Any legal guys with knowledge of the consumer credit act?

[m3sye]

Thoughts on this company and what they do. It surely cannot be legit, CAN IT?

http://www.buymydebt.org.uk/

[Plotloss]

http://www.oft.gov.uk/news-and-updates/press/2010/...

[johnfm]

forward fees scam, isn't it.

You'll never see your £250 again.

[m3sye]

yeah thought so which is why I didnt help them with leads..

[johnfm]

The only way I can see how this could work is if the debtor delegates his liabilities to this 'debt buying company' (the delegatee). I would expect bank loan/credit agreements to explicitly contract out the borrower delegating their obligations.

But in the event of breach by the delegatee, the poor sucker (the delegator) is still on the hook to the bank/credit card co (the obligor).

The poor sucker would then need to sue the debt buying company - who are then long gone.