Petition 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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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.

This petition is closed This petition ran for 6 months

23 signatures

Progress of the petition towards its next target: 23 of 10,000 signatures required to get a government response

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10,000 signatures required to get a government response

Date closed 25 October 2012
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