Not paying debt more than bought for?

[Aymz]

Hi sorry for weird title wasn't sure what else to put and I'm at work so can't really stay on phone long!

My brother in law told em he's been contacted by some solicitors (I forget the name although I did ask) who said that there is a legal loophole so that where's a debt collector has bought a debt of his, he only has to pay the debt collector what they bought the debt for and not the amount of the original debt. So if they paid £10 for a £300 debt say, he's only have to pay them £10.
I'm immediately suspicious, as far as I was aware all the rights and benefits of the debt transfer from original creditor to the debt collector who has bought it, and so all he money is still owed.
I'd like to clarify this for him though, as I don't want him making another mistake when trying to clear his debts.
I'd be grateful if someone could say wherever this is actualy a thing or not.
Thanks in advance
Amy

[Kati]

Re: Not paying debt more than bought for?

Personally ... I doubt that this is true :sorry: Your brother will not get away with only paying what the DCA bought a debt for (altho' they will probably be willing to lower the original debt if he offered something as a "Full and Final" settlement).

I'll tag [MENTION=55034]nemesis45[/MENTION] [MENTION=48934]Debt Camel[/MENTION] and [MENTION=87380]Diana M[/MENTION] for you tho' xx

[nemesis45]

Re: Not paying debt more than bought for?

Hi sorry for weird title wasn't sure what else to put and I'm at work so can't really stay on phone long!

My brother in law told em he's been contacted by some solicitors (I forget the name although I did ask) who said that there is a legal loophole so that where's a debt collector has bought a debt of his, he only has to pay the debt collector what they bought the debt for and not the amount of the original debt. So if they paid £10 for a £300 debt say, he's only have to pay them £10.
I'm immediately suspicious, as far as I was aware all the rights and benefits of the debt transfer from original creditor to the debt collector who has bought it, and so all he money is still owed.
I'd like to clarify this for him though, as I don't want him making another mistake when trying to clear his debts.
I'd be grateful if someone could say wherever this is actualy a thing or not.
Thanks in advance
Amy

Good afternoon Amy,

The debt purchaser has the legal right to pursue the full outstanding amount it is their trade and the debt is an asset.
I'm sorry to say but he won't get away with this it's an urban myth.

If this is now in the hands of a solicitors it has gone past the " debt collection" stage and he is likely to receive a county court claim very
soon and if he does not respond to it properly the claimant will get judgment in their favour by default.

Without more detail it's difficult to advise further.

nem

[Aymz]

Re: Not paying debt more than bought for?

Thanks. It's what I thought but good to have someone more knowledgable confirm it! I think he'd been contacted by these solicitors claiming they could help him. Who knows. But will let him know, thanks again!

[nemesis45]

Re: Not paying debt more than bought for?

Thanks. It's what I thought but good to have someone more knowledgable confirm it! I think he'd been contacted by these solicitors claiming they could help him. Who knows. But will let him know, thanks again!

Emm how to these solicitors get his details .

What company owns the debt?

nem

[Kati]

Re: Not paying debt more than bought for?

Thanks. It's what I thought but good to have someone more knowledgable confirm it! I think he'd been contacted by these solicitors claiming they could help him. Who knows. But will let him know, thanks again!

Emm how to these solicitors get his details .

What company owns the debt?

nem

I'd like to know who the 'solicitors' are :sad:

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Nem will be able to help sort your brothers' debt if you can give more info ... what sort of letters he's received/who is the DCA etc... xx

[Aymz]

Re: Not paying debt more than bought for?

I've sent a message asking for details but still waiting to hear back - if he does I'll let you know

[nemesis45]

Re: Not paying debt more than bought for?

I'd like to know who the 'solicitors' are :sad:

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Nem will be able to help sort your brothers' debt if you can give more info ... what sort of letters he's received/who is the DCA etc... xx

I'd like to know as well.

nem

[Aymz]

Re: Not paying debt more than bought for?

I don't know who the DCA is or how much loan for. He has said that the solicitors that told him he only had to pay what the DCA paid is fast track law?

[nemesis45]

Re: Not paying debt more than bought for?

I don't know who the DCA is or how much loan for. He has said that the solicitors that told him he only had to pay what the DCA paid is fast track law?

Ok we will need to know who we are dealing to be able to help.

It sounds from the mention of " Fast Track" that the debt is over £10K.

nem

[Kati]

Re: Not paying debt more than bought for?

He has said that the solicitors that told him he only had to pay what the DCA paid is fast track law?

is this a PPI reclaim firm ??

t sounds from the mention of " Fast Track" that the debt is over £10K.

I think it's the name of a firm Nem xx

[nemesis45]

Re: Not paying debt more than bought for?

is this a PPI reclaim firm ??

I think it's the name of a firm Nem xx

Thanks @Kati
I'll see what I can find.

nemxx

Fast Track Law Deal with miss sold PPI & rejected claims.
Trading Name of Quickly Finance. Thornaby, Stockton on Tees. A claims management regulated company.

Will litigate if fees /commission is not paid.

nem

[Debt Camel]

Re: Not paying debt more than bought for?

A claims firm offering debt advice? Or legal advice on debts? Very dodgy. Tell your brother to avoid these people like the plague. If he has signed anything he needs to check if he is in the cooling off period and cancel right away.

[Aymz]

Re: Not paying debt more than bought for?

Thanks. I don't think he has signed anything, thankfully. Although he can be a bit gung ho on some things so I'm hoping he hadn't done anything without saying!
It seems really suspicious to me. I did google them but a number of options appeared! Thanks god help

[pt2537]

Re: Not paying debt more than bought for?

Hi sorry for weird title wasn't sure what else to put and I'm at work so can't really stay on phone long!

My brother in law told em he's been contacted by some solicitors (I forget the name although I did ask) who said that there is a legal loophole so that where's a debt collector has bought a debt of his, he only has to pay the debt collector what they bought the debt for and not the amount of the original debt. So if they paid £10 for a £300 debt say, he's only have to pay them £10.
I'm immediately suspicious, as far as I was aware all the rights and benefits of the debt transfer from original creditor to the debt collector who has bought it, and so all he money is still owed.
I'd like to clarify this for him though, as I don't want him making another mistake when trying to clear his debts.
I'd be grateful if someone could say wherever this is actualy a thing or not.
Thanks in advance
Amy

That is sadly wrong, if the debt has been validly assigned then the creditor can claim the whole outstanding balance as long as they have complied with their obligations under the relevant laws.

Its worth bearing in mind that the debt is no different to , say a can of baked beans. A can of beans clearly doesnt cost Heinz £1 to produce, it probably costs about 8p, but they sell it at a marked up price, the same applies in principal with debts when they are sold to third parties.

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oh and i forgot to say, Solicitors should not be cold calling, if this is what happened then they are in hot water potentially