Selling debt to a debt buyer?

[business_hero]

Hi there,

A UK LTD owes me around £2,000 and I have obtained an enforceable CCJ. However, the company is not willing to fulfil their obligation. My lawyer advised me that I could serve an SD. However, I have too many other things to do and willing to sell the debt at a discount.

Are there companies buying debt of this amount?

Thanks!

 

[ChrisCallaghan]

Have you explored escalating the CCJ to High Court Enforcement? i.e. bailiffs?

 

[business_hero]

The business has only a virtual office as far as I know. I spoke to debt collectors and they told me that the chance of recovery would be low as there would not be any physical assets to seize. Could they also freeze their bank account?

 

[JEREMY HAWKE]

The business has only a virtual office as far as I know. I spoke to debt collectors and they told me that the chance of recovery would be low as there would not be any physical assets to seize. Could they also freeze their bank account?

I would still look at talking to a private bailiff ie Marstons just to see what they say . They are more effective than most Don't use the county court bailiffs they are useless.

 

[Ian J]

Could they also freeze their bank account?

Yes but only if it has enough money in it to clear the debt

 

[Lisa Thomas]

Always worth sending a stat demand to see if this flushes out any payment or response. But unless you're prepared to do it yourself, it could be an expensive exercise that doesn't lead to any recovery.

 

[business_hero]

Thanks everyone

 

[Gyumri]

I have obtained an enforceable CCJ. However, the company is not willing to fulfil their obligation. My lawyer advised me that I could serve an SD.

As you already have a ccj there would be no point in serving a stat demand unless you intend to apply to wind up the company.

If you know the company's bank then you could apply for a 3rd Party Debt Order which will require their bank to disclose to you how much is in their account and freeze the sum you are owed.

The debtor only gets to hear of your application after an interim order has been issued. It's a very simple but effective means of enforcement.

 

[Mr D]

Hi there,

A UK LTD owes me around £2,000 and I have obtained an enforceable CCJ. However, the company is not willing to fulfil their obligation. My lawyer advised me that I could serve an SD. However, I have too many other things to do and willing to sell the debt at a discount.

Are there companies buying debt of this amount?

Thanks!

If the company has no money and no assets then may well be you will not get your money.
You got the CCJ, you see how effective its been in getting money out of the company.
Can sell the debt - you likely will not get much. The problem is buyers will know chance of recovering money is low or non existent and factor that into what they will pay for the debt, Or even refuse it.

 

[Gyumri]

.