Banks are cheating their shareholders rather than negotiate with debtors.
I am appealing to anyone out there who had a settlement offer rejected only to discover their debt was sold on.
I have two examples, with full paper trails proving that Santander turned down settlement offers of up to 50 pence in the pound but within a few months sold those debts to Arrow Global for 16.2 pence in the pound or probably less. In these cases Santander and Arrow Global both insisted they would accept nothing less than the total owed from the debtor.
If I held Santander shares I would want to know why they turned down at least 33.8 pence in the pound just because it was the debtor’s money and not Arrow Global’s.
These above referenced cases were only two out of one million accounts bought by Arrow in early 2013. The total ‘loss’ incurred dueto Santander’s determination to punish the debtors was almost Ł3000. That’s the loss on two accounts out of one million. As Santander was not the only bank having a ‘basement’ sale there must be many more debtors out there who had their offers rejected before the debt was sold on. Even if they did not or could not make an offer surely the Banks should give them a last chance to settle at a rate slightly above that offered to the debt collectors?
I know Santander is a Spanish Bank but I have a very strong feeling that many other UK banks, including those who wave their begging bowl at the taxpayer when they mess up are merrily involved in the same practice.
I am sick of people quoting Polonius with his infamous ‘neithera borrower nor a lender be,’ but let us not forget that Polonius was a fool. A bad debtor is not necessarily a bad person. Many, through no fault of their own have lost their jobs /income and their debts may include car loans and credit card balances not racked up by buying Gucci Handbags but School Uniforms and boiler repairs. The way the banks and I am afraid to say the moral majority treat debtors is a disgrace. The bankers (please feel free to apply rhyming slang!) approach to debt is one dimensional.There is only one punishment regardless of how many times you explain your situation or however hard you work to try and resolve the problem. You may not always wind up in court but you are harassed, bullied and let’s remember the branding on your credit file.
Please remember that I do not need any personal details. Just confirmation that your bank rejected your offer then sold on the debt. If you offered more than 16.2 pence in the pound the chances are you were cheated. Then I can confidently start to campaign! :director:
Many may say I am wasting my time but this is a disgraceful situation and I feel I have to do something. I will be posting this on ‘the other website’ because I need as many examples as possible.
Many Thanks.
I am appealing to anyone out there who had a settlement offer rejected only to discover their debt was sold on.
I have two examples, with full paper trails proving that Santander turned down settlement offers of up to 50 pence in the pound but within a few months sold those debts to Arrow Global for 16.2 pence in the pound or probably less. In these cases Santander and Arrow Global both insisted they would accept nothing less than the total owed from the debtor.
If I held Santander shares I would want to know why they turned down at least 33.8 pence in the pound just because it was the debtor’s money and not Arrow Global’s.
These above referenced cases were only two out of one million accounts bought by Arrow in early 2013. The total ‘loss’ incurred dueto Santander’s determination to punish the debtors was almost Ł3000. That’s the loss on two accounts out of one million. As Santander was not the only bank having a ‘basement’ sale there must be many more debtors out there who had their offers rejected before the debt was sold on. Even if they did not or could not make an offer surely the Banks should give them a last chance to settle at a rate slightly above that offered to the debt collectors?
I know Santander is a Spanish Bank but I have a very strong feeling that many other UK banks, including those who wave their begging bowl at the taxpayer when they mess up are merrily involved in the same practice.
I am sick of people quoting Polonius with his infamous ‘neithera borrower nor a lender be,’ but let us not forget that Polonius was a fool. A bad debtor is not necessarily a bad person. Many, through no fault of their own have lost their jobs /income and their debts may include car loans and credit card balances not racked up by buying Gucci Handbags but School Uniforms and boiler repairs. The way the banks and I am afraid to say the moral majority treat debtors is a disgrace. The bankers (please feel free to apply rhyming slang!) approach to debt is one dimensional.There is only one punishment regardless of how many times you explain your situation or however hard you work to try and resolve the problem. You may not always wind up in court but you are harassed, bullied and let’s remember the branding on your credit file.
Please remember that I do not need any personal details. Just confirmation that your bank rejected your offer then sold on the debt. If you offered more than 16.2 pence in the pound the chances are you were cheated. Then I can confidently start to campaign! :director:
Many may say I am wasting my time but this is a disgraceful situation and I feel I have to do something. I will be posting this on ‘the other website’ because I need as many examples as possible.
Many Thanks.
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