Debt Collection Question

xlnc99

Hi,

Quick question. I have an old CCJ from 2016 which im trying to pay off. I got a letter today offering me a 75% discount for this CCJ from the debt company. The CCJ is from the debt company and was for an old credit card.

My question is - do they debt company own the debt and is the reduction from them? Or have the credit card company instructed the debt company to give me the discount.

CakeCrusader

They usually buy defaulted accounts in bulk, they won't know what each one is until they look (it's a bit like 'lucky' dip). The reduction is most likely from the debt collection agency as they have bought your debt. You should have received a letter telling you that your debt had been reassigned (sold).

xlnc99

I see, many thanks for your reply. Out of curiosity if i was to pay of the full balance or the 75% balance reduced - what effect does this have on the credit card company. As far as they are concerned will they not be notified of any payment made as they have sold the debt. I am only asking if i was too take out future services from that credit card company what will it shown in my history for them. That i paid the full balance back, 75% discount or nothing as they sold the debt.

[Deleted User]

It depends if the company have purchased the debt, or if they are acting as a collection agency on the behalf of the CC company.

No one knows how said CC company will view you in the future for further applications - they will hold information on your for at least 6 years, but they could hold on to it longer (even indefinitely).

Willing2Learn

!!! wrote: »

… they will hold information on your for at least 6 years, but they could hold on to it longer (even indefinitely).

I know it is accurate that lenders can hold the negative data indefinitely, but it sits very uncomfortably with me. It essentially means that lenders can hold lists of blacklisted borrowers. I thought we had a right to be forgotten...

boo_star

Willing2Learn wrote: »

I know it is accurate that lenders can hold the negative data indefinitely, but it sits very uncomfortably with me. It essentially means that lenders can hold lists of blacklisted borrowers. I thought we had a right to be forgotten...

But there are obviously exceptions to this and for the most part as long as there is a legitimate reason for retaining the data then it can be retained.

I would argue that "this person ran off with my money and I don't want to do business with them again so I need to keep a note of who they are" is a legitimate reason for the purposes of the GDPR.

fatbelly

xlnc99 wrote: »

Hi,

Quick question. I have an old CCJ from 2016 which im trying to pay off. I got a letter today offering me a 75% discount for this CCJ from the debt company. The CCJ is from the debt company and was for an old credit card.

My question is - do they debt company own the debt and is the reduction from them? Or have the credit card company instructed the debt company to give me the discount.

There is sometimes a clue in the wording. If they refer to 'our client', they don't own the debt. 'Former owner' may indicate they do.

If it's a known debt purchaser (Lowell, Cabot, PRA) then they will own the debt.

xlnc99

Many thanks for all the replies. It says on the letter 'original company name' followed by the company name.

Not sure if that means anything.

As the CCJ is for more then the 75% discount they have offered, i am assuming if i take them on their offer it will show as partially satisfied on my CCJ instead of fully satisfied?

I thought once a judgement had been set for the amount owed it had to be the amount owed paid back. I thought discount offers were only given before it had gotten to a CCJ stage. What is odd is they have given me two options

1 - pay 75% discount
2 - pay 15 per month

which if i calculate it correctly works out to be the exact amount of the 75% offered just in time before the CCJ comes of my record

If the CCJ comes of my record can these debtors apply for another one for the sme debt after the six year period

[Deleted User]

Willing2Learn wrote: »

I know it is accurate that lenders can hold the negative data indefinitely, but it sits very uncomfortably with me. It essentially means that lenders can hold lists of blacklisted borrowers. I thought we had a right to be forgotten...

We do have a right to be forgotten, however a company can still retain data if it's in their best interests to do so.

Financial institutions, government and public sector organisations, medical institutions (I believe) are just some of the many that can retain data as they see fit to.

However, you already have a thread discussing this

[Deleted User]

xlnc99 wrote: »

Many thanks for all the replies. It says on the letter 'original company name' followed by the company name.

Not sure if that means anything.

As the CCJ is for more then the 75% discount they have offered, i am assuming if i take them on their offer it will show as partially satisfied on my CCJ instead of fully satisfied?

I thought once a judgement had been set for the amount owed it had to be the amount owed paid back. I thought discount offers were only given before it had gotten to a CCJ stage. What is odd is they have given me two options

1 - pay 75% discount
2 - pay 15 per month

which if i calculate it correctly works out to be the exact amount of the 75% offered just in time before the CCJ comes of my record

If the CCJ comes of my record can these debtors apply for another one for the sme debt after the six year period

You can partially satisfy a CCJ yes, and it will show as such.

And you already know that they would have to go to the courts to re-apply for the CCJ, as has been discussed on other threads (including threads and posts of yours).

Gaz83

Willing2Learn wrote: »

I know it is accurate that lenders can hold the negative data indefinitely, but it sits very uncomfortably with me. It essentially means that lenders can hold lists of blacklisted borrowers. I thought we had a right to be forgotten...

If you loaned someone money and they didn't pay it back, would you want to lend them money again six years later?