HOW DEBT COLLECTORS BUY THEIR DEBT TO COLLECT (2024)

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Introduction Content FAQs References

Introduction

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Content

Hey, what's up is Steve, Williams president and founder of the credit repair shop.

Calm.

A lot of people been asking me about this debt they're like is it real? You know, are you just writing down some fake stuff on a piece of paper? Well, they just sent over another email from debt collection.

Well, a debt debt buyer, and they sell it to debt collectors.

This is medical debt, credit card debt, payday loans, all of that stuff I'm gonna blank out the company names because I don't want that to be revealed because they'll end up blocking the video also before we get started.

Please do me a favor like the videos.

You know, I'm giving you good stuff.

This is insider information.

What I'm about to give you right now about that.

And you know what I'm telling you is true also, if you look at the comments from people that have did what I told them to do regarding debt, I'm talking about even going into court when they are going to get sued when everything is against them, and they come out of there winner because they know the information what I'm giving you is what you need to succeed against these debt collection companies.

So now look at this right here.

We got 9 million dollars.

1838 accounts charged off date is 10, 5:07 average balance $4,900.

Let me tell you this is it for every state it's passed the statue of limitations, even the states that have a 10-year statute of limitations, there's, no way that they can collect this debt, unless you don't know what your legal rights are, they cannot collect none of this 9 million dollars.

But they put it on the market for sale and they'll sell it to a debt collector.

They got eighteen hundred and thirty-eight strikes at the bat to get people to make their money back and they're gonna probably sell.

This whole account for a couple of thousand dollars.

So they're gonna take a risk out of eighteen hundred people that don't know their their rights that's a lot of money that can be collected look at this next one eighty five point four million dollars forty four thousand accounts over 44,000 account charge off date is 2007 eleven 2707 average balance 1904 dollars again even with the worst states I think there's only three states that have a ten year statue of limitations it still passed that they can't even get into court with this all you have to do is send them a letter stating that has passed a statute of limitations let's look at this one six point two million dollars twenty twenty five hundred sixty eight accounts charged off date twenty eleven only the three states if you happen to live in those three states that have a 10-year statute of limitations.

Everyone else is six years and under average balance.

Twenty four hundred and fifty one dollars and 79 cents and I'd, really consider this uncollectible, those states that have a tenure or really like rural type states farming state.

So I, don't know why they want to hurt the farmers or people that live in those states.

The next one here, seven point, eight million dollars two hundred.

Twenty eight hundred, seventy accounts, 2009 passed statue of limitations for all 50 states, average account balance.

Twenty seven hundred and twenty four dollars sixty five cents.

Look at this.

Next one mixed accounts, twenty eight million that's, twenty eight million to twenty eight point, nine, six million dollars, seventy four hundred.

And seventy four accounts charged off date, seven nine, oh, eight 100% passed at your limitations.

Average balance 3860 7.62.

This.

Next one, seventy nine, seven point, nine million dollars.

Twenty three hundred forty two accounts charge off Day.

2008 passed at your limitation.

I hate to be redundant with this folks.

But look at this, they don't.

The reason why these are up for sale is because people don't know their rights and are falling into the traps, and they end up either getting the debt reauthorize, or they just don't show up to court to even fight for their rights, and they get a default judgment.

Then they got twenty years.

Twenty years of fighting for a debt that they probably would have never had to pay a penny for now let's get into these here.

These are for from a payday loan company, 1.5 million 1.1 million charged off dates, 2014 still for most states, it's past that your limitations.

We only have those three states that have a 10-year statute of limitations.

Let's go down.

Forty two point, five million dollars, three thousand.

Four hundred seventy-one accounts charge off day.

2008, average balance, twelve thousand this big credit card accounts.

And the one right below there, sixty-two million dollars charged off day.

T, eleven 1508.

Fourteen thousand five is the average balance.

And this one here, these are all major credit cards, 58 million 3932 accounts charged off date.

Twenty 2008, fourteen thousand eight hundred.

Eighty six dollars and eighty five cents.

The average account balance.

These people will go to town on these.

And if a person doesn't know, their rights they're gonna end up paying this money or a portion of this money, and they wouldn't have to pay any of it all with these three that I just mentioned the the longest statute of limitations is ten years.

