Cabot sending someone round. Unenforceable debt

sourcrates · 20 July 2020 at 3:21PM

Unfortunatly its perfectly legal, actually i should have said "unbelievably" its perfectly legal.

Your old debt can be sold for a few quid to a debt purchasor who can then quite legally chase you for the full amount.

In America, the last figures i have are from 2013, on average, debt buyers paid 4 cents, per dollar of debt, over here the prices paid are a closely guarded buisness secret, but expect them to be of a similar value.

Galloglass · 20 July 2020 at 11:33PM

In America, the last figures i have are from 2013, on average, debt buyers paid 4 cents, per dollar of debt, over here the prices paid are a closely guarded buisness secret, but expect them to be of a similar value.

The individual prices may be closely guarded but the overall cost is not. Lowell's parent company publishes their financial performance to bond holders as a means of raising capital to buy the debt. It is an unexciting 15% IRR. This implies either quite a high purchase price; slow collection; low yield; or a combination of all three.

catgotmytongue · 23 July 2020 at 12:09PM

As an update, I let them know what I had been advised to say above. They then emailed to tell me they sent me documentation on the 15th June to prove the debt is now enforceable and to set up another payment plan. I’ve received nothing and told them that I will not reinstate payments until I receive it.