Sold defaulted cc regulations?

[mit]

Hi, does anyone have a link to the regulations controlling agencies that purchase defaulted credit card debts? What are they allowed to do regards increasing your monthly payments on an existing repayment plan with an old agreement?
I've had an old debt sold for the second time, which I've been paying back at an agreed sum for 6 years. The new agency straight away requested an increase I'm my payment amount, 6 times greater than what I was paying. This bully tactic got metro increase to an amount between the two. Just be nice to know what they are allowed to do.
I know this debt was sold for 1/4 the original amount.

Thanks, Tim.

[Guest]

Re: Sold defaulted cc regulations?

They can ask. to doesn't mean you have to pay it. Was this part of a DMP including other debts ?

Was the original offer made , supported by an income and expenditure statement, if so you just need to point out that your circumstances have not materially improved.

[FlamingParrot]

Re: Sold defaulted cc regulations?

Hi, does anyone have a link to the regulations controlling agencies that purchase defaulted credit card debts? What are they allowed to do regards increasing your monthly payments on an existing repayment plan with an old agreement?

You may want to look at this: http://fshandbook.info/FS/html/handbook/CONC/7/3

I've had an old debt sold for the second time, which I've been paying back at an agreed sum for 6 years. The new agency straight away requested an increase I'm my payment amount, 6 times greater than what I was paying. This bully tactic got metro increase to an amount between the two. Just be nice to know what they are allowed to do.

Would you care to tell us a bit more? Who are the DCAs involved and what was this debt for?

I know this debt was sold for 1/4 the original amount. Thanks, Tim.

How would you know this? That sort of info is not normally disclosed to the debtor. 1/4th sounds quite a lot, most debts are sold for around 1/10th! Having said that, it's not relevant since there is no provision to take the amount paid for a debt into account when setting up repayment levels, all that's taken into account are the debtor's financial circumstances.

[mit]

Re: Sold defaulted cc regulations?

Hi, it was an egg credit card. The debt was £12k, and when I spoke to egg regarding a settlement figure, the guy said it had already been sold, for £4k.
The circumstances were I'd had issues with work, ended up selling car/house and had an amount to distribute. Sadly egg sold up before I sold the house, by a matter of days.
The current company is wescot credit, before that it was fredrickson.

Tim.