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Are banks allowed to sell your debt?

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  • 21-08-2012 3:40pm
    #1
    dubblonde
    Registered Users Posts: 7 ✭


    Have a loan which would have been cleared a couple of years ago had I not lost my job and now seems to have been sold on to a debt collection agency/solicitor - google seems to think the "solicitors letter" comes from a division of a debt collection agency.

    Been on the phone to these people and they've said that if their "client" is not happy with the sum I can offer they'll get a judgement within their office. I'm told it won't go through an open court - as a self-employed person this could finish me.

    I would prefer to deal with the bank I took the loan out with who up to now have been understanding as I'm not doubt not the only person with this problem. Can I insist the bank take care of it and not this agency who were very intimidating on the phone?

    I can fill in a statement of means but from the conversation I've had this person on the phone decides whether my name is dragged through the courts and not the bank I have been dealing with up to now. As a self employed person my income changes on a monthly basis but since my last agreement I have not missed a payment and the 25k loan should be down to around 5k balance at this stage.
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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    dubblonde wrote: »
    Have a loan which would have been cleared a couple of years ago had I not lost my job and now seems to have been sold on to a debt collection agency/solicitor - google seems to think the "solicitors letter" comes from a division of a debt collection agency.

    Been on the phone to these people and they've said that if their "client" is not happy with the sum I can offer they'll get a judgement within their office. I'm told it won't go through an open court - as a self-employed person this could finish me.

    I would prefer to deal with the bank I took the loan out with who up to now have been understanding as I'm not doubt not the only person with this problem. Can I insist the bank take care of it and not this agency who were very intimidating on the phone?

    I can fill in a statement of means but from the conversation I've had this person on the phone decides whether my name is dragged through the courts and not the bank I have been dealing with up to now. As a self employed person my income changes on a monthly basis but since my last agreement I have not missed a payment and the 25k loan should be down to around 5k balance at this stage.

    The banks often sell debt onto agencies and balance still due on this. Others will come here and say the solicitors have no right to contact. The fact is they are entitled to contact you on behalf of who owns the debt (either the bank or the agency depending on its its been sold to them or they are just collecting on it) and can take to court also.

    I would try your best to do a budget and put forward a payment you will 100% stick to each month. Realistically the solicitor wont take it any further if you are showing a good commitment to pay it.


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