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debt agencies
m00nie
Posts: 2,314 Forumite
can a debt agency settle an account for less than is owed?
as in,
friends debt got a little out of control, he owes tom !!!!!! and harry and he was basicaly just ignoring all letters. some have passed to debt collections agencies now and he had a call from one offering him if he pays half of what he owes they will settle his account.
can they do that?
isnt it down to the people he owes the money to to decide that?
as in,
friends debt got a little out of control, he owes tom !!!!!! and harry and he was basicaly just ignoring all letters. some have passed to debt collections agencies now and he had a call from one offering him if he pays half of what he owes they will settle his account.
can they do that?
isnt it down to the people he owes the money to to decide that?
0
Comments
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The agency has bought the debt, so they are able to offer that, yes. Sounds like a good deal, and one your friend should take.:cool: DFW Nerd Club member 023...DFD 9.2.2007 :cool::heartpuls married 21 6 08 :A Angel babies' birth dates 3.10.08 * 4.3.11 * 11.11.11 * 17.3.12 * 2.7.12 :heart2: My live baby's birth date 22 7 09 :heart2: I'm due another baby at the end of July 2014! :j
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Apparently when smallish debts are sold on to collection agencies, they can pay as little as 20% of the value of the original debt for them! So anything the agency makes on top of that is pure profit. I am clearly in the wrong business!
I think they all differ in what they will accept - most seem to go for 70-80% so that one sounds like a good offer.0
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