Ten years, I say it, again, ten years, look at that, Oh, 808, Oh, 8 so need.

I say more about that, of course, I do because there's still people that fall into the traps.

Do me a favor like this video.

So we can help other people not fall into the trap.

Please like the video hit the notification.

But and also to get more videos from me when I release them because there's gonna be more debt released into the market I get these emails every day let's move down this one here is a home shoppers type program, not gonna mention the company, but one of those companies for four hundred and ninety seven thousand dollars charge off date.

Twenty sixteen, even with twenty sixteen, charge off date passed at your limitations for a lot of states.

Yes, some states, it will not be passed at your limitations.

We got another one group of credit cards.

Fifty eight point, eight million dollars another group of credit cards.

Twenty million 2006, 2006 and 2007 passed out your limitations ten year.

But again, they're going after it because people don't know their rights these two at the bottom here are payday loans.

Not gonna mention a company.

Fifteen million seven hundred thirty thousand.

So you can just say, it's the same company.

Fifteen point seven million dollars charge off date.

Twenty sixteen, these are average balances.

So now let's get with the solutions.

And again, please like my videos, please like my videos.

Because this is stuff that nobody wants to tell you about.

Ok for all of these that are passed the statute of limitations.

You just got to simply write a letter simply write a letter stating that mister debt collector, you know, put their address and everything for the day.

Let them know, say, I'm, notifying you that according to the laws in my state that this the debt that you are attempting to collect is past the statute of limitations, according to the laws in blank mas that you know, put your state and that I demand that you cease all collection activities for this debt and I will be reporting this to the proper authorities in my state, who are the proper authorities in your state, Department of financial institution, whoever regulates debt collection companies, or if you can't find that department it's, usually the same Department that regulates the banking in your state.

Every debt collector has to be licensed to even send you that letter in the mail.

They have to be licensed to be able to be a debt collector in your state.

So if you notify put them on notice that you are going to say information to the proper authorities in your state that regulate them they're gonna pay a lot of attention to that and they're gonna send you a letter back saying that they cease all collecting that collection activities for that debt.

And, you need to keep a copy of that letter, because they're gonna sell it just like these were sold over and over again, the ones that didn't get, collected they're gonna try to make some money back by reselling it.

And you want to keep that letter cuz.

When the debt collector sends you a letter from that from.

When they sold it to.

Another debt collector you're gonna even have more information to where, you might even be able to sue them for trying to collect the debt that is not legally that they legally cannot collect, but you'll have some evidence that they should have known about it, or you can sue the original debt collector because obviously they knew about it and they sold it to another debt.

Collector, so you can even get them fighting and suing each other so please like my videos if you need help, please post your comments below visit our website.

The credit repair shop, calm, how will you know if your debt is charged off? All you? Have to do? Is look at your credit reports? Please use the link below this.

Video, your three scores calm to get your credit reports and your scores that's gonna give you the evidence that you're gonna need again, like the videos, please share post your comments and have a great day and I can't, wait to make another video, giving you some more content.

Thank you.

HOW DEBT COLLECTORS BUY THEIR DEBT TO COLLECT (2024)

FAQs

HOW DEBT COLLECTORS BUY THEIR DEBT TO COLLECT? ›

In today's economy, many creditors—including credit card companies, utilities, phone companies, banks, and lenders—regularly sell to debt buyers old debts that they have been unable to collect. The creditors package these old debts into portfolios, which they sell to debt buyers for pennies on the dollar.

How do debt collectors buy debts? ›

In today's economy, many creditors—including credit card companies, utilities, phone companies, banks, and lenders—regularly sell to debt buyers old debts that they have been unable to collect. The creditors package these old debts into portfolios, which they sell to debt buyers for pennies on the dollar.

How much did a debt collector buy my debt for? ›

Typically, a collection agency pays far less to acquire a debt than its actual value. In most instances, the agency may pay as little as $0.04 for every $1 in consumer debt. In other words, debt buyers only pay 4% of the original debt value on average, then they collect on the full amount.

