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I've had more than my fair share of dealing with debt purchase companies over the last few years. Luckily I got away without ever paying a single penny to any of them. However, I realise that a lot of people who share issues on here haven't been so lucky.
The approach of the DPC's is that they are your friend and are here to help you get back on your feet by making it affordable for you to repay your debts. It all sounds very noble, but the reality is that the money you pay is simply lining the pockets of these companies.
Whether the original creditor was a bank, mobile phone company or utility company, once they have sold the debt on for whatever they can get for it, the DPC isn't going to issue you with a new credit card or mobile phone if you start paying. The services that you had have gone for ever. You will have to seek new providers.
I have often wondered what would happen if everyone in the country who owed money to these companies suddenly stopped paying? How deep are their pockets? Furthermore, if they were left with no option other than to issue court proceedings, could the courts cope with the number of cases that would come before it? Could the DPCs themselves cope with all the extra admin and expense that this would entail?
I raise this point because recently we saw the spat between small investors and the hedge funds regarding the shorting of the stock for GameShop. It caused a real crisis in the financial markets.
Could people power be exercised in a similar way to wipe out all the DPCs?
The approach of the DPC's is that they are your friend and are here to help you get back on your feet by making it affordable for you to repay your debts. It all sounds very noble, but the reality is that the money you pay is simply lining the pockets of these companies.
Whether the original creditor was a bank, mobile phone company or utility company, once they have sold the debt on for whatever they can get for it, the DPC isn't going to issue you with a new credit card or mobile phone if you start paying. The services that you had have gone for ever. You will have to seek new providers.
I have often wondered what would happen if everyone in the country who owed money to these companies suddenly stopped paying? How deep are their pockets? Furthermore, if they were left with no option other than to issue court proceedings, could the courts cope with the number of cases that would come before it? Could the DPCs themselves cope with all the extra admin and expense that this would entail?
I raise this point because recently we saw the spat between small investors and the hedge funds regarding the shorting of the stock for GameShop. It caused a real crisis in the financial markets.
Could people power be exercised in a similar way to wipe out all the DPCs?
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