purchasers tend to have two aims.

Firstly, to get an effortless constant stream of incoming funds from debtors who agree to repayment plans when put under pressure (aka bully tactics) .

Secondly, to get Charging Orders on as may properties as possible (an automatic right for CCJs over £1k since October 2012) which turns an unsecured debt into a secured debt, which in turn bolsters their security (it makes the 'books' look good) when it comes to raising more capital to purchase more debt.

Sadly 90% of court claims issued result in a Default Judgment because the Defendant either doesn't file an Acknowledgement of Service or Defence by the court deadline, or ignores the claim due to their inability to get free legal advice on what to do.

These are the latest statistics from the MOJ >
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/740869/civil-justice-statistics-quarterly-Apr-Jun-2018.pdf

Debt purchasers make a massive profit out of other people's misery and misfortune.

Di