Selling MY debt to a company? Legal? Possible???
Discussion
I had a call out of the blue yesterday from a company called St. Georges Marketting. They dont have a website as they told me they dont advertis their services.
The guy asked by telling me if I had nay debt in the way of credit cards, loans, car finance, etc.
I told him I wasnt interested, and would normally hang up at this point but thought I'd listen to his bit.
He told me that his small family run business had the expertise to be able to buy any debt off me for a nominal (£1) amount, and that legally, the finance companies would not be able to contact me once this has been done.
He also said that credit companies like experian would have to adjust my credit scoring to show the debts gone, and assured me that there would be no negative effect on my credit rating.
I asked how it all worked, and he said his cousin would like to come and have a chat with me, show me how it all works.
Now, it sounds pretty suspect to me, but then I have no legal knowledge of this sort of thing.
He said his cousin had recently wiped out £60k of his own debt, and they were in the process of wiping out £30k of parents debt. They claimed to have wiped out in excess of £1 Million pound since they have been trading, and offered to show me proof of this if & when we meet.
He said this was NOT an IVA or similar.
So, whats your thoughts?
Cheers
NTO
The guy asked by telling me if I had nay debt in the way of credit cards, loans, car finance, etc.
I told him I wasnt interested, and would normally hang up at this point but thought I'd listen to his bit.
He told me that his small family run business had the expertise to be able to buy any debt off me for a nominal (£1) amount, and that legally, the finance companies would not be able to contact me once this has been done.
He also said that credit companies like experian would have to adjust my credit scoring to show the debts gone, and assured me that there would be no negative effect on my credit rating.
I asked how it all worked, and he said his cousin would like to come and have a chat with me, show me how it all works.
Now, it sounds pretty suspect to me, but then I have no legal knowledge of this sort of thing.
He said his cousin had recently wiped out £60k of his own debt, and they were in the process of wiping out £30k of parents debt. They claimed to have wiped out in excess of £1 Million pound since they have been trading, and offered to show me proof of this if & when we meet.
He said this was NOT an IVA or similar.
So, whats your thoughts?
Cheers
NTO
Don't meet him at your house would be my advice!!!
If it goes to plan, tell me and I could use him too!! LOL
What I would like to know (if I were you) is:
But I really have no idea tbh.
Keep us updated as to what happens!
Cheers
The Moose
If it goes to plan, tell me and I could use him too!! LOL
What I would like to know (if I were you) is:
- How they got your details??
- Why they want to do this deal with you??
- What are the fees involved??
But I really have no idea tbh.
Keep us updated as to what happens!
Cheers
The Moose
So they take on debt, then argue the toss with companys for them to write it off, therefore causing companys to go fishing for the money else where, such as me, lowering their interest rate and charging me for a bank account.
Why can't people accept they have debt and bloody pay it off! Stop trying to get out of it, you spent it you f
king idiot. (Not a stab at OP, but general people)
Why can't people accept they have debt and bloody pay it off! Stop trying to get out of it, you spent it you f
king idiot. (Not a stab at OP, but general people)Just to set the record straight before people start mouthing off & getting out of their prams;
I have minimal debt, and dont plan on trying to wriggle out of it, I was just interested on peoples thoughts.
I asked how he got my details, and he said they have access to a database??
As to how they make their money, I guess the £1 figure was just an example. Maybe its £1 per £100 bought, or something similar?
I have minimal debt, and dont plan on trying to wriggle out of it, I was just interested on peoples thoughts.
I asked how he got my details, and he said they have access to a database??
As to how they make their money, I guess the £1 figure was just an example. Maybe its £1 per £100 bought, or something similar?
A quick check at Companies House reveals that the only St Georges Marketing limited company was dissolved on 20 January 2009. Of course, it may have nothing to do with the organisation that contacted you. If they are a different entity, then the implication is that they are not a limited company.
Name & Registered Office:
THE ST. GEORGE'S MARKETING & CONSULTING CO. LTD
42 ETON AVENUE
LONDON
N12 0BB
Company No. 05365280
Status: Dissolved 20/01/2009
Date of Incorporation: 15/02/2005
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
7414 - Business & management consultancy
Accounting Reference Date: 28/02
Last Accounts Made Up To: 28/02/2007 (TOTAL EXEMPTION SMALL)
Next Accounts Due:
Last Return Made Up To: 15/02/2008
Next Return Due:
Last Members List: 15/02/2008
What I can't understand is why would a business pay YOU to take over your liabilities? That just doesn't make economic sense to me.
Say you owed £10,000 on credit cards.
These guys offer to "buy" that debt from you.
