How long must a company wait before selling your debt to a collection agency? don't they have to try to contact you for 90 days at least before hiring a debt collector?
Normally a debt is considered past due if payment is not made by the due date. When a debt remains uncollected for ninety days, it is worth selling it to a collection agency and get the most out of the asset. Whenever you are selling a debt, it will never be sold at the face value since it is already due for over three months. Mostly it is sold at half the face value.
Yes, I agree with Anthony. As far as I know when a debt is 90 days past due it is sometimes sold even at less than half its face value. This depends upon the status of the borrower who owes the debt. For ex if the borrower has a lot of financial problems, the debt would be sold at much lower cost. If by chance the CA is able to collect the entire debt amount, he is at huge profit.
Depends on what their laws are over there concerning debt collection. I guess if I was to take a logical guess on it I would say it would depend upon the amount of the debt they were trying to collect on. If it was a smaller debt, lets say a thousand or so I can not see it would be worth their time to make any real efforts but much more than that they may.
Normally a debt is considered past due if payment is not made by the due date. When a debt remains uncollected for ninety days, it is worth selling it to a collection agency and get the most out of the asset. Whenever you are selling a debt, it will never be sold at the face value since it is already due for over three months. Mostly it is sold at half the face value.
Yes, I agree with Anthony. As far as I know when a debt is 90 days past due it is sometimes sold even at less than half its face value. This depends upon the status of the borrower who owes the debt. For ex if the borrower has a lot of financial problems, the debt would be sold at much lower cost. If by chance the CA is able to collect the entire debt amount, he is at huge profit.
uk credit card debt
If you have an outstanding debt on a uk creditcard and have recieved a default notice but live in Turkey what will happen??
Depends on what their laws are over there concerning debt collection. I guess if I was to take a logical guess on it I would say it would depend upon the amount of the debt they were trying to collect on. If it was a smaller debt, lets say a thousand or so I can not see it would be worth their time to make any real efforts but much more than that they may.
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bOn46s I appreciate you sharing this blog article.Really looking forward to read more. Great.