We need the government to look into the practice of banks and other large financial institutions selling on debt owed to them by defaulting customers.

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Petition Action

We need the government to look into the practice of banks and other large financial institutions selling on debt owed to them by defaulting customers.

Additional Information

We need the government to look into the practice of banks and other large financial institutions selling on debt owed to them by defaulting customers. Many billions of pounds worth of debt is sold each year to private equity firms who the employ debt recovery companies to recover the debt. Importantly the prices being paid for debt is currently unregulated, consequently debt is being bought and sold for as little as 0.03p in the pound. The practice of buying and selling an individual’s debt needs to be more transparent and regulated. The practice of selling on debt is growing and will continue to grow in the coming years, action needs to be taken now.

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