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There is so much money to be made that may people have gone on to create whole companies, called asset buyers, dedicated solely to buying and reselling charged-off accounts. And no, they don't buy and sell individual accounts. Your debt is packaged with hundreds of others into a debt portfolio. Imagine hundreds and hundreds of old charged-off accounts many of which are well beyond the Statute of Limitations, doesn't it make you salivate in thinking how you can call and threaten people with legal actions if they don't give you the account number to their checking account. Hey these people probably don't even know about the Statute of Limitations or even know if the account is valid or not but if you can sound convincing enough you can get money out of them.
If you are considering buying a portfolio or two here are some things to keep in mind. There is good money to be made in small debts. Look if you incessantly call someone and tell them they owe three hundred dollars but you'll take one twenty five they might pay you off just to shut you up. It's not worth it to them to fight it. They can probably squeeze it out of next month’s food budget anyway. And if it only cost you fifteen dollars you made an easy hundred. If you go after bigger accounts they're probably going to resist harder and won't have the cash around to pay you.
So if you get a call about a ten year old three hundred debt you now know what they're thinking. Just remember your rights, the Statute of Limitations, and keep your wits when the threats start.
Yes debt buying and selling is a big business. It is estimated that there were five sellers of delinquent debt in 1992. By 1998, that number had grown to 225, and 300 major sellers by 2005. The face value of all such debt sold in 1993 was $1.3 billion. By 1997, that number had grown to $15 billion and sales reached approximately $25 billion in 2000. Yes your debt is worth a lot of money, whether it’s ever collected or not.
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