Selling a debt

[lebel]

Has anyone got any advice/experience of this?

I have posted on the legal board about a £20k debt that we have worries over (ie, we won't receive it), I have worries that court action could be fruitless with a lot of hard work to boot, plus the company has a CCJ from the last 18 months already.

Can we sell a debt of £20k, who would buy it and what would they pay?

Thanks in advance,

lx

 

[Geoff T]

I think it depends - I'm not aware of anyone that buys "one off's", the ones I've heard of tend to buy ledgers, rather than individual debts...

I also note that you've not replied to the thread you mention since my suggestion on the 8th... have you tried any of the suggestions in the thread, or are you just trying to collect some bucks while "passing it"?

 

[lebel]

Hi Geoff, apologies for not responding sooner on the other thread, I have done now

Tbh, we're just banding a few ideas about to see what our options are. Our 7 day letter went in friday and royal mail says it was signed for by the man himself on Saturday. We haven't heard from him as yet and I ca be pretty impatient at the best of times!!

 

[Geoff T]

Hi Geoff, apologies for not responding sooner on the other thread, I have done now

Tbh, we're just banding a few ideas about to see what our options are. Our 7 day letter went in friday and royal mail says it was signed for by the man himself on Saturday. We haven't heard from him as yet and I ca be pretty impatient at the best of times!!

Hi -

"impatient" will cover it!

As you've got till Friday - why not "chill" for a day or two? The ball is very firmly in their court at present, give 'em the rope here my friend... see what they do with it...

Plenty of time later in the week to look at next options...

 

[lebel]

I know, I know - patience is a virtue not known to me

We have had contact from another of his creditors today (they introduced us to the job and are also owed money) so we are tying to work out the best option. I just want to be paid for the work we have done, not such a big ask, surely?

Thanks for the advice, will try and chill fog a couple of days and turn my hand to the vat return!!

X

 

[doi_swilkinson]

Hi
Have you considered if there is a genuine reason for not paying rather than a won't pay situation,if it is the former let me know by P.M.

There are solutions

Regards

Stefan

 

[Steve Thornbury]

Happy to help out with your options. Let me know.
Steve

 

[lebel]

Hi Stefan and Steve,

pretty sure it's a "won't pay situation", although this is a gut feeling rather than fact. Why would you have £35k worth of work done (this does not include other sums owed to other creditors) without the means to pay for it?
Having said that, I can't guarantee there are other reasons for the non payment - we get a different excuse every time we request an update/payment.

Steve, I will get in touch if that's OK, when I have five mins spare over the next couple of days. I need to work out what options we have, understand them and chose the best one for us.

I am getting a bit stressed by all this, the chap doesn't seem to give a fig about how his lack of payment is affecting our business

 

[Geoff T]

...Why would you have £35k worth of work done... without the means to pay for it?...

OOOOH - you'd be surprised!

With respect to Stefan - contacting Steve is a good idea lebel IMO...

 

[lebel]

OOOOH - you'd be surprised!

With respect to Stefan - contacting Steve is a good idea lebel IMO...

I am a bit naive, yes?! I guess we have always been lucky that our customers appreciate what we do and pay us accordingly. We had one company last year go into administration on us, owing £8k but we weathered that ... this is altogether different due to the type of labour used (inhouse v. subcontract) and the amount of materials bought

Anyway, thank you Geoff - have PM'ed Steve and will find the time to call Steve ... aaaaand some time to chill out, as you recommended

 

[Geoff T]

Anyway, thank you Geoff - have PM'ed Steve and will find the time to call Steve ... aaaaand some time to chill out, as you recommended

No problem - and good news - on both fronts...

 

[lebel]

Thanks ... again

 

[Geoff T]

de nada... c'est rien.. don't mention it... your choice