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  • FIRST POST
    • Oliver2809006
    • By Oliver2809006 19th Jul 19, 5:11 PM
    • 39Posts
    • 8Thanks
    Oliver2809006
    Creditors / Debt Recovers still try it on!!!
    • #1
    • 19th Jul 19, 5:11 PM
    Creditors / Debt Recovers still try it on!!! 19th Jul 19 at 5:11 PM
    Why do these companies persistent in contacting / chasing monies when they know it's been included in the bankruptcy?

    Clearly they are trying it on but isn't there a law that they can't make contact or ask from monies once the bankruptcy has been included and agreed?

    Lowell are a prime example!!!
Page 1
    • Minkym00
    • By Minkym00 20th Jul 19, 10:21 AM
    • 151 Posts
    • 63 Thanks
    Minkym00
    • #2
    • 20th Jul 19, 10:21 AM
    • #2
    • 20th Jul 19, 10:21 AM
    Yes there is a law to stop this, it’s in the Insolvency Act 1986. If you tell your OR they can write to them and tell them to back off.
    • sourcrates
    • By sourcrates 20th Jul 19, 2:42 PM
    • 18,031 Posts
    • 16,953 Thanks
    sourcrates
    • #3
    • 20th Jul 19, 2:42 PM
    • #3
    • 20th Jul 19, 2:42 PM
    What you have to realise about the purchase of second hand debt is that these accounts are often sold in bulk, so a companies entire loan book may be purchased, and the new buyer dosent know the history of every account they buy.

    They will assume what they have bought is collectable until you inform them otherwise, thats why there is a disputes process, you send a copy of your bankrupcy order, and that, should be that.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Oliver2809006
    • By Oliver2809006 20th Jul 19, 3:27 PM
    • 39 Posts
    • 8 Thanks
    Oliver2809006
    • #4
    • 20th Jul 19, 3:27 PM
    • #4
    • 20th Jul 19, 3:27 PM
    Thanks appreciate the advice.

    What's stopping the original creditor selling a whole book of useless 2nd hand debts.

    Seems quite a corrupt / unfair system added to the fact the hassle the borrower goes through again when they think they've seen the last of the problem and get contacted again ��
    • sourcrates
    • By sourcrates 20th Jul 19, 4:14 PM
    • 18,031 Posts
    • 16,953 Thanks
    sourcrates
    • #5
    • 20th Jul 19, 4:14 PM
    • #5
    • 20th Jul 19, 4:14 PM
    Thanks appreciate the advice.
    What's stopping the original creditor selling a whole book of useless 2nd hand debts.
    Originally posted by Oliver2809006
    The answer is there is nothing stopping them.
    They sell on defaulted debt, debts included within an insolvency, debts with no legal credit agreement, there are no scrupples where money lenders are concerned, absolutly none.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Oliver2809006
    • By Oliver2809006 20th Jul 19, 4:23 PM
    • 39 Posts
    • 8 Thanks
    Oliver2809006
    • #6
    • 20th Jul 19, 4:23 PM
    • #6
    • 20th Jul 19, 4:23 PM
    Both sides are made for each other then!
    • TripleH
    • By TripleH 23rd Jul 19, 4:43 PM
    • 217 Posts
    • 146 Thanks
    TripleH
    • #7
    • 23rd Jul 19, 4:43 PM
    • #7
    • 23rd Jul 19, 4:43 PM
    Selling on of books of useless uncollectable debts or sub prime debts has historically been a sensible and prudent investment....

    If no-one would buy these debts, companies wouldn't sell them on. Sadly preying on ignorance is a key influence here as well.
    Wherever you go, whatever you do Richard Marx is right there waiting for you.

    Sweet dreams!
    • pcoventry
    • By pcoventry 10th Aug 19, 4:34 PM
    • 39 Posts
    • 6 Thanks
    pcoventry
    • #8
    • 10th Aug 19, 4:34 PM
    • #8
    • 10th Aug 19, 4:34 PM
    I had this with Lowell but once they knew the score they went away
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