Posted on
August 28, 2009
at
2:48 am
is there like an auction set up by the banks for bad debts? and how exactly do debt collectors purchase bad debts..i mean how much?
Posted on
August 28, 2009
at
2:57 am
How exactly do debt collectors purchase bad debts?I don't know but they bu debts that have recently been charged off for 6 to 7 cents on the dollar. They buy these debts in bulk to reserve the right to collect from the consumer - if the consumer doesn't know any better these debt collectors aka junk debt buyers can collect 100% of the consumer's debt.
Posted on
August 28, 2009
at
3:00 am
Maybe the question to ask is not how debt collectors purchase bad debts but which bad debts do they purchase-- and the answer is accounts that have gone through a collection agency or two, which would only cost them 1.5 cents to 2 cents on the dollar.
Posted on
August 28, 2009
at
3:03 am
To add to your comments on How much do debt collectors purchase bad debts? -It gets lower than 1.5 cents to a dollar. Debts that are years-old or debts that are out-of-statute is purchased at a penny or less.
Posted on
August 28, 2009
at
3:20 am
After knowing just how much debt collectors purchase your bad debts...you should watch out for their unfair and unlawful collection practices. They can and will find ways to collect on the debt because they have been successful at it.If you believe that you have been victimized by these collectors call: toll free 888-FDCPA-LAW (888-332-7252) and file a complaint.
Posted on
August 28, 2009
at
3:29 am
Why is it important to know- how debt buyers purchase bad debts or how much they do, aside from watching out for collection violations?
Posted on
August 28, 2009
at
3:34 am
so you can say NO to a settlement offer that is too high (if it turns out that your debt is valid that is, and you got the collectors to negotiate, and agree on a settlement amount)why would you say "yes" to a ridiculously far off amount from how much they have purchased your debt right?
