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Acting agent or debt purchaser?

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Re: Acting agent or debt purchaser?

Post by Tiggy on Tue Oct 10, 2017 11:24 pm

@daveiron wrote:Its quite simple, In the 3 letters old and new . It very clearly states I will pay any obligation upon proof of claim.

So what is the problem ? supply the proof & get paid in full .Instead they choose to sell the debt for pennies in the pound. Why?
They do it for accounting purposes.

Why do banks write off bad debts?

A:
Banks prefer to never have to write off bad debt since their loan portfolios are their primary assets and source of future revenue. However, toxic loans, or loans that cannot be collected or are unreasonably difficult to collect, reflect very poorly on a bank's financial statements and can divert resources from more productive activity. Banks use write-offs, which are sometimes called "charge-offs," to remove loans from their balance sheets and reduce their overall tax liability.

Hypothetical Example
Banks never assume they will collect all of the loans they make. This is why the generally accepted accounting principles, or GAAP, require lending institutions to hold a reserve against expected future bad loans. This is otherwise known as the allowance for bad debts.

For example, a firm that makes £100,000 in loans might have an allowance for 5%, or £5,000, in bad debts. Once the loans are made, this £5,000 is immediately taken as an expense as the bank does not wait until an actual default occurs. The remaining £95,000 is recorded as net assets on the balance sheet.

If it turns out more borrowers default than expected, the bank writes off the receivables and takes the additional expense. If the aforementioned lender actually has £8,000 worth of loans default, it writes off the entire amount and takes an additional £3000 as an expense.

Consequences
When a nonperforming loan is written off, the lender receives a tax deduction from the loan value. Not only do banks get a deduction, but they are still allowed to pursue the debts and generate revenue from them.

Another common option is for banks to sell off bad debts to third-party collection agencies.

Read more: Why do banks write off bad debt? | Investopedia http://www.investopedia.com/ask/answers/070815/why-do-banks-write-bad-debt.asp#ixzz4v98c8Jtf
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Re: Acting agent or debt purchaser?

Post by daveiron on Wed Oct 11, 2017 9:32 am

Tiggy ,
you can dress it up all you want.
How difficult is it for them to produce the Original Agreement .IF THEY HAVE IT. They would then not have to write anything off.


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Re: Acting agent or debt purchaser?

Post by Tiggy on Wed Oct 11, 2017 9:51 am

Usually it's down to simple logistics.  How many credit cards / loans do you think are taken out each year, millions - how much paper do you think is generated 10,000 of tonnes, where do you imagine they would store it all ?  

They don't, to save money they digitalise, then destroy the original.

As much as you want to theorise about what they do with the original, do you honestly think that if they do securitised them that securitisation firms take and store 10's of 1000's of tonnes of original paper credit agreements!?  

There would be warehouses across this Country bulging, plus the fact why would they need the original, what benefit would it serve them?

The fact is the banking crash of 2007 was caused by toxic loans, now banks don't want them, it looks bad on their balance sheet and multi national investors won't invest in a bank that has a large bad debt portfolio, they want rid of them almost straight away.

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Re: Acting agent or debt purchaser?

Post by iamani on Wed Oct 11, 2017 10:06 am

Hi guys

Have you considered T.H.E.Y. only need keep ONE original document to keep you on the hook for all the other documents you sign?

The birth records aka BC....

Cheers!

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Re: Acting agent or debt purchaser?

Post by Indebttoo on Wed Oct 11, 2017 2:07 pm

Hi,
I received a response to my first letter from wescot.


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Re: Acting agent or debt purchaser?

Post by Indebttoo on Wed Oct 11, 2017 2:09 pm

I also have sent them a second letter.

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Re: Acting agent or debt purchaser?

Post by daveiron on Wed Oct 11, 2017 2:24 pm

HI indebttoo,

Thats a usual response I would continue on schedule with the letters .You are under no obligation to comply to their timescale.
If they used any sort of due diligence they would have, or could produce all requested in a very short time.

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Re: Acting agent or debt purchaser?

Post by Indebttoo on Wed Oct 11, 2017 2:35 pm

Hi daveiron,
Thanks for reply. Will send a third one in ten days time then.
Thank you to you all guys.

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Re: Acting agent or debt purchaser?

Post by petesomething on Wed Oct 11, 2017 5:23 pm

HI indedttoo

also dont contact them for any reason, only by the three letters, and like daveiron said this is a usual response
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Re: Acting agent or debt purchaser?

Post by petesomething on Wed Oct 11, 2017 5:40 pm

Hi

The banks should keep all paperwork for 6 year ,,,tax purposes.
About two years ago i needed some paperwork from my bank i had to wait 3 days for them to retrieve from the archives,
They may digitalise  some paperwork , but the people who work in the bank are intelligent , so there is no reason to receive paperwork you cannot read ,
and if there paperwork is digitalise it would only take a few minutes to produce true copies if they dont have the original ,also go to my post court the copy of the agreement is a photocopy , not a digital copy , so if the bank destroy the original and dont keep paperwork ,where did the photocopy come from ?

This is Indebttoo post , If you want to start a new post on banks please do so,
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Re: Acting agent or debt purchaser?

Post by Indebttoo on Sat Oct 21, 2017 2:48 pm

Hi everybody,
I received a response to my second letter from wescot.
They basically are saying that I am using a template letter freely available on the internet and it have no basis.....
A couple days ago I sent them third letter. I wonder what’s after fird letter?
Thanks.

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Re: Acting agent or debt purchaser?

Post by petesomething on Sat Oct 21, 2017 3:33 pm

Hi indebttoo

This is a normal response,
But no paperwork so far, Very Happy

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Re: Acting agent or debt purchaser?

Post by Indebttoo on Sat Oct 21, 2017 6:57 pm

Hi petesomething,
Not yet

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