The Future of Debt Purchasing Companies

This site, in spite of appearances to the contrary, does not propose the abolishment of the debt purchasing industry by law. Everyone is entitled to earn a living, and to health, happiness and a quiet life (although not many DPCs believe in giving their victims a quiet life). However, what would kill off the more pernicious aspects of the DPC industry (and would reduce the number and frequency of “statute barred” scams which certain DPCs have come to specialise in) would be if the banks were compelled not to sell on details of dead debts which they had already written off, or not to sell on details of debts which they fully intended to write off (and what business does not intend to write off bad debts?).

But no such legislation exists, and banks are still allowed to sell the details of things which no longer exist, by way of making an extra bit of cash, on top of the compensation insurance that they receive when debts go bad and also the tax breaks when they write off such debts at close of year.

There is no doubting that such debts are written off by the banks. HMRC writes them off at the end of the tax year. So no higher authority than the Crown itself acknowledges that the debts are written off.

But, as usual, the banks seem to have the legislators where they want them. I’ve heard no breath of such a law even being considered.

Also, I can think of no other case in which something which ceases to exist becomes ready material for the second hand market. What if a car was sold for scrap, then the cube of compressed metal was bought by a second hand car dealer who then approached you and tried to convince you that you could drive away in it?

Would you consult Glass’s Guide and consider the kind offer? I don’t think so!

The other thing that would kill this nefarious trade would be if sufficient numbers of people were to realise that the DPCs have little or no powers. If less than 15% of people paid the money then it would not be worth the DPCs’ time at all – they would simply not be able to turn a profit, because 15 percent would be about the same as what they paid for the dead debt plus their operating costs.

That is the real purpose of this website: to spread the word. If enough people know about this then that would be one injustice less that this country has to endure.

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