cfoster

how do debt collecting agencies work??? Is it a matter of paying them for their services up front, then they seek collection, or do they 'buy' the 'debt' from you and take it into their own hands??

Ive still got this customer who owes me a fair few quid from back in June, and have had enough now!

If anyone can shed some light on how it works it would be great. It HAS to be legal (unfortunately!!)

Cheers
Chris

apples24

im actually licenced to do debt collection under my consumer credit licence, fook knows how it works though

cfoster

really???!! Explain!!! Im interested!!

apples24

well i have a credit licence which allows me to do credit facilities etc, if i wanted to i could draw my own credit agreements up and finance people myself ie in house finance, or use other companys etc and act as the middle man


you have to be licenced to do that ya see, the silly thing is that ive had the certificate for 3 yrs nd never used it once lol

the licence is uder 5 company names ( ya have to supply them when apply)

BigNige

Most debt collection agencies work one of 2 ways

1. for a fee they will chase and harrass with letters and calls for the person to pay up , Normally quite cheaply but low success

2. They BUY your debtor off you and they then own the debt and will use whatever legal/pushy means they want to recover their debt you will usually only get around 50% of the original debt value in this way

Nige