Could you buy your own debt? | Page 2 | Vital Football

Could you buy your own debt?

The Guardian followed up on their previous article and it seems there are quite a few obstacles to buying debt, so you would need to set up a company who could buy in bulk.

http://tinyurl.com/mzfmodz
 
BodyButter - 14/11/2013 16:49

I have a company! You can probably set one up for £100.

But to buy your own debt wouldn't you need to be bankrupt, which means you would be disbarred from running a company?
 
OnMeHeadFred - 15/11/2013 01:55

BodyButter - 14/11/2013 16:49

I have a company! You can probably set one up for £100.

But to buy your own debt wouldn't you need to be bankrupt, which means you would be disbarred from running a company?

Come on, Fred. You put the company in the wife's name.
 
Don't have to be bankrupt for a debt to go to secondary vultures.

Just defaulted, and original creditor takes the sale as a more likely option of getting some money back on the debt.

There would be issues of defaulted personal debt affecting what credit line you could get in a business sense though to buy in bulk.
 
I don't think they are buying an specific individuals debt e.g. walking into a bank and saying can I buy Mrs XYZ's loan please. I expect they bought some debt based securities of some kind.

Obviously you can't buy your own debt.
 
We got three more years to pay on the car we had on finance and £1600 on the CC so i make it about £5000 hopefully in the next three years we will be debt free no more CC's for us though my mrs has luckily got a secretary job one she used to do years ago which is a great help but this means she is the main bread winner which is baaaad and i mean baaaad to take man next hing i know she will be coming back from the pub and throwing my dinner i made her up the wall and slappingme about :0