# Selling on debt - How to respond



## newdawn (18 Feb 2015)

Avant Card have indicated they are going to pass my debt on. They are in the process of sending out a lot of portfolios at present they say. Fudged questions of to whom, when, is it a maybe or a definite. They offered a deal of 50% reduction on outstanding debt of 8,ooo but I can't make that up. I have been paying religiously each month but on a lower payment - that I decided I could afford. They weren't impressed but they told me to keep paying which I did but its now gone into default - I think that's the term.

Do they have to tell me who they plan to sell my debt to or will I only know when I get a phone call or a letter from this new crowd?  Some other poster thinks Cabott Financial has bought their debt. If so..will they automatically pester for more money? Are they open to a settlement and are they more or less likely to accept something smaller that 50%. To be honest I could borrow maybe 2000 but thats the absolute limit ...whats the likelihood that would get me out of this? I just cant bear the grief that lies ahead with this new company.Thanks- I'd appreciate any advice.


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## Gerry Canning (18 Feb 2015)

newdawn said:


> Avant Card have indicated they are going to pass my debt on. They are in the process of sending out a lot of portfolios at present they say. Fudged questions of to whom, when, is it a maybe or a definite. They offered a deal of 50% reduction on outstanding debt of 8,ooo but I can't make that up. I have been paying religiously each month but on a lower payment - that I decided I could afford. They weren't impressed but they told me to keep paying which I did but its now gone into default - I think that's the term.
> 
> Do they have to tell me who they plan to sell my debt to or will I only know when I get a phone call or a letter from this new crowd?  Some other poster thinks Cabott Financial has bought their debt. If so..will they automatically pester for more money? Are they open to a settlement and are they more or less likely to accept something smaller that 50%. To be honest I could borrow maybe 2000 but thats the absolute limit ...whats the likelihood that would get me out of this? I just cant bear the grief that lies ahead with this new company.Thanks- I'd appreciate any advice.


New Dawn.
You are obviously very very worried about this.
It is easy for me to say this  but please  do not be overly concerned.

1.MBNA/Avant are entitled to sell on your debt to anyone they like.
2. Cabot or whoever may well re-start to look for more money.
3. Cabot or whoever may even call to or leave note at your home.
4. When Cabot or whoever contacts you offer 2,000 in full and final settlement.
5. Make sure you get that full and final in writing.
6. Today put your offer of 2,000 in writing.
I do not know from your post but the small sums you are paying look like you will @ that slow pace never get closure, and whilst you keep paying small sums it just keeps the pot boiling!.
7. Cabot/whoever ,and particularly yourself needs closure.

Keep copies of everything and note times and content of any calls.

I really feel 2,000 will do it , if you stick to your guns. 

Most importantly do not feel bullied. 

6. Do not give out your mobile number and request all queries in writing.


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## elcato (18 Feb 2015)

Gerry is on the button here. They can huff and puff but if you can't afford it then they can't get it. One thing though, are you a homeowner ? They could get a charge on that for later collection but I'm guessing you don't. Don't get upset with their tactics, just deal with them and offer the 2k as stated. I would also stop paying the small amount you are at this stage as it's clearly just paying more interest in their favour.


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## worried (18 Feb 2015)

Avant card have sold both mine and my husbands accounts to Cabot - both accounts total 11,000. We were on agreed payments with MBNA, then went into arrears. When we were in severe arrears, MABS arranged we pay them 25 + 35 a month on each card. Avant who took over MBNA wrote off our debt with ICB, and agreed the amount with MABS. This morning, a year after agreement, we received notice that Cabot had bought our loans and we were to contact them to pay full amount - which we don't have. I'm terrified now that they will take us to court. Feel sick already, and I haven't even contacted them yet


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## newdawn (18 Feb 2015)

Thanks for all the feedback. So sorry to hear of your experience Worried. I am trying to digest the information Gerry Canning and Elcato have given. The idea that these guys could arrive at my door is beyond awful. In the midst of it all I'm trying to maintain a facade- which I need to do for my job. Also Elcato mentions the house. Actually I'm separated now and living elsewhere but there is a family home in the picture with ex ......I didnt think this would come into the equation. All this has caused enough grief without involving spouse in the fallout. What a disaster...


