Plan B idea: Robin Hood Debt Service

[threaded]

Seeing as debt collection services typically buy the debts for a very small percentage, why not provide a service showing jo public how they can clear their debts by doing the same?

Say a mug has racked up 20k on credit cards, lost their job and can no longer cover the minimum payments. Instead of waiting for the debt to go into default and be sold to a DCA, they could pay slightly more than what the DCA will, which may be as low as 2k, and be debt free.

The service would make money by identifying how little the debt can be obtained for, and allowing the 'mug' to pay it off for just a slightly bit more.

Everyone's a winner, except for the scumbag DCAs and the scumbag credit companies who irresponsibly lent the money in the first place. I can live with that.

I think it sounds a great idea. Go for it.

[AtW]

threaded is right.

Upon fresh reflection it is clear to me that my initial judgement was totally wrong.

I think you need some money for your business though in order to bootstrap debt buying, so I think you should to to BBC's so called "Dragons" and present them your proposal.

[PAH]

Upon fresh reflection it is clear to me that my initial judgement was totally wrong.

Is this a CUK first?

I think you need some money for your business though in order to bootstrap debt buying, so I think you should to to BBC's so called "Dragons" and present them your proposal.

Nah, I have the face for radio not telly.

Did we ever find out what MarillionFan was going to promote on DD? I missed the CUK email update.