NEWS...
Debt Sellers' Meeting
The congenial surroundings of the Priest House in Derbyshire was the setting for the first-ever "Sellers' Lunch", organised by the DBSG governing committee.
Eleven attendees, including those from several financial institutions discussed in a relaxed atmosphere such varied best practice topics as:
- When selling debt where the seller makes a fair share contribution - do they insist on ensuring that the purchaser maintains the fair share contribution, going forward?
- Do sellers build into their contracts a repurchase threshold?
- What information do sellers provide to purchasers up front, to enable purchasers to price?
- What process is followed when selling debt?
- What (if any) external data is appended to debt sale files?
- What flags do sellers update to CRA's post sale?
The impending CCA06 regulations' impact upon sellers was of course a big topic too. For many though, the most important aspect was getting to know other sellers and networking with them.
The lunch was intended as an informal get-together, where neither competitive issues would be discussed nor buyers would be bashed, and to ensure even-handedness and balance, DBSG chair Leigh Berkley, himself a buyer, presided over the proceedings, assisted by Claire Aynsley, Head of Membership and Compliance and Kurt Obermaier, Executive Director of the CSA and DBSG.
The attendance by Leigh in particular proved valuable in that he could offer an impartial buyer's view to the many questions from sellers.
Special thanks must go to Tim Kirk of The Money Shop, one of the representatives of sellers on the DBSG committee, on whose initiative the lunch was organised.
The success of the day can be best summed up by emails received following the lunch...
"Firstly, thank you for an event of this nature being organised and provided;
I personally found the session extremely informative. It was an excellent opportunity to raise issues with others who are involved in this growing industry and specifically discuss the matters that concern all of us. I would most certainly welcome these forums regularly".
"Many thanks for your work in getting this forum off the ground. I thought it was a positive start to something that hopefully will be a regular occurrence at least a couple of times a year. Leigh - thought you did a great job presenting the buyers' perspective whilst still remaining 'on the fence'. In retrospect it was great having someone there from the buyer's side as clearly there was a hunger for dialogue on a general basis which perhaps people have not had the chance to have before."
Another meeting is being planned before the end of 2008... watch this space!
Original article courtesy of DBSG. For further information visit www.dbsg-uk.com.