Do they actually PAY you to relieve you of that debt? That is my definition of "buying" i.e. they give you some money to acquire something that relates to you.
Or, do they expect YOU to pay THEM for the priviledge of taking your debts off your hands. That sounds like a more likely scenario to me.
Very strange.
Name & Registered Office:
THE ST. GEORGE'S MARKETING & CONSULTING CO. LTD
42 ETON AVENUE
LONDON
N12 0BB
Company No. 05365280
Status: Dissolved 20/01/2009
Date of Incorporation: 15/02/2005
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
7414 - Business & management consultancy
Accounting Reference Date: 28/02
Last Accounts Made Up To: 28/02/2007 (TOTAL EXEMPTION SMALL)
Next Accounts Due:
Last Return Made Up To: 15/02/2008
Next Return Due:
Last Members List: 15/02/2008
What I can't understand is why would a business pay YOU to take over your liabilities? That just doesn't make economic sense to me.
Say you owed £10,000 on credit cards.
These guys offer to "buy" that debt from you.
Do they actually PAY you to relieve you of that debt? That is my definition of "buying" i.e. they give you some money to acquire something that relates to you.
Or, do they expect YOU to pay THEM for the priviledge of taking your debts off your hands. That sounds like a more likely scenario to me.
Very strange.
Edited by Eric Mc on Friday 10th July 08:45
Eric Mc said:
A quick check at Companies House reveals that the only St Georges Marketing limited company was dissolved on 20 January 2009. Of course, it may have nothing to do with the organisation that contacted you. If they are a different entity, then the implication is that they are not a limited company.
Name & Registered Office:
THE ST. GEORGE'S MARKETING & CONSULTING CO. LTD
42 ETON AVENUE
LONDON
N12 0BB
Company No. 05365280
Status: Dissolved 20/01/2009
Date of Incorporation: 15/02/2005
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
7414 - Business & management consultancy
Accounting Reference Date: 28/02
Last Accounts Made Up To: 28/02/2007 (TOTAL EXEMPTION SMALL)
Next Accounts Due:
Last Return Made Up To: 15/02/2008
Next Return Due:
Last Members List: 15/02/2008
What I can't understand is why would a business pay YOU to take over your liabilities? That just doesn't make economic sense to me.
Say you owed £10,000 on credit cards.
These guys offer to "buy" that debt from you.
Do they actually PAY you to relieve you of that debt? That is my definition of "buying" i.e. they give you some money to acquire something that relates to you.
Or, do they expect YOU to pay THEM for the priviledge of taking your debts off your hands. That sounds like a more likely scenario to me.
Very strange.
Sorry, my mistake, there is no S on George. Its St. George Marketing.Name & Registered Office:
THE ST. GEORGE'S MARKETING & CONSULTING CO. LTD
42 ETON AVENUE
LONDON
N12 0BB
Company No. 05365280
Status: Dissolved 20/01/2009
Date of Incorporation: 15/02/2005
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
7414 - Business & management consultancy
Accounting Reference Date: 28/02
Last Accounts Made Up To: 28/02/2007 (TOTAL EXEMPTION SMALL)
Next Accounts Due:
Last Return Made Up To: 15/02/2008
Next Return Due:
Last Members List: 15/02/2008
What I can't understand is why would a business pay YOU to take over your liabilities? That just doesn't make economic sense to me.
Say you owed £10,000 on credit cards.
These guys offer to "buy" that debt from you.
Do they actually PAY you to relieve you of that debt? That is my definition of "buying" i.e. they give you some money to acquire something that relates to you.
Or, do they expect YOU to pay THEM for the priviledge of taking your debts off your hands. That sounds like a more likely scenario to me.
Very strange.
Edited by Eric Mc on Friday 10th July 08:45
I have no idea how it works either. It does all sound very dodgy indeed.
BUT, I may just meet with this guy to see what he has to say.
Cheers
NTO
There you go. Set up four days ago. I note that they have failed to notify Companies House as to what their actual business activity is.
Name & Registered Office:
ST GEORGE MARKETING LIMITED
17 GEOFFREY CRESCENT
FAREHAM
HAMPSHIRE
UNITED KINGDOM
PO16 0QG
Company No. 06953802
Status: Active
Date of Incorporation: 06/07/2009
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
None Supplied
Accounting Reference Date: 31/07
Last Accounts Made Up To: (NO ACCOUNTS FILED)
Next Accounts Due: 06/04/2011
Last Return Made Up To:
Next Return Due: 03/08/2010
Previous Names:
No previous name information has been recorded over the last 20 years.
Branch Details
There are no branches associated with this company.
Oversea Company Info
There are no Oversea Details associated with this company.
