Carolina Tiger

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.

Bob

Ask them?

fatbrit

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.

Carolina Tiger

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?

Carolina Tiger

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

fatbrit

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.

Carolina Tiger

Can they see the debt to a US debt collection agency though? That is what I
would be afraid of.

sir_eccles

When you spoke to them did they sound like the sort of collections company that harasses your friends and family in your absence?

Carolina Tiger

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.

fatbrit

A UK county court cannot even send summon you if you're not resident.

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.

Bob

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.

Carolina Tiger

Too be honest I'd love to have happily have been paying but if you don't have the money you don't have the money. It's as simple as that. Maybe that fact that up until I lost my job I paid regularly each month will go against me, and they will try to hold out until I start work again?

kimilseung

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.

Michael

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

Carolina Tiger

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.