TBI financial services

Jakdaniels94

Evening all,

Has anyone had any experiences with TBI financial services? 

I currently owe £4,160.68 on a defaulted plata loan and paying back £15.00 per month.

I’ve recently come into some money and wanted to offer a full and final settlement but found them less than cooperative and said I’d need to pay the full £4,160.68. and my account would be reviewed again in a year.

Renfrewman

Why do you not want to pay what you owe?

Rob5342

It can take a while to get a good settlement offer, and some purchasers can br very difficult. Just try again in 6 months or a year. 

Rob5342

Renfrewman said:

Why do you not want to pay what you owe?

Debts get sold for around 10% of their value, so you can often settle them for a lot less as the purchaser would still make a good profit. It doesn't make financial sense to pay £4160 to settle a debt ehen you might be able to settle it for £1000 - £2000.

ManyWays

have you looked at making an affordability complaint to Plata? Win that and all interest is removed, and you should also be able to get any negative credit record marks deleted when the balance is settled. 

sourcrates

This is why the whole debt purchasing industry is just one massive cess pit.

This from the TBI website:

"TBI Financial Services works with banks, finance companies and credit card companies based in England and Wales as a buyer of niche consumer debt portfolios. We look to purchase distressed consumer debt portfolios of between 500 – 30,000 partially paying accounts".

Debt purchasing is an international multi billion pound industry, the average price they pay is around 15p in the £, now if lenders can offer such discounts to other companies for the acquisition of their underperforming accounts, why can`t they offer the same deal to the debtor instead?

Although this practice is legal, it stinks like a rotten herring to me, they should not be allowed to do this.

Banning this practice could eradicate problem debt overnight, get rid of charlatan debt management and debt purchasing companies, reduce the workload on existing debt advice charities, and make many peoples lives a whole lot better, but it will never happen, as too many people make far too much money from these deals.

RAS

Yes. 

I was shocked when researching a large debt buyer recently sold. They had bonds, raising money from investors to buy debt packages in exchange for a share in the profit they extracted from the debtors. This let them expand but they must have made enough to make their own profit and pay the bond holders.