Tracym

I would have thought it would be possible to enforce, if they wanted it bad enough.

E3only

I have worked to retail bank in a recovery environment and let me tell you
all (not that you would not know) but it costs money to recover a debt.
So all the collection department salaries,calls made,letters sent etc etc.

Also, in AU (not sure if in UK/US) there is a minimum amount that needs to be
over due for a minimum span to be able to report that on the credit file.
There are tougher requirements (well not tougher but atleast more number) especially
for telecom industry to be able to report someone to the credit file.

I used to draw strategies to recover overdue payments and say for amounts less than
500$ (e.g. only) after calling 3 times and 3 letters were sent we used to just
report that on their credit file (assume that all credit requirements met).

Now tell me for 500$, would it be viable for a company to sell this credit to overseas
collection agents (by the way the agents are bound by the origination country laws thats
my understanding). Would the company waste more time and effort to report it to US
go thru courts etc etc for such a small amount ?

Of course greater the amount greater the chances company will pressure for their money
and will use all avenues. But the thing is, it comes down to what is worth the $$$
that are going to be spent...cost vs. benefit.

OP raised if the credit record is transferable, dont have an answer to that but some
posts talking about selling UK debt to US and then taking to court etc etc I think
is rubbish given that its only a telephone bill (so what 50$ a month??) and it would
be complete waste of time to go thru courts. ( I also assume like AU courts will charge
fees to even file the case so even more costs !!!!)

Bob

The credit agencies couldn't provide the info over here, but they are more than allowed to sell the debt and the owner of the new debt is more than allowed to wreck your new credit history in order to claim back the money now owed to them.

Bob

Well as mentioned, selling a debt is only worth it if it's a large sum, once it's done your US credit history could be ruined, pretty easy, as a simple late payment of a bill could ding your score, but it's very hard to build up a good score in this country.

E3only

So you are implying that the new owner can destroy the credit in a country where
the new owner is (US) as well as the country where the debt originated(UK) ?

E3only

Totally understand the importance of credit history...more so in US than here may be.
But it's legality of one can screw my credit in a country where it did not originate..??

Bob

The original debt owner in the UK would wreck your UK history with a court order jobby, debt sold to a US collections agency, they (new debt owner) can do the same to your new US history.

It's a case of a debt owed, doesn't matter how it was acquired or came about, so if you don't work with them to get a payment going them your history could be toast, which is very easy to do over in the US.

Just a matter of how much the debt is for, it won't be worth it for a few hundred squid, but a few K, it could well be worth the hassle...doesn't mean it'll happen, but it could.

lapin_windstar

If the UK company can find someone to sell it to, even if it's for 10% of the face value, it wouldn't surprise me if they would.

But they would have to know to look for you in the US, obviously.

Tracym

Interesting thought - don't they need your SSN to put it on a US credit report? And unless you tell them, how would they know?

E3only

Debt usually sells around 20-25% of value to outside agent

E3only

The original debt owner in the UK would wreck your UK history with a court order jobby, debt sold to a US collections agency, they (new debt owner) can do the same to your new US history.

Are you basing this on legal rights/facts or just the way you know US law works?

I find it very hard to digest this. . . of course it would depend on money owed ...

Not saying it can't happen but just need to know if it can then what law and any
links...

Sorry if this has been mentioned in the thread and I may have missed it..

Bob

And that's where a lot of the cost goes before they can sell the debt, which is why for small sums it isn't worth it...

Bob

It's from reading previous threads where it happens and from the missus who dealt with people getting into the shit because they were crap with credit cards and knowing the not so nice people employed to recover said debt, even new customers who were having issues from previous debt abroad - quite common, and we were talking one of the largest credit card companies in the US.

E3only

Fair enough - never worked for outside agents that we used to sell debt to. Not
surprised they would go to any length.....

Credit history in the western world is a tough game so I suppose no use in doing
anything that would mean a mark against it. .... ...

Bob

With the missus, the UK bank was a separate entity to the US bank, but they would sell debt to the other once they were able to establish who was who...but usually for things over $10K or so, smaller debt would be written off as cost of business, well not always, but sometimes.