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Debts sold on for less than settlement offer

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  • #31
    Re: Debts sold on for less than settlement offer

    Very true Wales01man, we are governed by a gang of oafs interested in feathering their own nests. For years I was a firm tory would you believe!
    I am not new to debt or dealing with creditors. My real debt crisis was in 2009. My husband had been made redundant, our savings had run out and I was what many thought, terminally ill. I was about to go into hospital for some pretty major surgery and knew that if I survived I would be pretty fragile for quite some time. My husband was beginning to crumble and in a last ditch attempt to get him a little peace I called Santander to ask them to ‘lay off’ with the phone calls and threatening letters until I was recovered enough to deal with them. The woman I spoke to at their internal collections department was not just rude but cruel. I am not a ‘crier’ but the fear of what I was about to face combined with our desperate financial situation and this woman’s horrible attitude got to me. She forgot to put me on hold when she crowed to her colleagues ‘yippee, not yet 10 o’ clock and I made one cry already’.
    Of course I now know I should not have spoken to them on the phone. I also know that now I would have torn her and her company apart but to be honest I did not think I was ever going to come out of hospital and I never even took down her name.
    I have fought the odds health wise and we have almost clawed our way back financially which was also something of a miracle so you see I am not naïve or ignorant of just how much the odds are often stacked up against us.
    I became so angry when I saw that programme about food banks and every person who had to go to these places and literally hold their hand out like a Victorian street urchin had debts. When the egg woman herself,Edwina Curry came on with that smug sanctimonious grin on her face and said ‘in my day we put food on the table first’ I almost put my foot through the telly. She did not understand that the DCA bullies take the money from the most vulnerable leaving them nothing to buy food with. If it were not for sites like this offering sound advice they would be doing it to many more people. I hope someday to get the opportunity to ask her if she thought debt or adultery to be the greater sin! (Remember John Major!!)

    An optimist is someone who falls off the Empire State Building, and after 50 floors says, 'So far so good'!
    ~ Anonymous

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    • #32
      Re: Debts sold on for less than settlement offer

      interesting report and raises this from the Corwther report which I have mentioned a few times before on here

      A point highlighted by The 1971
      Crowther Committee who concluded that users of consumer credit should be ‘treated as adults, who
      are fully capable of managing their own financial affairs, and not to restrict their freedom of access
      to it in order to protect the relatively small minority who get into difficulties’ (Richards et al 2008,
      502).

      This had always been a belief of mine although I must admit not now so much as it when I was younger.

      Between 2000-2002 I was engaged by the local council to promote the credit union movement backed by a grant from ERDF and Urban regeneration, the long term aim was to tackle the loan shark activity through the area and promotion of community based "none for profit" financial service providers
      As a part of my brief I had the job of giving talks to local schools, citizen organisations housing associations etc. on credit management and the pitfalls and practicalities of buying on credit.

      After each encounter I encouraged feedback. as you may guess the most honest and forthright came from the kids.

      Frankly many could not understand the problem, they need the goods, the trainers the I phone, why should they not have them straight away. The talk of APR future indebtedness was mostly either lost or not given any importance.
      Given the profile of people coming to the CU for help this is not far from the age range mostly targeted and captured by the debt market, once captured many remain there for the rest of their adult lives sadly to say.

      With the rapid raise of Pay day lending many are I believe seeing the quote above as a mistaken (or at least massive over simplification) understanding of the real situation regarding credit, in some things it seems the freedom to do whatever we want without some kind of safety net is not a good idea, simply being told that you will have to pay 2229% APR on a deal is not enough it seems.

      Of course the only solution is the availability of affordable and this means none for profit lending, IMO, but there again I would say that given my 35 years as a CU activist

      Comment


      • #33
        Re: Debts sold on for less than settlement offer

        Originally posted by PAWS
        sold those debts to Arrow Global for 16.2 pence in the pound or probably less
        Try 8.7 pence in the pound.
        #staysafestayhome

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Received a Court Claim? Read >>>>> First Steps

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        • #34
          Re: Debts sold on for less than settlement offer

          Are credit unions doing PDL alternatives at 27.2% ?
          #staysafestayhome

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

          Received a Court Claim? Read >>>>> First Steps

          Comment


          • #35
            Re: Debts sold on for less than settlement offer

            Try 8.7 pence in the pound.
            gosh, maybe i should be starting a DCA, sounds like theres loads of money in it,
            crazy council ( as in local council,NELC ) as a member of the public, i don't get mad, i get even

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            • #36
              Re: Debts sold on for less than settlement offer

              Depends on the CU, the rate is capped at 2% per month 26.8% by statute, although mine still operates at 1% 12.68.% of course all members who save also get a dividend, which is meant to encourage saving whilst the lean is being re-payed.

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              • #37
                Re: Debts sold on for less than settlement offer

                absolutely the CUs van be a viable alternative, it just needs the will to develop them in the right way.

                The cooperative principles (small c) where the members money is used exclusively for the members own good, no owners no paid members of the board etc.

                Comment

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