How much debt is sold on for

Hi, just wondering if anyone knows if it is possible to request how much a debt agency paid for my debt.

I'm considering offering 50% but if they paid no where near that i would like to offer close to what they purchased for.

Is it possible? thanks

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  • Have you read this regarding how much are paid for debts?

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  • sourcrates
    sourcrates Posts: 28,526
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    Debt purchasing companies buy portfolios of debt in bulk, the actual price paid is a closely guarded commercial secret, but you can expect it to be around the 10% mark.

    You can request all you want, they will not tell you.

    The idea is to always start low, to leave yourself wiggle room to negotiate.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • fatbelly
    fatbelly Posts: 20,226
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    That's the ballpark figure. Depends on what sort of debt it is and how much intelligence comes with it. 

    Mortgage shortfall debts and insolvency debts go for pennies in the £. 
  • JReacher1
    JReacher1 Posts: 4,651
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    Is your debt a good debt or bad debt? 

    A good debt will be one where you’ve regularly made minimum payments via a direct debit. If your debt falls under this criteria then it was a more valuable asset and would have been bought for a higher amount e.g likely over 50% of the debt value. 

    A bad debt is one where you’ve missed lots of payments, don’t regularly make the minimum payment each month, don’t have a direct debit set up etc.   This will be less valuable and would have been bought a lot cheaper. 
  • sourcrates
    sourcrates Posts: 28,526
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    Well defaulted debt is defaulted debt no matter the previous payment history.

    I think you are referring to live accounts being sold as a pose to defaulted accounts, wear by the debt purchaser continues to charge interest as per the original agreement, this is not as common as the sale of defaulted debt, but does happen on occasion, and yes, I would agree that the cost of such accounts would be slightly higher than otherwise.

    Most of the sold on accounts that are referred too on this forum are of the defaulted variety.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • JReacher1
    JReacher1 Posts: 4,651
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    Well defaulted debt is defaulted debt no matter the previous payment history.

    I think you are referring to live accounts being sold as a pose to defaulted accounts, wear by the debt purchaser continues to charge interest as per the original agreement, this is not as common as the sale of defaulted debt, but does happen on occasion, and yes, I would agree that the cost of such accounts would be slightly higher than otherwise.

    Most of the sold on accounts that are referred to on this forum are of the defaulted variety.
    I might have missed something key but can’t see where the OP has said it’s a defaulted debt?
  • Floss
    Floss Posts: 8,117
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    JReacher1 said:

    Most of the sold on accounts that are referred to on this forum are of the defaulted variety.
    I might have missed something key but can’t see where the OP has said it’s a defaulted debt?
    As stated, most debts discussed on here are either defaulted or delinquent ahead of default.
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  • sourcrates
    sourcrates Posts: 28,526
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    edited 9 October 2023 at 12:09PM
    JReacher1 said:
    Well defaulted debt is defaulted debt no matter the previous payment history.

    I think you are referring to live accounts being sold as a pose to defaulted accounts, wear by the debt purchaser continues to charge interest as per the original agreement, this is not as common as the sale of defaulted debt, but does happen on occasion, and yes, I would agree that the cost of such accounts would be slightly higher than otherwise.

    Most of the sold on accounts that are referred to on this forum are of the defaulted variety.
    I might have missed something key but can’t see where the OP has said it’s a defaulted debt?
    A debt does not have to default to be sold, but by far the majority are defaulted, especially the accounts mainly dealt with on this forum.

    We advise on the basis of that being the case, usually we can get a good idea if the debt in question has been sold as a live account or not, from what the OP is telling us, for example if interest and charges are still being applied, and no default is present on the posters credit file, then its likely the debt is still a live one, and of course different advice applies to live accounts, as they still operate under the terms of a consumer credit agreement.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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