Third party dept collections
Does anyone have any idea how much a bank would sell a loan to a third party debt collection agency in the UK. Guestimates on how much they pay per pound sterling for the debt?
I'm out of work here in the States and HSBC has just past my UK based loan over to a debt collection service back in Britain. Any help would be greatly appreciated. |
Re: Third party dept collections
Ask them?
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Re: Third party dept collections
Originally Posted by Carolina Tiger
(Post 9969363)
Does anyone have any idea how much a bank would sell a loan to a third party debt collection agency in the UK. Guestimates on how much they pay per pound sterling for the debt?
I'm out of work here in the States and HSBC has just past my UK based loan over to a debt collection service back in Britain. Any help would be greatly appreciated. |
Re: Third party dept collections
Originally Posted by fatbrit
(Post 9969439)
You're most probably quite safe as long as you stay in the US. Personally I shouldn't think a UK debt for a non-resident is worth even 10p in the pound.
I was going to see what they say to clear the debt and see if I can scrap the money up from somewhere? |
Re: Third party dept collections
As it is I was reading that 7bn quid in debt has been sent to third party agencies in teh past couple of years by UK banks so I'm in good company
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Re: Third party dept collections
Originally Posted by Carolina Tiger
(Post 9969442)
I spoke to them last week and asked them what it would take to clear the debt but they wouldn't say. They want me to give them a breakdown of how much I get from unemployment and where my money goes etc. I have more going out than coming in, hence the debt going to a third party agency in the first place.
I was going to see what they say to clear the debt and see if I can scrap the money up from somewhere? essential utilities food mortgage/rent car payment/car insurance/registration plate other US debt foreign debt They're at the bottom of the pile. Just tell them to STFU and live with it. |
Re: Third party dept collections
Originally Posted by fatbrit
(Post 9969453)
Priorities in order:
essential utilities food mortgage/rent car payment/car insurance/registration plate other US debt foreign debt They're at the bottom of the pile. Just tell them to STFU and live with it. would be afraid of. |
Re: Third party dept collections
When you spoke to them did they sound like the sort of collections company that harasses your friends and family in your absence?
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Re: Third party dept collections
Originally Posted by sir_eccles
(Post 9969464)
When you spoke to them did they sound like the sort of collections company that harasses your friends and family in your absence?
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Re: Third party dept collections
Originally Posted by Carolina Tiger
(Post 9969460)
Can they see the debt to a US debt collection agency though? That is what I
would be afraid of. Read a while back that some had tried to sell the debt to a Canadian debt collector, then they'd sell it to an American one, and some UK debtors had been summoned by a US court. It takes about an hour's work to get that trick dismissed with prejudice. |
Re: Third party dept collections
Originally Posted by Carolina Tiger
(Post 9969468)
They actually seemed very nice. I was kind of shocked to be honest. I was expecting them to be abusive and rude but they seemed to want to help.
Can they sell it to the US, all depends on your state. If you've got money to pay the debt, pay it and tell them what they're getting and that's that as it is all you can afford. They really don't have that much leverage over you other than wrecking your UK credit. |
Re: Third party dept collections
Originally Posted by Bob
(Post 9969478)
They will, because they want to make up their investment. The question was, would they illegally hassle your friends and family if you tell them to stick it up their arse and try it on with the fairies.
Can they sell it to the US, all depends on your state. If you've got money to pay the debt, pay it and tell them what they're getting and that's that as it is all you can afford. They really don't have that much leverage over you other than wrecking your UK credit. |
Re: Third party dept collections
Wont it go away after 6 (7?) years. Talking to them starts the clock again. I understand you wanting to settle with them, but if you can not do so, not making contact might be the thing to do, assuming that they do not know how to contact you.
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Re: Third party dept collections
Even if it was a US debt, there is very little that a company can do to collect the debt. First the creditor has to get an award from the court system and then after that, the creditor would then have to track down your employer (you don't have one) and your bank accounts and then they go back to court to try to get a garnishment order. With all of that, the creditor probably still can't get any money so it would probably cost the creditor a lot of money to get nothing. Usually the main reason that a creditor will file a lawsuit is when the amount is large (at least $10,000) so that they can extend the statute of limitations allowing them to try to collect in the future but even that is not likely since all the person has to do is file bankruptcy to eliminate the debt if he has little or no income.
New Jersey allows creditors to garnish up to 10 percent of a person's gross salary. If the debtor earns less than $154.50 a week or $309 every two weeks, no garnishments can be withheld. For any debt owed, the creditor can also charge the debtor interest up to 6 percent per year. New Jersey courts can generally allow garnishments of earned income, but creditors cannot garnish welfare or unemployment benefits, Social Security benefits or income or veterans' benefits. http://www.ehow.com/list_6313457_new...#ixzz1q03TGyZY http://www.cardreport.com/laws/statu...mitations.html http://www.cardreport.com/laws/judgement-sol.html |
Re: Third party dept collections
Originally Posted by Michael
(Post 9969602)
Even if it was a US debt, there is very little that a company can do to collect the debt. First the creditor has to get an award from the court system and then after that, the creditor would then have to track down your employer (you don't have one) and your bank accounts and then they go back to court to try to get a garnishment order. With all of that, the creditor probably still can't get any money so it would probably cost the creditor a lot of money to get nothing. Usually the main reason that a creditor will file a lawsuit is when the amount is large (at least $10,000) so that they can extend the statute of limitations allowing them to try to collect in the future but even that is not likely since all the person has to do is file bankruptcy to eliminate the debt if he has little or no income.
New Jersey allows creditors to garnish up to 10 percent of a person's gross salary. If the debtor earns less than $154.50 a week or $309 every two weeks, no garnishments can be withheld. For any debt owed, the creditor can also charge the debtor interest up to 6 percent per year. New Jersey courts can generally allow garnishments of earned income, but creditors cannot garnish welfare or unemployment benefits, Social Security benefits or income or veterans' benefits. http://www.ehow.com/list_6313457_new...#ixzz1q03TGyZY http://www.cardreport.com/laws/statu...mitations.html http://www.cardreport.com/laws/judgement-sol.html Unfortunately I owe over £10,000 so I would think they would feel that once I get work (fingers crossed) they would get their money back even if they have to wait a bit. |
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