Creditors / Debt Recovers still try it on!!!

Oliver2809006 · 19 July 2019 at 6:11PM

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!!!

Minkym00 · 20 July 2019 at 11:21AM

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 · 20 July 2019 at 3:42PM

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.

Oliver2809006 · 20 July 2019 at 4:27PM

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 &#55357;&#56853;

sourcrates · 20 July 2019 at 5:14PM

Oliver2809006 wrote: »

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

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.

Oliver2809006 · 20 July 2019 at 5:23PM

Both sides are made for each other then!

TripleH · 23 July 2019 at 5:43PM

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.

pcoventry · 10 August 2019 at 5:34PM

I had this with Lowell but once they knew the score they went away

Creditors / Debt Recovers still try it on!!!

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