Credit/Debt Collection

[halk]

The initial message was deleted from this topic on 22 October 2017 at 06:49

[simpo two]

Negative APR! Though not much help if you don't have the £7K.

They must have decided that £7K is better than nothing. Or maybe the CC company is getting a bit light too!!

[rich1231]

if you have defaulted on a loan the bank/lender will often sell the debt to another company.

Say your deby was 12k. The lender probaly sold it for 5k, at least recovering some of their money. Then new company offer you a settlement figure, that also includes a profit. Standard practice

[minimax]

all standard, known as factoring

however your credit record will be fubarred so obviously you will need to be squeaky clean for a few years (3 perhaps)

>> Edited by minimax on Thursday 28th July 13:03