The original lenders sell off toxic debt in bundles and the buyer doesn't know the exact composition of what they have bought until the deal has gone through. A bit like buying pallets of returned goods from catalogue clearance companies.
They are paying pence in the pound, so a few duds don't really matter.
For the seller it removes toxic debt from their books which makes their business appear a lot healthier.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hmm. Does that mean that the potential seller raises interest rates to stupid levels so that they can offload the debtor who can only afford minimum payments per month or less?
