Debt Sold To Collection Agency
Do collection agency's really expect to collect the entire amount plus interest and late charges on a debt they paid penny's on the dollar to obtain ? Why would a creditor sell your debt rather than collect on it themselves ?
I'm not sure if this is true but I've heard larger creditors have insurance that will pay up to half of uncollectable debt. The rest is a tax right off. The creditor has to look at the debt, decide if the debtor is capable of paying or has assests not considered judgement proof and then determine what the cost would be to pursue collections through whatever legal channels. If the cost to pursue is higher than the amount owed, they may sell the debt to another collection agency, declare the loss on their taxes and apply for insurance payment.
So how does the collection agency figure to benefit if a creditor doesn't even think a debtor can pay ?
Can a debtor, collection agency, ect, force you to sell your home to collect on your debt or can they initiate a forclosure on you? Can they force a Sheriff's sale of your property if they get a judgment in Maryland.
Is your home safe from a forced sale?
Pretty sure the only one who can force a foreclosure is your mortgage company. I do believe other creditors can put a lien on your home however. Bankruptcy is about the only way you can stop this . Others here can correct me if I'm wrong.
I'm thinking the collection agency since it has little invested and can pursue more aggressively is making a profit no matter what since they buy the debt for practically nothing. Anything they collect is almost pure profit and since bankruptcy is alot harder than it used to be they are almost certain to get something from most folks.
U got a very good question but i don't know anything about it so that i can't help u
but if u get any relivent reply so please suggest me so that i can also came to know and i can increase my knowlege it will b very helpfull if u will help me
thanx in advance for future help
| [url=http://www.applyforcreditcardsite.com]Apply for Credit Card[/url] |
| I'm not sure if this is true but I've heard superior creditors have insurance that will pay up to half of debt. The rest is a tax right off. I would like to make you aware of Krohn and Moss, Ltd., Consumer Law Center that has taken pleasure for about 12 year history as the nation’s premier consumer law group. Check out yourcollectionrights.com for the unswerving information, which you are in need of. |
|
