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  • FIRST POST
    • sourcrates
    • By sourcrates 2nd Apr 18, 3:39 PM
    • 15,314Posts
    • 14,400Thanks
    sourcrates
    How much did my debt sell for ?
    • #1
    • 2nd Apr 18, 3:39 PM
    How much did my debt sell for ? 2nd Apr 18 at 3:39 PM
    We get a lot of posts on here asking how much debt purchasers actually pay, to buy your old credit accounts.

    Well those figures are normally kept a closely guarded secret, and are never divulged to the general public, however, one debt purchaser, Cabot, gives you a clue to the hugh profits these companies can make from debt purchase.

    Included in there "about us" section, is this little publicized fact :

    "Between Cabotís inception in 1998 to 30 June 2017, it has invested a combined total of c£2 billion in the acquisition of over £21 billion in face value of purchased loan portfolios".

    Obviously they will never re-coup the full face value, but even if they only manage a small percentage of that, it is still a tidy sum of money.
    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 are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
Page 1
    • luvsmoothies
    • By luvsmoothies 2nd Apr 18, 7:25 PM
    • 539 Posts
    • 365 Thanks
    luvsmoothies
    • #2
    • 2nd Apr 18, 7:25 PM
    • #2
    • 2nd Apr 18, 7:25 PM
    Well, they got zippo out of me
    • walkman50
    • By walkman50 4th Apr 18, 2:31 PM
    • 11 Posts
    • 4 Thanks
    walkman50
    • #3
    • 4th Apr 18, 2:31 PM
    Cabot settled for 35% of debt
    • #3
    • 4th Apr 18, 2:31 PM
    Cabot recently settled debts I had with them for 35%. They wrote off 65% of the debt.

    Debts were on a DMP with StepChange for several years and would have taken 20 years to fully pay off. It took several weeks of negotiating, but I have seen 35% listed for Cabot from several sources over the years.

    Hope this helps someone.
    • fatbelly
    • By fatbelly 4th Apr 18, 7:18 PM
    • 12,718 Posts
    • 9,779 Thanks
    fatbelly
    • #4
    • 4th Apr 18, 7:18 PM
    • #4
    • 4th Apr 18, 7:18 PM
    We believe that debts change hands for 6-16% of the balance. So the figures you quote seem to fit in - an average of just under 10%.

    As you say, it's a lucrative business.
    • BernardM
    • By BernardM 9th Apr 18, 8:04 PM
    • 375 Posts
    • 126 Thanks
    BernardM
    • #5
    • 9th Apr 18, 8:04 PM
    • #5
    • 9th Apr 18, 8:04 PM
    http://goodf.forumotion.com/t1131-new-3-letters-for-debt-purchasers

    What does it matter , once the debt has been purchased follow this process and be debt free. Fight back.
    • fatbelly
    • By fatbelly 9th Apr 18, 8:26 PM
    • 12,718 Posts
    • 9,779 Thanks
    fatbelly
    • #6
    • 9th Apr 18, 8:26 PM
    • #6
    • 9th Apr 18, 8:26 PM
    That link says

    the 3 letter process should be followed throughout , as can be seen by the above , you are shown to have tried to settle the matter on every occasion ( the more the better) this should stand you in good stead in the unlikely event it goes as far as Court.
    Every court would see those letters for the nonsense they are
    • Sparx
    • By Sparx 9th Apr 18, 8:38 PM
    • 896 Posts
    • 496 Thanks
    Sparx
    • #7
    • 9th Apr 18, 8:38 PM
    • #7
    • 9th Apr 18, 8:38 PM
    http://goodf.forumotion.com/t1131-new-3-letters-for-debt-purchasers

    What does it matter , once the debt has been purchased follow this process and be debt free. Fight back.
    Originally posted by BernardM
    Those are the worst DCA template letters I have ever seen. Absolute crap. They don't even refer to the (non-existant) relevant legislation, half of which creditors are not even obliged to provide...

    I'm all for fighting DCAs to get debt written off if not enforceable, but those templates are complete tosh and come across very obnoxious. If they were seen in court I'm sure a judge would disregard most of the irrelevant content.
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