Debt Purchase

[Debtdestroyer79]

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Hi,

As many of us are probably aware; there are companies offering to buy debt from consumers and claim the lender will no longer legally be able to pursue the individual. One such company is Credit Card Killer.

Can anyone shed any more light on this i.e process and whether this avenue is worth pursuing (commercially)?

I've been told you cannot sell your personal debt, without the consent of the creditor. However, Creditors sell their debt to Debt Recovery agencies all the time and they don't seek/gain permission from the debtor before doing so.

Also, Debt Purchase companies claim that once the debtor is in default; the contract becomes invalid, which allows the debtor to sell their debt.

Any advice/assistance would be appreciated.

Thank you

[DSSJBW2000]

Wouldn't touch them at all mate. £450 up front fee. Total total nonsense.


Here is a copy of an article on them.

A tribunal has criticised the practices of 'debt buying' firm Credit Card Killer for potentially causing serious harm to indebted borrowers.

The Credit Card Killer business, set up by a couple featured in a BBC documentary last year, Basil and Amanda Rankine, aims to free customers of their debt by simply buying it off them and wriggling out of repaying the lender through legal challenges.
The parent company, Momentum Ltd, continues to trade despite having its authority to deal in the claims industry stripped by the industry regulator, the Ministry of Justice, earlier this year.

The Rankines are appealing this in November, but also claim they instead operate in the 'unregulated debt industry', not the 'claims industry'.




Also have a read of this (not our website)

UPDATE: Claims Management Firms facing crackdown on practices


Hope this helps

[toby777]

Complete CON, steer well clear! The rankines deserve to be locked up.