2007-01-21 03:49:27 · 5 answers · asked by ruwet2day 1 in Business & Finance ➔ Credit
There are many factors that would affect the amount your debt gets sold for. Creditors sell bad debts in huge portfolios of accounts. The first time your account is sold, the collection agency or junk debt buyer may pay as much as 25 cents/dollar. Each successive sale means the debt gets sold for less and less. Debts that have been sold 3-4 times may sell for 3-4 cents/dollar, and a debt that's 10 years old the cost goes down to less than a penny. Age of the debt matters.
2007-01-21 03:59:45 · answer #1 · answered by SciFiDiva 2 · 0⤊ 0⤋
First of they sell it to themselves. You will get letters from debt collection agents hiding behind a PO Box number. When you trace the number is usually your banks head office. Anything you owe the bank is non priority debt bty. When they do sell your debt on to a proper company is usually between 20 to 70 percent of your debt.
2007-01-21 17:31:27 · answer #2 · answered by naplusultra 4 · 0⤊ 0⤋
Most of the time pennies on the dollar, they sell it and legally do not own the debt anymore. It is ALWAYS better to settle with the original creditor.
2007-01-21 11:52:17 · answer #3 · answered by roger v 4 · 0⤊ 0⤋
you should try out this site. it gives you quotes on different offers to help you eliminate your debt as soon as possible.
2007-01-21 13:23:28 · answer #4 · answered by twisted b 1 · 0⤊ 0⤋
as much as they can get
2007-01-21 11:52:38 · answer #5 · answered by Scotty 7 · 0⤊ 0⤋