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When a debt is sold
enaid
Posts: 21 Forumite
Just wondered if I have an arrangement to pay a debt and I have kept to that arrangement, can the debt be sold on?
If it can what happens to the original arrangement?
If it can what happens to the original arrangement?
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Comments
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Debts can be sold at any time to any DCA and usually the existing arrangement to pay a set a amount is disregarded and the new DCA will demand full payment immediately and then you have to start negotiating all over again.I am a debt counsellor working in the voluntary sector - we don't charge our clients for the work we do!0
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Hi there,
It depends on what you mean by an arrangement. If your arrangement is the original arrangement based on what you signed up for (i.e. the minimum balance on a credit card, or the monthly payment on a personal loan) then they wouldn't be able to sell the debt on.
If you are referring to an arrangement you have made when you have fallen into arrears with the debt, and have come to an agreement to make reduced payments then they are within their rights to sell the debt on, providing they have issued a Default Notice.
If this happens, your would need to contact the collection agency that the debt is now with to make an offer of payment based on what you can afford. It's important that you don't get pressured into paying more than you've got so you need to stick by your guns
Hope this helps,
CCCSI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.0 -
How can I find out if a debt company has purchased my debt or is merely working on behalf of my original creditor?
Also, is it worth making an offer of payment to a DCA to clear the debt without paying the full amount?
eg: I have a debt of £5k, I offer to pay the DCA £2k (is it not possible that if they have bought the debt that they would still be making a profit?)
The one time I did make an offer - it seemed that the DCA was working on behalf of my original creditor as they said they had to go back to them - they originally sent me a letter offering me a discount (£1950 to clear a debt of £2200) - I wrote back offering £1250, they said NO!!!! But as I said, this seems to be that the debt is still with the original creditor.0 -
thanks for the info, the quick reply too much appreciated. Enaid x0
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