Festive Drinks Quiz - 5 January
Quizzes & Puzzles0 min ago
Selling on a Debt
7 Answers
Once you have your judgement issued on someone who owes you money, can you either
a) send in the bailiffs or
b) sell the debt on?
As an individual not a company
TIA
a) send in the bailiffs or
b) sell the debt on?
As an individual not a company
TIA
Answers
1 to 7 of 7
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Was conned by a so called car mechanic.took him to court won the case, he had no intention of repaying so I eventually my solicitor set a lein on his house, it meant he could never sell it until he paid the debt. Got it in the end. You have to be determined,be in for a long wait, and oh yes, be a bloody minded woman
You cannot do anything until/unless the debtor defaults on the terms of the judgement. If the judgement was for him to pay the full amount forthwith then he will already have defaulted; if it was for him to pay £x per month on (say) 1st of each month then he hasn't defaulted so long as he does so.
To find out what your options are to enforce the judgement if he has defaulted go to the Court Service website or ask for advice at your local County Court or CAB. One of them is to send in bailiffs; another is to get an attachment of earnings order if the debtor is working & you can find out who his employer is; another is to apply for a charging order if he owns a property. You have to apply to Court to enforce the debt & pay another fee.
You can sell the debt on but I've no idea how you find companies who might be interested in buying it. Most commercial businesses in this field buy debts from large scale commercial lenders, & do so by the hundreds or thousands of debts so they're not likely to be interested in buying just one. In any case they generally only pay a small fraction of the face amount of the debt.
To find out what your options are to enforce the judgement if he has defaulted go to the Court Service website or ask for advice at your local County Court or CAB. One of them is to send in bailiffs; another is to get an attachment of earnings order if the debtor is working & you can find out who his employer is; another is to apply for a charging order if he owns a property. You have to apply to Court to enforce the debt & pay another fee.
You can sell the debt on but I've no idea how you find companies who might be interested in buying it. Most commercial businesses in this field buy debts from large scale commercial lenders, & do so by the hundreds or thousands of debts so they're not likely to be interested in buying just one. In any case they generally only pay a small fraction of the face amount of the debt.
Both themas and jeanijay have the answer, once you have obtained judgement and been awarded payment, unlike many people seem to think, the court will do nothing to obtain your payment, it is up to you. Bailiffs are quite useful but I would suggest you look at all your options.
Debt companies buy debts from each other, often at a long agreed rate based on their experience of that company and dependant on their chances of recovery, if you wanted to sell a single debt the amount you receive will depend on the chances of recovery, if you can find a willing buyer which may be your difficulty
Debt companies buy debts from each other, often at a long agreed rate based on their experience of that company and dependant on their chances of recovery, if you wanted to sell a single debt the amount you receive will depend on the chances of recovery, if you can find a willing buyer which may be your difficulty
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