Buying Debt?

[Buzz-Media]

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Hi Guys,

Out of interest..Do you know of any companies that sell personal/consumer debt that you could put me in touch with?

This is something that I'm wanting to trial to see how profitable it is for our company.

Regards,
Chris

[JayFCF]

My understanding is that pretty much anyone offering credit will sell on consumer debt.

Have I missed something or is that not waht debt recovery companies do?

I was under the impresssion that debt recovery companies bought comsumer debt at the original loan amount and made their money through recouperating the interest??

Correct me if i'm wrong or have just completely misunderstood your question :-)

[tbp]

I was under the impresssion that debt recovery companies bought comsumer debt at the original loan amount and made their money through recouperating the interest??

No definately not! The debt recovery companies buy the debts at a price thats a lot less than the face value of the loan. A number of loans will never be able to be collected for various reasons, so theres is no way they would pay the face value.

The companies owed the money sell the loan off cheap in the view than some money is better than nothing, which is what they'd get if they tried themselves, and they don't have the resources to do it.

Often if you are in debt, the debt recovery companies will give a big reduction if you pay off the loan in one go after holding out for a while, usually up to 60% off the true value of the money owed. The fact that they can do this - and still make a profit, shows how little the debts are sold on for.

If there is no contact between debtor and lender for a continuous period of 6 years, then the debt can no longer be collected through the courts as it becomes statuate barred. As a result, the older debts are, the less the debt recovery companies can buy them for. Theres a thriving trade for them buying debts for literally pennies at the 5 1/2 year mark, and then they come down really heavy on the debtor making false threats and bullying them into paying. From this, they can make huge profits as they get the value of the loan back, probably with interest, and they paid a tiny percentage for the debt.

[JayFCF]

So the answer to Buzz Medias question remains the same. There are MANY companies that already so this exact thing.

[Mogga]

Bank of England has been buying debt recently.

Not that it'll stop the bankers having their huge bonuses or shoareholders their divi. Grrrr.

[Buzz-Media]

Id be interested in purchasing some statue barred debt.

Does anyone know of any companies that sell small quantities of debt as a sample.

This is something that would be of interest to me to see if we could make a business out of debt recovery.

[MsFinance]

You should definately be able to get a personal/consumer debt no problem if offering credit. Here are a few companies that do this. UK Debt Collection
or
Debt Collections Agency, Debt Recovery Agency
I've heard that these are good companies.
also if you just want a general overview of how these thing work you can look here
Financing - moneto.eu
Hope this is of some use.
Good luck on your endeavor!
:tup

[WildHaggis]

So, which companies would sell 'bad debts'? I havent seen an answer here....
I'd like to buy a small bad-debt book, for a trial.

[cdcecdce]

Hi,

Are you still looking to buy debts?

Chris

[neildubber]

Our company has a debt we are more than willing to sell,

The debt is of a measley 300 quid from which a fake screensho was sent to us and payment never made,

The company name is buzz media.

Anyone interested please let me know.

Regards,

Neil

[RobOxeva]

Neil,

Your post made me smile

[billywagner]

We have one client who has not paid his bills in time, we don´t want to spend more time nor money and we don´t want him as a regular costumer, so we are willing to offer this debt to a company whose efforts and core business are debt buying.

[helpinhand]

i know a company that buy big amounts of consumer debt from some of the biggest high street named banks and other financial institutions, i know from variious conversations with one of there directors they quite regularly buy in £10 million pounds worth of debt for as littls as 6% of the outstanding value.

And i am under the impression that the more you buy the cheaper you can get it

[etlnltr]

I know of a good company that buys UK and International Debt. I have used them a couple of times.

www.capexrecoveries.co.uk

Give them a try.

Good Luck