Name & Registered Office:
ST GEORGE MARKETING LIMITED
17 GEOFFREY CRESCENT
FAREHAM
HAMPSHIRE
UNITED KINGDOM
PO16 0QG
Company No. 06953802
Status: Active
Date of Incorporation: 06/07/2009
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
None Supplied
Accounting Reference Date: 31/07
Last Accounts Made Up To: (NO ACCOUNTS FILED)
Next Accounts Due: 06/04/2011
Last Return Made Up To:
Next Return Due: 03/08/2010
Previous Names:
No previous name information has been recorded over the last 20 years.
Branch Details
There are no branches associated with this company.
Oversea Company Info
There are no Oversea Details associated with this company.
Eric Mc said:
There you go. Set up four days ago. I note that they have failed to notify Companies House as to what their actual business activity is.
Name & Registered Office:
ST GEORGE MARKETING LIMITED
17 GEOFFREY CRESCENT
FAREHAM
HAMPSHIRE
UNITED KINGDOM
PO16 0QG
Company No. 06953802
Status: Active
Date of Incorporation: 06/07/2009
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
None Supplied
Accounting Reference Date: 31/07
Last Accounts Made Up To: (NO ACCOUNTS FILED)
Next Accounts Due: 06/04/2011
Last Return Made Up To:
Next Return Due: 03/08/2010
Previous Names:
No previous name information has been recorded over the last 20 years.
Branch Details
There are no branches associated with this company.
Oversea Company Info
There are no Oversea Details associated with this company.
Thanks Eric,Name & Registered Office:
ST GEORGE MARKETING LIMITED
17 GEOFFREY CRESCENT
FAREHAM
HAMPSHIRE
UNITED KINGDOM
PO16 0QG
Company No. 06953802
Status: Active
Date of Incorporation: 06/07/2009
Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC(03)):
None Supplied
Accounting Reference Date: 31/07
Last Accounts Made Up To: (NO ACCOUNTS FILED)
Next Accounts Due: 06/04/2011
Last Return Made Up To:
Next Return Due: 03/08/2010
Previous Names:
No previous name information has been recorded over the last 20 years.
Branch Details
There are no branches associated with this company.
Oversea Company Info
There are no Oversea Details associated with this company.
Thats sewn it up for me.
Writing off £1 million in 4 days??
Dont think Ill be taking them up on any offers!!
Cheers
NTO
they will charge 10 or 20% of your debt, but they will tell you to pay them their fee on a credit card that you will be selling to them.
another company that does it (that has had a lot of TV coverage):
http://www.creditcardkiller.co.uk/
Also a lot of companies setting up CCT (Corporate Company Takeover) that take over your company and fold it for you - for a fee.
another company that does it (that has had a lot of TV coverage):
http://www.creditcardkiller.co.uk/
Also a lot of companies setting up CCT (Corporate Company Takeover) that take over your company and fold it for you - for a fee.
Edited by bigTee on Friday 10th July 09:24
bigTee said:
they will charge 10 or 20% of your debt, but they will tell you to pay them their fee on a credit card that you will be selling to them.
another company that does it (that has had a lot of TV coverage):
http://www.creditcardkiller.co.uk/
Also a lot of companies setting up CCT (Corporate Company Takeover) that take over your company and fold it for you - for a fee.
Sounds interesting, I'd imagine it might be possible to assign various debts to a limited company, sell the ownership of that company to these guys and then they wind the company up leaving the creditors hanging in the wind, but how exactly do you assign a personal credit card liability to a third party? another company that does it (that has had a lot of TV coverage):
http://www.creditcardkiller.co.uk/
Also a lot of companies setting up CCT (Corporate Company Takeover) that take over your company and fold it for you - for a fee.
Edited by bigTee on Friday 10th July 09:24
could this not work for the company?
Say you owe £10k.
They transfer all the debt to the company so you are no longer liable for the debt but then bill you say £7k
So you debt is now with them but for much less (saving you £3k)
They then negotiate with companies owed the original £10k and try to pay off total debt for less than £7k. Anything less than £7k is profit for them
I know a lot of companies will take 50% of debt if they fear they will see nothing, so if they pay back £5k, they make £2k
does that make sense?
Say you owe £10k.
They transfer all the debt to the company so you are no longer liable for the debt but then bill you say £7k
So you debt is now with them but for much less (saving you £3k)
They then negotiate with companies owed the original £10k and try to pay off total debt for less than £7k. Anything less than £7k is profit for them
I know a lot of companies will take 50% of debt if they fear they will see nothing, so if they pay back £5k, they make £2k
does that make sense?
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