pay loans off

[blahheed]

how much do credit agencies buy loans for?

as they like to offer a quick deal in paying part of it off.

[Rogerborg]

Do you mean debt collection agencies?

You'll need to get the real numbers from someone in the know, but I've seen as low as 10% bandied around. When you consider that they only buy the debt when the original creditor has already given up trying to collect it, that doesn't sound beyond the bounds of possibility.

So it might be worth offering the creditor as low as 25% in full payment, which is what I think you're asking.
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[Kickstart]

Hi

Err, I would be a bit careful about that. As if you are in a position to offer them 25% then you obviously have some money and can be contacted. Possibly just makes it easy for them to just obtain a county court judgment.

If it has already been sold to a debt collection agency then they are just going to want to maximise the return on their investment.

All the best

Keith
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[blahheed]

yes its debt collection agencies

just wondered what would be an accepetable amount to offer to start with.

i heard they make a healthy profit after buying it from the original lender and then chasing up the person owing.

[mad4it028]

if you phone them with a soc story and offer to pay x amount per month £5 £10 what ever but you can only do this if interest stops they will say they cant do this at 1st then tell them you think youre going to have to go to a consolodation company as you just cant afford to pay they will all of a sudden offer to freeze interest and let you pay what ever you can afford
i done this in the past when i was in debt no problem and also did this for my mother only last week as she had a credit card running away with her she now pays £10 a month on that no interest it was £150pm minimum payment!
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[pinkyfloyd]

[t121anf]

i paid off my graduate loan to barclays for about 60% of its value.

original loan was for £10k, i paid it off with £6072, on ground thats they marked it as cleared on my credit record and wouldn't pursue it further.

also did this with Barclaycard, Tesco Credit Card, Egg and possible a couple more. Most had been sent to a debt collector though, but they still accepted my offers.

iirc non-refused, hardest problem was finding the correct contact as at the time the advise was go to who the debt belongs to no the debt collector despite it being sold.

i worked on the advise of
if you have a lump of cash, i.e. £15,000 and owe £25,000, work out what percentage of the £25k belongs to who and then offer that percentage of the £15k. Explain all of this in your letters and you'll get it accepted.

nowhere at the time said they could pursue the £15k as agreements for repayment were already in place (in some instances these had to be stopped prior to them accepting the offer)

oh and my credit file is lovely and clean now, never had a big problem with credit since. when i got my car loan last year LloydsTSB (my bank) said it couldn't get much better on their raitings system

if you want any templates give me a shout

[kingnathski88]

Hi,

I currently work for a large DCA.

The purchase price would vary depending on many factors, and I have known them to range from less than 1p in the pound to up to 60/70p in the pound.

However, the average would be in the region of 10 - 30 p in the £.

I personally feel honesty is the best policy. Offer what resources you actually have avalble. If your creditor wont accept it, then send them a financial statement and make them a monthly offer. If you have a balance of £1,000 and can only offer £5, then a £500 offer for example might be tempting.

Dont forget, they can run a credit check to verify details such as other creditors and to see if you have a mortgage. The latter might wok against you if you have a large enough balance they could go for a CCJ then a Charge Order.

Regards,

[John933]

Is the loan secure or un-secure loan.
John933
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