How much do debts get sold for?

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pms9999

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Post by pms9999 » Thu Mar 20, 2008 5:48 pm
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My MBNA debt was sold and it was 22k

How much would a debt like that be sold for?
Ta.
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Adam Davies

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Post by Adam Davies » Thu Mar 20, 2008 6:28 pm
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Hi
There is common agreement that debts are sold for around 10p in the £1
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Andam Davies
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lily

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Post by lily » Thu Mar 20, 2008 6:35 pm
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wow, thats a big loss for the creditors.
lily
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MelanieGiles

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Post by MelanieGiles » Thu Mar 20, 2008 10:26 pm
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And often a great gain for the debt purchasing companies who are very profitable!
Regards, Melanie Giles, Insolvency Practitioner
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Chris.z

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Post by Chris.z » Fri Mar 21, 2008 5:52 pm
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So if a debt of 22k is sold for 2200, I presumme then that the debt is still worth 22k, and that the 'Debt Purchasers' can pursue for 22k.

This may be legal but doesn't seem moral!

I also would presume that the 'debt Purchasers would need all the originalcredit agreements etc etc?

Chris
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angela18

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Post by angela18 » Fri Mar 21, 2008 5:58 pm
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Sounds like a canny business to be in!!!
Ang.. 13 payments in.. WOW, thats over 20% paid!! http://angela18.blogs.iva.co.uk/ well here we go

if you wish for a rainbow... then you have to put up with the rain xx
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chris.g

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Post by chris.g » Fri Mar 21, 2008 5:59 pm
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Just out of curiousity, if creditors get only 10p for every £1, why do they request more from an IVA?
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lily

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Post by lily » Fri Mar 21, 2008 7:35 pm
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makes me wonder why they bellyache about getting 55 per cent then.
lily
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Adam Davies

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Post by Adam Davies » Fri Mar 21, 2008 7:41 pm
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Hi
Some of the debt that they buy they never recover.
Some will go bankrupt,some into neverending DMPs,a third of IVAs fail,some are never located etc etc.
It sounds a good deal but there is a high risk taken and it can take years to recoup any money
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Andam Davies
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