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Q. What
will be the financial cost to me for each
credit agreement I want to write-off?
We charge an Administration Fee of £350. We
offer you the choice of (a) paying the
transfer fee upfront at 10% of your
outstanding debt balance or 20%+ of the
balance if not paid upfront. For a full
breakdown of our fees, please visit the Make
a Sale page of our website.
Q. How long does the process of selling
my credit agreement balance take?
This is an ‘Almost Instant Service’ – For
Credit Cards Only as soon as payment of our
fees have been made and your documents are
signed and returned, the debt will be
transferred into our name within two weeks.
Then a letter confirming this will be sent
to you to complete the sale of your debt for
£1. As soon as the cheque is cleared the
process is complete.
Q: What effect does using Navigation
Group have on my credit rating?
Removal of credit reference entries
regarding your credit agreement from your
personal credit file is not part of the sale
process as it is regulated by the Office of
Fair Trading. We provide you with a letter
you can send free of charge to your credit
reference agency informing them of the sale
and to amend their records accordingly. As
this is a legal sale all agencies are bound
by law to accept the sale whether they like
it or not. We are working on this area and
hope to be able to offer an enforcement full
service in the near future but the industry
will take time to fully adjust to what we
are doing.
Q. Can I continue to use my credit card
after it has been transferred?
No, the account will be terminated and
legally sold to us.
Q. My credit agreement debt has been sold
to a Debt Collector, can I still sell it?
Yes, as long as the account has an
outstanding balance you can sell it to us.
Q. Does Navigation Group contact my
lender on my behalf or do you send me
letters to do it myself?
Once you have completed the Application
Process and have been accepted we will
contact our new lender on our behalf
informing then of the sale.
Q. Why do you want my debt?
We know exactly how to legally benefit
commercially from your debt and we will
correspond with our new lender clearly
outlining the law. Our recent experiences
have shown that lenders are all too happy to
avoid the cost and embarrassment of having a
judgment entered against them and settle
potential claims that could succeed. You
sell the debt and the liability as well as
any benefits of your agreement to us.
Q. Once my debt has been transferred can
my previous creditors contact me to pursue
the debt?
As this is a legal sale, all lenders are
bound by the law to accept the sale whether
they like it or not. The industry will take
time to fully adjust to what we are doing.
We ask that you keep a detailed log of any
contact you receive from a lender or their
debt collectors as proof, we will charge
these company’s for any subsequent contact
they have with you as they are in breach of
the law.
Q. I bank with the same company that my
sold debts were held with, can my other
accounts be affected?
We cannot guarantee that your bank we will
not take any adverse action in respect of
any other accounts you hold with them. But
they are allowed to take any action that
they can commercially justify
Q. I took my credit agreement out after
1st April 2007, can you write-off the
balance?
No, we are not currently offering this
service. we now buy your debt if, it is from
a regulated credit agreement signed more
than one year ago.
Q. I’ve got a balance or remaining
payment of £500 on my credit agreement, can
I sell it?
No, we only accept an outstanding balance or
payments remaining of a minimum of £750.
Q. Can Navigation Group reclaim charges
for me?
No, Sorry
Q. I no longer have an active account,
does that matter?
No, if the agreement has been defaulted or
terminated this is not a problem.
Q. Do you think my Lender will close or
terminate my other accounts with them?
The Banking Code Standards Board state that
the banks should not take a
“disproportionate response” and should
always treat customers “sympathetically and
positively”. However, we cannot offer any
guarantee that your account will not be
closed as your lenders conduct is out of our
hands. But your agreement will be terminated
before the sale can take place.
Q. Will my Lender contact me?
They shouldn’t contact you, If they do
contact you concerning your sale then please
let us know immediately and forward us any
correspondence and documents that they send
to you.
Q. What if my Lender refuses to
cooperate?
In the event that a lender refuses to accept
the sale, our solicitor can take steps to
enforce the sale. Alternatively, we may
refer our case to the courts who have broad
powers to resolve legal dispute.
Q. Can I sell you my debt if I live
abroad?
Not unless your credit agreement was taken
out with a UK lender and has jurisdiction
under UK law.
Q. Will I have to go to Court?
No, in the event that a claim is issued by
our new lender and it is heard in court, our
solicitor will represent us not you, as it
is no longer your debt.
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