DMP- Best way?

Lolly18

Hi everyone.

iv been doing some research into DCA’s and more specifically which creditors tend to sell debts to which DCA’s.

during in my research iv come to a general consensus that Lowell are one of the best to deal with in regards to getting discounted settlement offers in and PRA being one of the most difficult.

i just wondered, is there a comprehensive list of which DCA’s creditors tend to use? Or is the debt simply sold to the highest bidder. Iv seen that Lloyds tend to use PRA group a lot, where as some creditors like to hold on to bad debts and chase themselves.

just wondered if anyone had anymore knowledge on this?

hope everyone’s having a good week so far!

sourcrates

There is no specific list of who buys what from whom, Lowell/Cabot/PRA Group/Arrow Global are all major players in the debt purchasing industry, there are many more lesser known companies as well.

They tend to buy in bulk, and it can be a mixture of loans/cards/telecoms/catalogues etc, and they can be bought from any source, and in any quantity.

Lolly18

@sourcrates i just wondered how the industry works, like for example would PRA group have a contract with Barclays and they buy all their debts, or is it a free market like bidding situation.

just out of interest really

sourcrates

How a Bank disposes of their bad debts is usually a closely guarded commercial secret.

There will likely be a number of ways companies operate, contract/bidding, probably both yes.

Its commercially sensitive information which is not disclosed to joe public.

Lolly18

Hi all,

when is a good time to make affordability complaints?

sourcrates

Lolly18 said:

Hi all,

when is a good time to make affordability complaints?

Now, as soon as possible, as companies whose actions require such complaints to be made also tend to go bust when the flood gates start to open.

Lolly18

sourcrates said:

Lolly18 said:

Hi all,

when is a good time to make affordability complaints?

Now, as soon as possible, as companies whose actions require such complaints to be made also tend to go bust when the flood gates start to open.

Seems like a good bank holiday Monday job 👍🏼

Lolly18

Hi everyone! Just a little update on how I’m getting on!

iv just missed my 4th payment on all my debt. Iv got quite a decent emergency fund going (had to dip into it for breaks for the car when it went into MOT) so it’s now sitting at £2340.

iv had contact from all my debts. Just a little rundown, but no defaults as of yet.

lloyds- they just keep sending me reminders and statements. They sent a notice of default sums but that’s it.

Virgin - same as Lloyds lots of reminders to pay and a default of sums notice but nothing else.

barclay card - same story here too.

novuna - and again same story.

Vanquis - this account has now been passed to moorcroft but no default showing on my credit report. Should I make contact with moorcroft now to make a payment plan? Or am I waiting for the default to show.

this is taking a lot longer than I expected. Lloyds and virgin don’t even seem to bothered really. So annoying.

thanks guys!

recklessmurmur

Hi Lolly, we must have started at the same time, as I have just missed my 4th payment too. Lloyds sent me a default in 28 days warning letter yesterday, other than that id just had relatively friendly reminder letters once a month!

I have Capital One who don't seem bothered except the daily calls (but ive blocked their number so just voicemail come through).

I was feeling pretty petrified getting my default warning letter yesterday. I feel a bit better today but it still unnerves me a bit. 

sourcrates

Moorcroft just acting as collection agent, nothing more, they will have been assigned to collect your arrears, not your full debt.

Until you see a default notice and see it on your credit file, do nothing.