External Debt collection Agents

[louiseh]

I have received a letter from egg, my account has now been terminated and will now be handled by an external debt collection Agent who will contact me within the next 10 days to discuss repayment. Does this mean that my debt has now been sold on, what are the likely actions that the debt collection agency will take? I should recieve my IVA proposal next week, will this affect the IVA process in anyway.

Thank you

[Storm]

Egg use Capquest mainly - http://www.capquest.co.uk/

Shouldn't effect things...

[JoeB]

Hi how long has it taken egg to sell your debt like this? - we are just starting the OVA process and I was wondering whether we would get the day and hopefully be approved before action like this has taken place?

[louiseh]

I started the IVA process at the begining of February but didn't miss the first payment to egg until the end of March, so I would have missed 2 payments, the 3rd would have been due in 1 weeks time.

[JoeB]

OH! - I expected it to take much longer I have a loan with egg for the past 6 years and never missed payment - and they might ditch me in a month! - wow [:0]

[MelanieGiles]

It makes no difference whether you are dealing with the original creditor, or a collection agent. Either way they want their money, and you will need to tell them how you expect to deal with this matter to avoid legal action being taken against you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[JoeB]

[If you enter into a DMP (if the IVA) not accepted will thi stop any legal action?
[?]

[MelanieGiles]

Not necessarily, as there is no legal protection in a DMP. If the creditors can see a faster way of getting repaid, then they are likely to take that route rather than having small sums dripped to them over a long timeperiod.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
Debt collection agencies can actually be easier to deal with than the actual original creditor as long as you pay them a small amount on a regular basis.They have,typically,purchased your debt for between ten and twenty percent of the original amount.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[freelili]

Is there a difference between an external debt collection agency??? Is there such a thing as internal debt collection? I have been trying to negociate with a DCA and they are now passing my debt back to the origional credit company. with a veiw to legal action. They refer to them as their 'clients' I have made token payments of as much as I can afford each month. What would the courts ask me to do that I am not already doing?

It seems to me that I would be better off paying to the court as they would not add interest, my credit rating is shot anyway. I have two lots of DLA coming in and am using some of that to pay creditors, would this be seen as wrong by the courts?

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.