Acting agent or debt purchaser?

Hi,
I am newly here and would like to ask,  how to know if the debt was bought or a debt collection agency  is acting as an agent only?
I have received a letter saying "we've transferred your  account to a debt collection agency, Wescot Credit Services Ltd". Does it mean that they will be acting as an agent? I am not sure which three letters to start sending them, for debt purchasers or for DCA's?
I also have received a letter from Wescot saying that they have been instructed by their client, to make contact with me to discuss the outstanding balance.  Many thanks.

Hi indebttoo

Wescot saying they been instructed by their client, so they acting as the agent,

start the new 3 letters , DCA,S

KEEP US INFORMED

Hi petesomething,
Thank you very much for clarification.
This whole ptocess with bank and now with debt collection agency makes me so stressed, but this website helps me to cope with stress. Thank you to you all.

Indebttoo wrote:Hi petesomething,
Thank you very much for clarification.
This whole ptocess with bank and now with debt collection agency makes me so stressed, but this website helps me to cope with stress. Thank you to you all.  

Yessterday I watched a video from here called "Strawman - The Nature of the Cage" in which a bloke says a mate of his who works in a reasoanbley high position in a fianince institution say within this persons group there is a saying, "the only person who has a debt is the person who worries about it."

To put your mind at ease you need to know this background to debts.

Agents whether lawyers or not, dont have a great deal of power because they supposedly, take their instructions from the creditor, Their biggest weapon is your lack of awareness of how debts work.

If a debt buyer calls you or writes to you and tells you they have purchased your debt then just thank them for paying off for you. In addiiton, add that as you did not sign a contract with them to reimburse them, you will "unfortunatley be unable" to reimbuse them. ."

How does this come about?

Because when a creditor sells a debt, they surrender all right, title and interst in the debt, in full and final settlement of the debt. They then walk off into the sunset never to return, so you now owe the creditor absolutley nothing.

Some will dissagree with this statement, on the basis that the relevant property law says that when the debt purchaser buys the debt, they are purchasing the right to collect the debt. This itself is true statement.

However, whether or not the govt who made the law intended it to be so or not, the act of the debt buyer purchasing the debt from the creditor has the affect of paying off the debt anyway, irrispective of what the goverment who made the law intended. This is indisputable because as said above, the debt buyer makes the creditor surrender ownership of the debt.

In creating an 'in' for the collector the govt created an 'out' for the debtor.

Thing about it, he debt buyer is not going to do a whole lot of work at their own expense and get money off the debetor; only to risk the creditor reaching over their shoulder and say' thanks, we'll have that' are they? This is why their contract with the creditor says the creditor surrenders all right, title and interest in the debt.

Know that of any money you give a debt buyer, not one single cent of it will go back to the creditor, it goes nowhere but into the debt buyers pocket.

Debt buyers are nothing more than bounty hunters.

Thank you very much for your shares and thoughts, Its a stress relief. The most stressful part is going to court I guess.  I will keep you updated

HI indebttoo

with this site and the great people here you are not alone , if you did need to go to court it is very stressful but if you did not go, you would lose by default and their solicitor would ask for full cost in one payment and the court would say yes , so always go to court if you ever need to go

Hi AUSK

The thing is the court would not see it this way , right or wrong.
if you get a letter from a DCA start with the new 3 letters

It's a pity we couldn't buy the debts ourselves and then pass the savings on to the debtor. It would stop a lot of stress and worrying about a court case.

I am about to write the first letter; To whom I should address this letter, where it says "Full name of CEO"? Thanks.

Hi indebttoo

yes and there address will be on there letter, start with the new 3 letters from daveiron ,
keep us informed

Hi ,indebttoo.

As petesomething said ,feedback is very important .That way we can continue to improve the process & its
effectiveness for all those that follow now and in the future.

Hi,
Once I get a response from them I'll let you know guys. Thank you very much.

Hello guys,
It's been 10 days since I sent letter 1 to wescot, but have not received any response from them. Should I wait or should I send the second letter, with the first paragraph omitted, as I have not received a response from them? Should I just ask them, second time, for the documentation?
Thank you.

Hi Indebttoo

send next letter

Hi petesomething,

Will do . Thank you for quick response. Appreciated.

Who are Wescot working for, the original creditor or a debt purchasing firm ?

Hi Tiggy,
They are working for original creditor.

Indebttoo wrote:Hi Tiggy,
They are working for original creditor.  

Then personally, I'd be careful about what I send to them, don't put the original creditor under any obligation to find and store all your data (specifically the agreement) so that it can be easily passed over to a debt purchaser should they eventually buy the debt and request it.

https://goodf.forumotion.com/t1253-urgent-re-debt-cases-assigned#9815

So, should I send them a second letter, asking again To supply requested documents? Or just wait for their reply and only then send the letter according to their reply? Thanks

Hi the letters don't force them I would send next letter

Ok, later today will send them a second letter then. Thank you guys.

Hi Indebttoo.
i agree with pete, send letter 2

Hi daveiron,
Ok, thanks.

Hi Indebttoo

And for anyone who may get confused with other post Tiggy highlighted.

In the other post it was about not putting legal pressure on the original creditor. Or you would force them to supply information, in which you do not want.

The original creditor would normally trade or claim off their insurance, even their taxes. But they must show they have made every reasonable effort to reclaim the debt, so they can use a debt collection agency for this purpose.

Think about it, if the bank wanted their debt, they would supply all the paperwork to the debt collection agency, why don't they? Because they are claiming off the insurance and it would be fraud to do so. So they sell your data instead.

By sending the new 3 letters, the debt collection agency will now probably send the debt back to the bank. Now the bank will shelve the debt or sell the debt on for a few more pounds, then you start the 3 letters again.



This is why it is very important for feedback from people who we try to help. But also remember we may have different views, but it does not mean any of us are wrong.
also if you get a court claim it will be to late for the 3 letters and if you do a cpr they will ignore

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?