Proof DCA Buy and Sell Your Debt

by pipsaholic Sat Jan 20, 2018 6:13 pm

Hi guys,

Got this letter today. There are many that still believe that DCA companies do not buy and sell your debt. Here is proof Vanquis Bank selling debt to Cabot Financial.

https://2img.net/h/s13.postimg.cc/8hlep3qzb/Cabot.jpg
https://2img.net/h/s13.postimg.cc/wpsyqmdcn/Vanquis.jpg

by warwick65 Sat Jan 20, 2018 6:59 pm

I don't know who thinks debts are not assigned although people do get confused between DCA's as in debt collectors such as Wescot and Debt Purchasers such as cabot

by pipsaholic Sat Jan 20, 2018 7:06 pm

Debt collection agencies DO buy/sell debt without doubt.

Some even admit it.

There will still be many who are against getoutofdebtfree.com saying were paranoid and they don't buy/sell debt.

This is my 2nd letter I have received them admitting it they usually says its been passed over to cover themselves but not this time Smile

by warwick65 Sat Jan 20, 2018 7:11 pm

I am sorry I have no idea what you are trying to say

What do you mean -
Purchase Debt and reclaim it?
what we do here?

by warwick65 Sat Jan 20, 2018 8:08 pm

Technically there is a difference between a DCA- Debt collection agency such as Wescot, Moorcroft, Robinson Way etc and debt purchasers such as Cabot, Arrow Global and Lowell.

Of course some debt purchasers also have DCA's within their group , so for example I think it os Hoist also own Robinson way so Hoist own the debt and RW collect it on behalf of their 'client'.

There has never been any doubt in my mind that the two are different - the problem is some people do not understand how the business models are set up

by pipsaholic Sat Jan 20, 2018 9:02 pm

Thing is until we see proof as in the 3 letters we can't take their word for it saying they have passed it on they could just say that but in fact sell your debt.

by 1saberwow Sun Jan 21, 2018 12:24 am

Hi pipsaholic. You need to cover those scan boxes in your letter from Vanquis.

by pipsaholic Sun Jan 21, 2018 1:04 am

done thanks.

by Tiggy Sun Jan 21, 2018 9:58 am

Original creditors sell on bad debts, the main debt purchasers are:

Hoist
PRA
Cabot
Lowells

Then there are agents who work for either an original creditor or one of the above purchasers, these are (to name just a few):

Fredricksons
Wescot
Robinson Way
Moorcroft

Not sure what you're trying to say Pips, were you not aware that original creditors sell on debts?

by pipsaholic Sun Jan 21, 2018 1:48 pm

What I was saying is they tell you they have not purchased the debt its been passed to us when in fact it has been purchased and they are insured against losses for non collection of the bought debt.

by warwick65 Sun Jan 21, 2018 2:43 pm

Are they insured?

I somewhat doubt it as they usually pay a pittance for the debt

I do know that in some cases , if there is a genuine dispute then within a certain time they can pass it back to the original creditor.

by pipsaholic Sun Jan 21, 2018 2:53 pm

When someone is terminally ill or death or dormant account they use insurance to claim back losses/write offs they pay a yearly fee then make claims. Both the original creditors and 3rd party interlopers.

by warwick65 Sun Jan 21, 2018 3:04 pm

Interesting- do you have any evidence?

by pipsaholic Sun Jan 21, 2018 4:59 pm

i heard it once on a phone call on youtube from 1 company manager, however it makes sense all these creditors know before opening a business that 100-1000 people will default each year how will we reclaim losses go to court to reclaim or make a claim with insurance? Seems logical.

by warwick65 Sun Jan 21, 2018 6:40 pm

I have my doubts to be honest and saying you heard it on youtube is about as convincing to me as saying you read it in the Daily Mail

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