• Welcome to the LegalBeagles Consumer and Legal Forum. If this is your first visit to LegalBeagles and you need assistance then you can ask a question here;
    Create a Thread
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Not paying debt more than bought for?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • 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
    Tags: None

  • #2
    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
    Debt is like any other trap, easy enough to get into, but hard enough to get out of.

    It doesn't matter where your journey begins, so long as you begin it...

    recte agens confido

    ~~~~~

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

    I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
    But please include a link to your thread so I know who you are.

    Specialist advice can be sought via our sister site JustBeagle

    Comment


    • #3
      Re: Not paying debt more than bought for?

      Originally posted by Aymz View Post
      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
      The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

      Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

      If you receive messages from anyone offering advice for a fee please report it to the site team.


      Animo et fide.

      Comment


      • #4
        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!

        Comment


        • #5
          Re: Not paying debt more than bought for?

          Originally posted by Aymz View Post
          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
          The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

          Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

          If you receive messages from anyone offering advice for a fee please report it to the site team.


          Animo et fide.

          Comment


          • #6
            Re: Not paying debt more than bought for?

            Originally posted by Aymz View Post
            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!
            Originally posted by nemesis45 View Post
            Emm how to these solicitors get his details .

            What company owns the debt?

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

            - - - Updated - - -

            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
            Debt is like any other trap, easy enough to get into, but hard enough to get out of.

            It doesn't matter where your journey begins, so long as you begin it...

            recte agens confido

            ~~~~~

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

            I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
            But please include a link to your thread so I know who you are.

            Specialist advice can be sought via our sister site JustBeagle

            Comment


            • #7
              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

              Comment


              • #8
                Re: Not paying debt more than bought for?

                Originally posted by Kati View Post
                I'd like to know who the 'solicitors' are :sad:

                - - - Updated - - -

                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
                The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

                Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

                If you receive messages from anyone offering advice for a fee please report it to the site team.


                Animo et fide.

                Comment


                • #9
                  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?

                  Comment


                  • #10
                    Re: Not paying debt more than bought for?

                    Originally posted by Aymz View Post
                    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
                    The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

                    Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

                    If you receive messages from anyone offering advice for a fee please report it to the site team.


                    Animo et fide.

                    Comment


                    • #11
                      Re: Not paying debt more than bought for?

                      Originally posted by Aymz View Post
                      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 ??

                      Originally posted by nemesis45 View Post
                      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
                      Debt is like any other trap, easy enough to get into, but hard enough to get out of.

                      It doesn't matter where your journey begins, so long as you begin it...

                      recte agens confido

                      ~~~~~

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

                      I can be emailed if you need my help loading pictures/documents to your thread. My email address is Kati@legalbeagles.info
                      But please include a link to your thread so I know who you are.

                      Specialist advice can be sought via our sister site JustBeagle

                      Comment


                      • #12
                        Re: Not paying debt more than bought for?

                        Originally posted by Kati View Post
                        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
                        The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

                        Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

                        If you receive messages from anyone offering advice for a fee please report it to the site team.


                        Animo et fide.

                        Comment


                        • #13
                          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.
                          Last edited by Debt Camel; 31st January 2017, 12:33:PM.

                          Comment


                          • #14
                            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

                            Comment


                            • #15
                              Re: Not paying debt more than bought for?

                              Originally posted by Aymz View Post
                              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.

                              - - - Updated - - -

                              oh and i forgot to say, Solicitors should not be cold calling, if this is what happened then they are in hot water potentially
                              I work for Wannops LLP . I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                              If you need to contact me please email me on Ptilley@wannops.com . My firms initial advice is always free.

                              I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                              You can also follow my blog on consumer credit here.

                              Comment

                              View our Terms and Conditions

                              LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                              If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                              If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.

                              Announcement

                              Collapse

                              Court Claim ?

                              Guides and Letters
                              Loading...



                              Search and Compare fixed fee legal services and find a solicitor near you.

                              Find a Law Firm


                              Working...
                              X