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## elcato (18 Feb 2015)

worried said:


> I'm terrified now that they will take us to court. Feel sick already, and I haven't even contacted them yet


Firstly, don't fret. Send them a letter telling them of the agreed amount last year. Even if you are brought to court just explain your circumstances to the judge and you will be fine. No judge will side with anyone who has set an agreement in place.


> Actually I'm separated now and living elsewhere but there is a family home in the picture with ex


 Do they know about it ? Who owns this debt - you only ? Firstly don't mention it ever in correspondance. Secondly, have you any equity in it or have you just handed it over to ex ? Either way I think you should be OK.
Bottom line for both of you, don't let them worry you. Just correspond by writing only. If they ring tell them you will only deal by post and hang up. If they ring back tell them you are now recording their calls and will report them to the police. Keep records of this. Remember Larry Goodman saying, you owe them money, it's their problem not yours.


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## strugglinglikeusall (7 Mar 2015)

I to received a letter from Cabot saying they have bought my debt of 9k from Avantcard .
The thing is I've been making the repayments to Avantcard as agreed for the last 12 months.!!
To me its profiteering . If they think I'm paying them 9k for something they may have bought for 10% they are seriously mistaken. 
It's disgusting however if they think they're dealing with someone who is easily threatened they would be mistaken.
I got into serious debt problems a few years back and did all the negotiations with the banks by myself. I was back on track. Anyway I've just sent them a letter by registered post seeking information under the Data Protection Act. I'll wait to see what happens.


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## Gordon Gekko (8 Mar 2015)

strugglinglikeusall said:


> To me its profiteering . If they think I'm paying them 9k for something they may have bought for 10% they are seriously mistaken. It's disgusting.



Why don't you just repay what you owe? You borrowed €9k and you're being asked to repay €9k. What's disgusting about that?


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## strugglinglikeusall (8 Mar 2015)

Your missing the point. I was repaying it to the people who loaned me the money as I have with all my debts. I had no arrears for 12 months.
I'm not paying 9k to someone who didn't lend me the money and bought it for very little. It's profiteering in its worst sense.


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## strugglinglikeusall (9 Mar 2015)

if Cabot want to buy tranches of debt without fully understanding the underlying risk that's their business decision to make and their risk. They're as foolish as the investors who bought credit default swaps on mortgage securities a few years back.


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## Jim2007 (9 Mar 2015)

strugglinglikeusall said:


> Your missing the point. I was repaying it to the people who loaned me the money as I have with all my debts. I had no arrears for 12 months.
> I'm not paying 9k to someone who didn't lend me the money and bought it for very little. It's profiteering in its worst sense.



You borrowed the money and signed a contract which included a clause that allows the original lender to sell the debt on, should they so wish.  They have now availed of that clause as they are fully entitled to do and you are trying avoid repaying the debt as a result.... seems like you are the one that is profiteering!


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## Bronte (9 Mar 2015)

strugglinglikeusall said:


> Your missing the point. I was repaying it to the people who loaned me the money as I have with all my debts. I had no arrears for 12 months.
> I'm not paying 9k to someone who didn't lend me the money and bought it for very little. It's profiteering in its worst sense.


 
I don't think anyone here is missing the point.  You borrowed the money, you owe it, you can afford it and you should pay it back.  Just because a new company owns the debt has no relevance here.


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## strugglinglikeusall (9 Mar 2015)

Are u banker by any chance. ?You're definitely not a mind reader with assumptions that I can afford it !! Anyway what you want I couldn't give a continental you know what !!


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## Bronte (9 Mar 2015)

strugglinglikeusall said:


> Anyway what you want I couldn't give a continental you know what !!


 
I think we all got that.   No I'm not a banker, just believe people who borrow should pay their debts, EXCEPT for those who are entitled to insolvency or bankruptcy.  You're  on the wrong website if you don't want to listen to proper advice.

(And I'd be quite well known on here for giving out about banks)


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## strugglinglikeusall (9 Mar 2015)

You're correct I genuinely feel a DSA is the way to go. I'm not even above the min reasonable standard figures on the insolvency website!!


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## strugglinglikeusall (9 Mar 2015)

Apologies for the rant I've started to calm down.


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