Do debt collectors buy the debt from the bank or work on behalf of the bank to collect the debtgreenspun.com : LUSENET : Repossession : One Thread
Do debt collectors buy the debt from the bank or work on behalf of the bank to collect the debt?
Do these debt collectors work on a commission basis, ie the more they collect the more commission they receive?
-- Bal Gill (email@example.com), May 18, 2002
Not usually, yes and yes. Up to 50% in some cases.
-- Too scared to say (firstname.lastname@example.org), May 18, 2002.
Lots of banks and lenders do sell debtson.You will find that if it has gone to debt collector that they are not very confident at collecting it and are looking for some crumbs.Debt collectors are usually rubbish,they just try bully tactics.If the case was so strong with provision to collect money you would have been in court way before now.
-- roger watts (email@example.com), May 19, 2002.