OFT warn against shady companies who will 'buy your debts'
The OFT are reporting a rise in the number of companies that are contacting debt-addled consumers and scamming the living pants off of them by claiming to be able to ‘buy’ those debts from them, taking on the liability by purchasing the deluded punter’s credit agreements, sometimes for as little as a pound.
As with all things that seem too good to be true, the claims are in fact complete and utter horse shit. While it may be possible for debts to be transferred from one party to another, it can only be done with the permission of the original lender. Without that, you could find yourself still saddled with your swollen debt AND with fresh charges to fork out to satisfy the scamsters whose fiscal snake oil pitch you’ve just fallen for.
You can find out if the sharp-suited, smooth-talking bastard you’re dealing with is legit by visiting the OFT's online consumer credit register to see if he’s got the relevant credit licence. If he hasn’t, we expect there’s a law that allows you to punch him square in the kisser.