I don’t know if this is true or not, but I have read on the Consumer Action Forums that some unscrupulous lenders are agreeing full and final settlements with their borrowers, confirming that they will not pursue the remaining balance of the debt to the borrower, but then selling this remainder onto debt collection agencies.
Apparently [...]
This is a question I’m sure many people will be wondering. If you read up on the internet there are various forums where people talk about full and final settlement, usually lots of triumphalism about how much of their debts they have succeeded in “writing off” – but what they tend not to publicise is [...]
This morning I received through the post a very welcome letter from Barclays Bank, or more accurately Central Debt Collection Services, on behalf of Barclays Bank.
The letter was very brief, and here is what it said:
Thank you for your payment.
Your debt is now considered to be satisfied and we can confirm that no further action [...]
During the last couple of years there has been a massive increase in the number of households that find themselves struggling with debts. This is the result of a number of factors:
The credit crunch and subsequent reduction in availability of credit
The recession which has meant many job losses and reduction in household income
Rising household costs thanks to [...]
Debt collection agencies typically fall into two categories, either independent or in-house.
An in-house debt collection agency is simply a different department of a lender that deals with delinquent accounts – accounts that have stopped paying their repayments under the agreement – and may have a different name than the lender to give the customer the feeling [...]
This is an interesting area for me, as I’ve been doing some looking into the various charities that help people with their debts. There are some very big and obvious ones, such as Citizens Advice Bureau and Consumer Credit Councelling Service who offer services on a national level, either through local branches or via a centralised [...]
I had a letter through the post today which somewhat puzzled me – it was from Barclaycard for a balance I didn’t recognise and an account number I didn’t recognise.
I promptly rang them up and spoke with them about the account, and they informed me that they had taken over my old Sky card, and [...]
As someone who has a couple of Barclaycard credit cards, in fact as I write this I’ve just remembered that in actual fact, I now only have one Barclaycard credit card, as the other one I have managed to agree a Full and Final Settlement on, for a lot less than the full balance on [...]
Having recently written an article explaining what is debt collection harassment it was a bit of a co-incidence that I then ended up being harassed myself by Barclaycard yesterday and the day before.
What happened was that my home phone received a phone call from them every couple of hours, each time it was a recorded message [...]
One of the things you learn as you go through life is a certain truth – there is always a second-hand market for any commodity. Debts are no different.
Once a borrower has defaulted on a debt and ceased to pay the agreed amount under the terms and conditions of the borrowing, the value of the [...]
