Where can I sell a debt?

I'm owed money from a car accident years ago - the guy was uninsured. I have judgement against him and he owes me around $8000+ as of now including costs and interest. At this stage I'm happy to get 10-20c on the dollar - wondering if anyone here knows where I can sell a debt?

 

Google "Debt recovery".

 

Large ASX listed companies like CCP, PNC, CLH, CCV, TGA all have lower teir companies that purchase debt ledgers. Be a starting point.

Not interested in getting a bailiff to seize property/assets?

pinkboy

 

You could engage a debt collection agency who will take a percentage of the money collected.

 

If all else fails try the Jokers. There should be a club house nearby if not in Qld.

 

I reckon you could make him bankrupt (how much does that cost?)

 

I think we need to discourage the current "clown epedemic" rather that encourage it

 

Just wondering.
In cases like this, did you have your own insurance?
If so, does your insurance co. generally pay for damages and chase up the other guy?

 

Yeah I guess I might give debt recovery a go - initially I just wanted to get some cents in the dollar and be done with it.

No insurance on my end either, just third party property which doesn't help in this situation

Making him bankrupt doesn't net me any benefit, and costs me a bit of money and alot of labour, it's a process at the federal court level I think

 

How long ago? Check out the limitations act in the relevant state, it may be unenforceable after 6 years.

 

And I would imagine that the money you get for the debt (if any) would reflect the chances of money being recovered.
Marg

 

You cannot get blood out of a stone or money out of an impercunious ******* - try to find out if they have any assets. Also it is hard to get money out of someone you cannot find so try to find them first.

 

I tend to think that this is the risk you take if deciding not to be comprehensively insured.

Nothing wrong with third party - I've done it myself.

I tend to go third party with cars only once they get down to about $2,500 in value.

I can live with losing that much...

 

I remember many years ago someone had an accident, had no insurance, they were ordered to pay for damage. The court imposed something minuscule by the way of a payment plan.

The person probably soon realised it would be more pain than what it was worth to persue, they dropped it.

I would probably talk to a debt collector, no one is going to buy the debt, they would buy a lot of debt if it is likely to recover enough to make a profit.

 

Wow geoff that's alot of money to be owed... does the guy not care about broken legs?

Just a tick over 6 years now - but earlier this year I sent a garnishee order out to the big 4 banks and managed to nab $500 off him... that was all he had. I remember reading up on my enforcement window and it was something crazy long like 12 years with extension criteria as well, forgot the details.

 

Absolutely, that's what I hope to achieve. I just don't have the time filing court forms and attending examination hearings etc - I'd imagine a company has these processes fully streamlined

The car was a bomb - worth maybe 1.5k at the time if sold. I would've taken that as a cash settlement at the time but the guy wanted to run and hide (and did other unsavoury things like swear at my wife and made racist remarks while taking his shirt off etc so I really don't have any sympathy for the guy). So I took the highest justifiable value to court and was awarded the judgement for 4k in 2010. After 6 years of interest at the legislated rate it's now 8k+.

 

Have a look at the limitations act for the relevant state.