What is the 11 word phrase to stop debt collectors? ›

If you are struggling with debt and debt collectors, Farmer & Morris Law, PLLC can help. As soon as you use the 11-word phrase “please cease and desist all calls and contact with me immediately” to stop the harassment, call us for a free consultation about what you can do to resolve your debt problems for good.

What percentage should I offer to settle debt? ›

Most obligations settle between 30%-50% of the original value. If the debt collection agency is unwilling to accept any settlement, you may negotiate a payment plan with them. Payment plans can keep you out of court, and you won't need to fork over a large amount of cash at once.

How many times can a debt be sold? ›

For example, if a collector is unable to make satisfactory arrangements with a consumer after a few months, the individual debt may be bundled with many others and sold to another collection agency. That process can be repeated many times over, even beyond the applicable statute of limitations for the consumer's debt.

Do you have to pay back debt that a collection agency buys? ›

Until the debt is either paid or forgiven, you still owe the money. This is true even if it's a credit card debt that is sold to a collection agency and even if you think it's unfair. Why do you still owe the full amount if the original creditor sold it and made some money on the sale?

What happens when a debt is sold to a collection agency? ›

The creditor will sell your debt to a collection agency for less than face value, and the collection agency will then try to collect the full debt from you. If you owe a debt, act quickly — preferably before it's sent to a collection agency.

Who are the largest debt buyers? ›

Encore Capital Group, Inc. is headquartered in San Diego, Calif. Its subsidiaries also named in today's action are Midland Funding LLC, Midland Credit Management, and Asset Acceptance Capital Corp. Together, they form the nation's largest debt buyer and collector.

Can a debt collector restart the clock on my old debt? ›

Keep in mind that making a partial payment or acknowledging you owe an old debt, even after the statute of limitations expired, may restart the time period. It may also be affected by terms in the contract with the creditor or if you moved to a state where the laws differ.

What is a drop dead letter? ›

Send a 'drop dead' letter

You have the right to ask them to stop contacting you. To do so, you can send what's sometimes referred to as a “drop dead letter” — a written notice to the debt collector informing them you want no further contact. By law, debt collectors are required to follow this request.

What not to say to a debt collector? ›

On the other hand, here's what you shouldn't do. Don't give a collector any personal financial information, make a "good faith" payment, make promises to pay, or admit the debt is valid.

How do I get rid of debt collectors without paying? ›

If you notify the debt collector in writing that you dispute the debt within 30 days of receiving a validation notice, the debt collector must stop trying to collect the debt until they've provided you with verification in response to your dispute.

What happens if a debt collector won't negotiate? ›

If the collector refuses to negotiate

You could also suggest to the debt collector that if he or she refuses to settle, you will be forced to file for bankruptcy. This could motivate them to negotiate and settle your debt for less than you owe.

Is a charge off worse than a collection? ›

A charge-off is generally considered worse than a collection for your credit. With collections, you typically have more negotiating power for getting them removed from your credit report.

Is it better to settle a debt or pay in full? ›

Paying in full is an option whether your account is current, past due or in collections. It's better to pay in full than settle in full when it comes to paying off debt. When you've paid in full, it means you've made all of your payments. It's a signal to lenders that you can fulfill payment obligations.

What happens when someone buys your debt? ›

When the debt is sold or transferred, a new collection account is added to your credit history. So, after your debt has been transferred or sold, it will probably show up two times in your credit history. If the debt is sold again, another account is added to your credit history.

Can I sell a debt to a collection agency? ›

You can sell debt with any past due days, fresh accounts - no collection efforts, overdue less than 90 days, and debt that has been processed through external or internal collection. Even old debt 1, 2, 3, or 4 years delinquent is also sellable.

What's the worst a debt collector can do? ›

The worst thing they can do

If you fail to pay it off, the collection agency could file a suit. If you were to fail to show up for your court date, the debt collector could get a summary judgment. If you make an appearance, the collector might still get a judgment.

How much do collection agencies usually settle for? ›

Although the average settlement amounts to 48% of what you originally owed, that number is a bit skewed. If your debts are still with the original creditor, settlement amounts tend to be much higher. You can end up paying up to 80% of what you owe if the debt is still with the original creditor.

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