Page 1 of 1
Posted: Thu Mar 20, 2008 5:48 pm
by pms9999
My MBNA debt was sold and it was 22k
How much would a debt like that be sold for?
Posted: Thu Mar 20, 2008 6:28 pm
by Adam Davies
Hi
There is common agreement that debts are sold for around 10p in the £1
Regards
Posted: Thu Mar 20, 2008 6:35 pm
by lily
wow, thats a big loss for the creditors.
Posted: Thu Mar 20, 2008 10:26 pm
by MelanieGiles
And often a great gain for the debt purchasing companies who are very profitable!
Posted: Fri Mar 21, 2008 5:52 pm
by Chris.z
So if a debt of 22k is sold for 2200, I presumme then that the debt is still worth 22k, and that the 'Debt Purchasers' can pursue for 22k.
This may be legal but doesn't seem moral!
I also would presume that the 'debt Purchasers would need all the originalcredit agreements etc etc?
Chris
Posted: Fri Mar 21, 2008 5:58 pm
by angela18
Sounds like a canny business to be in!!!
Posted: Fri Mar 21, 2008 5:59 pm
by chris.g
Just out of curiousity, if creditors get only 10p for every £1, why do they request more from an IVA?
Posted: Fri Mar 21, 2008 7:35 pm
by lily
makes me wonder why they bellyache about getting 55 per cent then.
Posted: Fri Mar 21, 2008 7:41 pm
by Adam Davies
Hi
Some of the debt that they buy they never recover.
Some will go bankrupt,some into neverending DMPs,a third of IVAs fail,some are never located etc etc.
It sounds a good deal but there is a high risk taken and it can take years to recoup any money
Regards