"buying" credit card debts

[goosing]

I got into trouble with a credit card, got it sorted (I thought) , got interest cut off it and have been paying installments to a 3rd party (as agreed with the lender) for 6 months. Now a debt collection firm has contacted me saying they have "bought" the debt and want immediate payment of the full original amount. I told them what had happened and sent them a copy of a letter from the people I am paying confirming I am to pay them but they just wrote back saying they are going to take me to court if I dont pay up NOW. Where do I stand - I am happy to continue as I am as obviously I dont want to pay the original amount after negotiating to pay a smaller sum. Can anyone help/ has had a similar problem?

[Ethel]

You need to establish who sold the debt on. Contact the company you have been making the payments to, and see what has happened.

It is not unusual for companies to sell debts, but it is unusual where the debtor has been meeting his or her obligations under an agreement.

If you have the revised agreement in writing and have been keeping to the terms, don't worry. This new company will not have a leg to stand on if it ever gets to court.

So, tomorrow phone the company you have been paying to find out exactly what has happened. Tell them you wish to keep the agreement you had, and stress you have kept to the terms and will continue to do so.
Sort out all the paperwork relevant to this debt and records of payments made today, so you know exactly how much you have paid and how much is owing under the agreement.

Be prepared to go the Citizens Advice Bureau if you don't get it sorted - they are excellent at this sort of thing.

Good luck.

[ELVIS68]

Dont panic,the most important debts are mortgage, council tax then income tax,....credit card debts are way down the pecking order
I was told by a friend who works for the Citizens Advice Bureau that they will threaten you with court action if you don`t pay the amount they want...it`s not worth the hassle to them

She said you can offer them as little as �5 a month to repay the debt and they can`t refuse,as long as you are not earning thousands per month etc

They use the `Court Case` scare tactics just to make people pay more money, but if you do make an offer you have to stick to it ,but I don`t think they can force you to pay more

Tell them you are willing to continue paying the same amount, if need be send them an incoming/outgoing expenditure list

But whatever you do, don`t offer them more you can afford each month just to please them...good luck

[johnny37]

I think that the fact that you have an agreement with and have been making payments for six months to the lender constitues a contract. Whoever bought the debt is obliged to honour that contract. Let them take you to court if thats what they want to do. The repayments could be increased (or even reduced) by the court if your circumstances have changed. Dont be buillied, you are in a good position.