by Andrew Sellar

Created on: April 08, 2011

If you have unfortunately been in debt and had your debts sold to a debt collection agency, you will have no doubt been under stress and been bullied for what is now an epidemic in the UK debt industry. Buying in bulk debts from banks and other institutions for a small percentage and chasing you for more than the original debt plus charges. An almost unregulated industry of sharks that rely on underhand tactics to make profit, in some cases chasing you for debt many years old or debt you don’t even have.

Do not worry, learn some simple tactic and tips and turn the table back on them. They can be beaten, easier than you think, and in a matter of days, you can fend them all off and in some cases write them all off.

Debt Collection Agencies are a business, 99% are not here to help you or listen to your problems. Dog died, car on fire, lost your wallet? They don’t care….Imagine a room with 100 people sitting at individual desks, with  headsets on. These sales people are paid a bonus in accordance to how much they can get you to pay off the debt. The staff at these call centres have morning meetings before they begin. Here, they are given tactics on how to get you to pay e.g. ‘ …tell them we have their neighbours’/bosses number and we will ask them for the money’….or…’if you don’t pay today, we will make arrangements to have your parents’ car taken away and sold off to pay off the debt’.

The bosses at these companies tell the staff how much money they expect each of them to collect by the end of the day. When these people call you, talking/negotiating with them is as effective as double sided playing cards! Where do they get the debts?…..they buy them, and in bulk . They have sales guys that target banks, institutions, mobile phone operators and buy a large collection of these debts for a % of the debt. What does this mean?

Let’s say your debt from Bank ‘A’ is an old credit card and was for £1678…….usually the DCA buys it for 10-20% of original value. However they will demand full amount, plus, their own charges on top. So they pay around £300 and try and get over £2000 off you, and over a fixed agreed time, you can begin to see why they make so much money and don’t care about personal circumstances. Now they have a database of all these debts in front of them with telephone numbers and addresses given from the original

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