Debt bought by Collection Agencies

[Unregistered]

When a Collection Agency buys bad debt am I responsible for the original debt amount of the debt or what the collection agency paid for the "bad" debt. They have always tried to get me to settle up for almost 1/2 of what the original debt was, which tells me that they didn't pay for the whole amount.

[Unregistered]

Re: Debt bought by Collection Agencies

The entire amount is still due but they will often settle for far less.

[leenet]

Re: Debt bought by Collection Agencies

They usually buy accounts in bulk. The older the debt the less they pay for them.

[Unregistered]

Re: Debt bought by Collection Agencies

Collection agencies buy debt for pennies on the dollar. Any attempt they make in collecting is free money in their pocket. NEVER agree to pay a collection agency ANY money. ALWAYS send them a certified validation of debt request.

A collection agency is merely a bottom feeder trying to make free, easy money off stupid legitimate creditors, who choose that route rather than try to collect legitimately, such as small claims court.

They use intimidation tactics to scare people into paying and into giving out personal financial information. Never speak with a collection agency on the phone. Get ALL communication in writing. NEVER acknowledge debt from a collection agency as being yours. Request Debt Validation.