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Hi all,
If you feel strongly with regards to DCAs/debt buyers paying pennies in the pound for YOUR debt data under the old Law Of Property Act 1925 and a bit of smallprint in some credit agreements, which enable debt buyers to take some people to court and claim the original outstanding sum, after the banks etc have terminated that agreement and technically written off your debt, where these DCAs are simply out to profit big time from the poor and vulnerable and even take their homes via Bankruptcy and so on....
100,000 genuine and true, fully completed signatories are required on Official Govt. e-petition, please sign and share it everywhere you think people will want to sign.
If (and a big if) we get the full 100,000 there is a chance of it being heard in The House Of Commons.
Note, your completed details MUST be precise, not fake etc, to be counted, these details remain in the official system, NOT viewed by everyone!
http://epetitions.direct.gov.uk/petitions/60324
Here is why:
For a guesstimate only....
The minimum threshold for bankruptcy for example was £750, now just say a debt purchaser pays £75 for your data (unknown how low they go)....they can take you through the court system and claim you owe them the threshold because the legal loophole lets them, when you know they never paid out that money at all, you didn't borrow from them, you didn't want them to buy your debt data, you couldn't pay your bank due to difficulties and whilst the bank could take you to court, they are less inclined to be so heavy handed and threatening or vexatious. There are DCA/buyers out there bullying people and misusing the bankruptcy process because they can and it's nasty. Of course some, go for CCJ and subsequent actions may or may not lead to loss of property. But morals and principles.....WHY should these companies get away with making up to an estimate of 900% profit where successful....maybe more. Have read somewhere (don't ask) that a person accidentally spotted a DCA had paid £95 for a debt of £15000. I don't know if that was true, but you can safely say they do probably pay under 10% of outstanding balance.
So whilst this e-petition focuses on abusing the system and how can a 'written off' debt that the banks claim on tax relief/insurance for loss be payable at the full rate by a debt buyer....the law lets them! No retailer can 'write off' goods ie bin them, claim tax relief and then resell....there are many more avenues to all this, and I would hope if this ever gets to House Of Commons, the whole thing is reviewed...ideally I'd like to see an end to selling to DCAs/debt buyers full stop, as they keep flouting regs anyway.
The public that are fortunate enough NOT to be in debt should also agree....as banks haven't been behaving so well for a while, but if there was a gentle way of recovering debts, even in part and that may mean a long duration, instead of letting greedy DCA/buyers pay peanuts and make vast profits, you can see I am not for one minute saying everyone will still pay or can pay, I am saying stop selling to 'thugs'. There is the occasional DCA that might negotiate payments, but on the whole, they like to scare people and go for big lumps! You can try to persuade the judge if it gets that far, but I say the law needs to insist on enforceability re. paperwork and insist the Deed showing amount paid is considered, if they continue allowing DCAs to buy debts OR STOP IT ALTOGETHER! Certainly NOT allow bankruptcy when the DCA paid under £750 as that is like standing in court with one big lie and is malicious to say the least! We don't want all the banks and credit card co.s going down the bankruptcy route either and CCJs are as bad but there is more that can be done in some cases. Breakdown in relationship can be a cause with some people, upping interest didn't help, high account charges ( I know there was some policy change to lower some charges). A lot of people fell down, big recession etc, NOT a good reason to 'bully' them more!
Ok in a nutshell, set aside all the various arguments, this is about awareness further down the line than some people have got, but so many people harassed and made ill by debt collectors/buyers. Those responsible for banging loudly on doors and windows over what was UNSECURED debt, yet they go and make it secured and totally ruin lives more! 900% profit to takes homes and possessions - think you can all see that is morally wrong (estimated as per assuming one tenth paid so 9 times profit, if they pay 3% that figure is worse)!!
If you feel strongly with regards to DCAs/debt buyers paying pennies in the pound for YOUR debt data under the old Law Of Property Act 1925 and a bit of smallprint in some credit agreements, which enable debt buyers to take some people to court and claim the original outstanding sum, after the banks etc have terminated that agreement and technically written off your debt, where these DCAs are simply out to profit big time from the poor and vulnerable and even take their homes via Bankruptcy and so on....
100,000 genuine and true, fully completed signatories are required on Official Govt. e-petition, please sign and share it everywhere you think people will want to sign.
If (and a big if) we get the full 100,000 there is a chance of it being heard in The House Of Commons.
Note, your completed details MUST be precise, not fake etc, to be counted, these details remain in the official system, NOT viewed by everyone!
http://epetitions.direct.gov.uk/petitions/60324
Here is why:
For a guesstimate only....
The minimum threshold for bankruptcy for example was £750, now just say a debt purchaser pays £75 for your data (unknown how low they go)....they can take you through the court system and claim you owe them the threshold because the legal loophole lets them, when you know they never paid out that money at all, you didn't borrow from them, you didn't want them to buy your debt data, you couldn't pay your bank due to difficulties and whilst the bank could take you to court, they are less inclined to be so heavy handed and threatening or vexatious. There are DCA/buyers out there bullying people and misusing the bankruptcy process because they can and it's nasty. Of course some, go for CCJ and subsequent actions may or may not lead to loss of property. But morals and principles.....WHY should these companies get away with making up to an estimate of 900% profit where successful....maybe more. Have read somewhere (don't ask) that a person accidentally spotted a DCA had paid £95 for a debt of £15000. I don't know if that was true, but you can safely say they do probably pay under 10% of outstanding balance.
So whilst this e-petition focuses on abusing the system and how can a 'written off' debt that the banks claim on tax relief/insurance for loss be payable at the full rate by a debt buyer....the law lets them! No retailer can 'write off' goods ie bin them, claim tax relief and then resell....there are many more avenues to all this, and I would hope if this ever gets to House Of Commons, the whole thing is reviewed...ideally I'd like to see an end to selling to DCAs/debt buyers full stop, as they keep flouting regs anyway.
The public that are fortunate enough NOT to be in debt should also agree....as banks haven't been behaving so well for a while, but if there was a gentle way of recovering debts, even in part and that may mean a long duration, instead of letting greedy DCA/buyers pay peanuts and make vast profits, you can see I am not for one minute saying everyone will still pay or can pay, I am saying stop selling to 'thugs'. There is the occasional DCA that might negotiate payments, but on the whole, they like to scare people and go for big lumps! You can try to persuade the judge if it gets that far, but I say the law needs to insist on enforceability re. paperwork and insist the Deed showing amount paid is considered, if they continue allowing DCAs to buy debts OR STOP IT ALTOGETHER! Certainly NOT allow bankruptcy when the DCA paid under £750 as that is like standing in court with one big lie and is malicious to say the least! We don't want all the banks and credit card co.s going down the bankruptcy route either and CCJs are as bad but there is more that can be done in some cases. Breakdown in relationship can be a cause with some people, upping interest didn't help, high account charges ( I know there was some policy change to lower some charges). A lot of people fell down, big recession etc, NOT a good reason to 'bully' them more!
Ok in a nutshell, set aside all the various arguments, this is about awareness further down the line than some people have got, but so many people harassed and made ill by debt collectors/buyers. Those responsible for banging loudly on doors and windows over what was UNSECURED debt, yet they go and make it secured and totally ruin lives more! 900% profit to takes homes and possessions - think you can all see that is morally wrong (estimated as per assuming one tenth paid so 9 times profit, if they pay 3% that figure is worse)!!
to AAD.
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