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How much information should I divulge?

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  • 29-04-2016 11:17am
    #1
    Bumbler
    Registered Users Posts: 48 ✭


    Hi guys,

    I had a debt with a credit card company who sold out their loan book to a debt collection company. I don't like the tone of this collection company nor do I take kindly in being blatantly overcharged by them. My original debt seems to have quadrupled since this crowd have taken it over. I have asked them to elaborate on where this figure they say I owe originated from and they gave a very substandard answer.

    I have made a formal complaint and so far it seems to be taken very seriously however, they have asked me to update them by informing them of a figure that I belive I owe and to update them with as much up to date info on myself as I can.

    Am I in the wrong by thinking this is not my job to inform them of what I owe and have no intention of helping them update their info on me?


Comments

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    #2
    endacl
    Registered Users Posts: 22,312 ✭✭✭✭endacl


    I wouldn't be communicating at all with a company that I didn't choose to engage with.


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    #3
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    Debtors never like the "tone" of people/companies who try to get them to pay their debt. Before the debt was transferred, we can assume that you were asked very nicely on a number of occasions by the CC company to pay your debt, but you didn't. Read the CC company's T&c's, the route that is now being followed will be explained there. Incidentally, CC companies are far more likely to chase you for the debt than a service provider and their interest rate on unpaid amounts can be enormous.

    You took the credit, spent it, now you need to pay it back. As CC companies are licensed by the CB, a debt like this will effect your credit rating and most likely prevent you from getting a mortgage if a judgement is registered against you.


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    #4
    Bumbler
    Registered Users Posts: 48 ✭Bumbler


    Hi Dave,

    I agree with you but in this case I was paying my debt but the lender sold on their loan book and this crowd picked it up. Their tone is intimidating and what they claim I owe them is pure fabrication. I have no problems paying them but I most certainly wont be paying them for something I do not owe.


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    #5
    VincePP
    Closed Accounts Posts: 982 ✭✭✭VincePP


    endacl wrote: »
    I wouldn't be communicating at all with a company that I didn't choose to engage with.

    very easy to say things like that when it doesn't affect you. You can be absolutley guaranteed that it is covered by terms and conditions.

    To the OP - talk to them and tell them if you ahve a genuine reason for non payment or small payment. Get them to agree a reasonable payment plan. Ask them to for details of the charges and interest rates.

    Some of the credit card places like MBNA / Capital One etc add penalty interest on entire amounts when a minimum payment is not made, also a non minimum payment fee, so extras add up very quickly.

    Once you start payng the minimum, only the standard interest rate is applied.

    If there was any other way of getting funds - credit union, loan via family emmebr etc, use it, it will be a lot cheaper.


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    #6
    Irish_Elect_Eng
    Registered Users Posts: 1,260 ✭✭✭Irish_Elect_Eng


    The best strategy here is:

    (1) Speak with MABS.
    (2) Engage with the company.
    (3) Agree/Understand the Dept Owed.
    (4) Start paying it off as quickly as you can affoard, but at least start making teh minimum payments.
    (5) Get a CU / bank / family loan to pay off the debt to get the interest rate under control.

    Take Control.

    Only you will lose by not engaging.


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    #7
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Ask for the debt to be post out to you with a breakdown of figures if you believe the amount of debt outstanding is incorrect.


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    #8
    NUTLEY BOY
    Registered Users Posts: 2,344 ✭✭✭NUTLEY BOY


    Bumbler wrote: »
    Hi Dave,

    I agree with you but in this case I was paying my debt but the lender sold on their loan book and this crowd picked it up. Their tone is intimidating and what they claim I owe them is pure fabrication. I have no problems paying them but I most certainly wont be paying them for something I do not owe.

    Out of curiosity, did you have a formal arrangement agreed with the credit card company for the payment of the debt ?

    If you had an arrangement with the credit card company for payment of the debt I would be seeking to stick to that as if it were a contractual agreement.

    The debt collection people seem to be trying to say that they can do what they like because they bought the debt. On the face of it their approach to the amount owed seems fraudulent i.e. asserting they you owe a sum of money that is grossly overstated.

    If you have an agreement with the credit card company I would insist on dealing with them on the basis that the debt collectors have no contractual nexus with you.


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