dls wrote:You can buy the right to the debt from another creditor, but be very careful. It cannot be worth a lot and may be worth nothing.
A large generalisation - trading debt can be very lucrative. There is a massive market. OK on this scale I agree it is unlikely, but large debts can easily jump 100% in value (e.g from being worth 5 cents on the dollar to 10 cents on the dollar) very quickly.
atticus wrote:I'd concentrate on getting what is owed to you. Let your competing creditor look after himself, if he wants.
Not necessarily sensible, if the other debt is large and you can get it for 1p in the pound your costs of pursuing both debts is likely to be very similar to persuing just one debt (if there is any chance whatsoever of any recovery). And if it does get as far as insolvency it is likely all non preferential creditors will be treated pari passu (i.e. equally in proportion to the debts they own).
Note: I am not legally qualified, just been around a few blocks. The sorry cynic.