General Discussion

ret5hd

(20,499 posts) Wed Dec 24, 2014, 01:04 PM Dec 2014

Any bill collectors here? Or know someone who knows the field?

I have heard of groups like Occupy buying peoples debts and then forgiving the debts, so I am assuming anyone can buy somebodys debts. Also, I know from previous reading that these debts are sold for pennies on the dollar, particularly older debts.

How would I go about buying a particular individuals debt?

2 replies

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Any bill collectors here? Or know someone who knows the field? (Original Post) ret5hd Dec 2014 OP

You don't unrepentant progress Dec 2014 #1

In order to buy someone else's debt Horse with no Name Dec 2014 #2

unrepentant progress

(611 posts)

1. You don't

Reply to ret5hd (Original post)

Wed Dec 24, 2014, 01:06 PM

Dec 2014

Old charged off debt is sold in lots. You'd have to buy x thousands of people's debts, and there's no guarantee you're going to get your friend's debt in that lot. It'd be cheaper to help him or her pay it off, or file for bankruptcy.

Horse with no Name

(33,956 posts)

2. In order to buy someone else's debt

Reply to ret5hd (Original post)

Wed Dec 24, 2014, 01:08 PM

Dec 2014

you would have to know who they owed--a copy of their credit record would be the best place to start.

Then individually call the people on the record and try to negotiate a deal. Figure out what you are willing to pay..ie, say the debt is $100 and you are willing to pay $40, for instance...start at about $10 and work your way up.

Always makes sure that you have EVERYTHING in writing...even to the point of the agreement of having the credit record amended to at least "Paid as agreed".

What a wonderful gesture!

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