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ms.kitty63
Joined: 16 Jul 2008
mskitty63's page
Posts: 1
28 Magic Points
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Subject: How long must a company wait before selling your debt?
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Wed Jul 16, 2008 1:52 pm
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| How long must a company wait before selling your debt to a collection agency? don't they have to try to contact you for 90 days at least before hiring a debt collector? |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Thu Jul 17, 2008 9:18 am
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Normally a debt is considered past due if payment is not made by the due date. When a debt remains uncollected for ninety days, it is worth selling it to a collection agency and get the most out of the asset. Whenever you are selling a debt, it will never be sold at the face value since it is already due for over three months. Mostly it is sold at half the face value.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Thu Jul 17, 2008 10:20 am
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Yes, I agree with Anthony. As far as I know when a debt is 90 days past due it is sometimes sold even at less than half its face value. This depends upon the status of the borrower who owes the debt. For ex if the borrower has a lot of financial problems, the debt would be sold at much lower cost. If by chance the CA is able to collect the entire debt amount, he is at huge profit.
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Justin |
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Sunshine
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Subject: uk credit card debt
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Thu Nov 12, 2009 8:31 am
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| If you have an outstanding debt on a uk creditcard and have recieved a default notice but live in Turkey what will happen?? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Thu Nov 12, 2009 11:19 pm
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| Depends on what their laws are over there concerning debt collection. I guess if I was to take a logical guess on it I would say it would depend upon the amount of the debt they were trying to collect on. If it was a smaller debt, lets say a thousand or so I can not see it would be worth their time to make any real efforts but much more than that they may. |
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