How can I find out how much a debt collector paid for a debt? (pay, debts) - Personal Finance -debt, loans, credit cards, banks, insurance... - City-Data Forum

dontbl8 · 10-13-2008, 01:12 PM

I know they pay pennies on the dollar, but is there a way to find out exactly how much they paid?

Thanks
Chris

Mircea · 10-13-2008, 02:58 PM

Through discovery. You have to request the sale documents. They have to provide it, case law says so.

dontbl8 · 10-13-2008, 07:23 PM

Thank You Mircea. I appreciate the answer.

Woof Woof Woof! · 10-14-2008, 02:42 PM

They take a percentage of what they collect on the debt.

Never deal with a debt collector. Only do business with the loan originator!

NewJersey? · 10-15-2008, 07:24 AM

Quote:

Originally Posted by Woof Woof Woof!

They take a percentage of what they collect on the debt.

Never deal with a debt collector. Only do business with the loan originator!

After the debt is sold to the collector, the original originator no longer has rights to the debt and can not work with you.

At least that's what the Hospital said when I called them and wanted to pay a bill that was in debt. They said I had to pay the debt collector directly. They've pretty much washed their hands of the account, so to speak.

Mircea · 10-15-2008, 08:07 AM

Quote:

Originally Posted by Woof Woof Woof!

They take a percentage of what they collect on the debt.

Never deal with a debt collector. Only do business with the loan originator!

That's a collection agency, not a junk debt buyer. A junk debt buyer buys charged off debts, usually at an auction through a broker and pays pennies on the dollar, usually about $0.035 on the dollar, depending on the quality of the debt (ie homeowners/property owners vs non-property owners).

Some time ago I post a partial transcript from a deposition in Hartman v Asset Acceptance to prove that.