Re: bank visa debt purchased by debt collection company
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Posted by Paul
(207.44.154.35) on February 12, 2004 at 23:32:44:
In Reply to: bank visa debt purchased by debt collection company posted by CDB on February 12, 2004 at 21:42:16:
If your account charged off yesterday, it sells for 7 to 10 cents on the dollar.
6 months since charge off sells for 5 cents on the dollar.
One year since charge off sells for 4 cents on the dollar.
Two years since charge off sells for 3 cents on the dollar.
Four years since charge off sells for 2 cents on the dollar.
Out of Statute of Limitations debt sells for a fraction of a single penny on the dollar. The reason charge-offs sell so cheap is that the Original Creditor already vetted the borrower and deemed them uncollectible with lawsuits. The cents on the dollar are for the face value of the debt at the time it is sold including all added interest and fees.
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