Reply to Outstanding Debts from 199...????

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Reply to "Outstanding Debts from 199...????"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You older now, you should pay. In your heart you used the money therefore you owe it.[/quote]

The debt has very likely already been sold to a bulk debt buyer. Let's say OP owed $10,000 on some credit card - a bulk debt buyer would buy that debt for pennies on the dollar and then would go about trying to collect it themselves in order to make a huge profit. OP isn't paying the debt at this point - the credit card company has already sold it and written it off. OP would be paying the bulk debt buyer who would then walk away with a massive profit even if OP settled for $5000. It's a racket and I wish people knew their rights in respect to these matters.[/quote]

I like you, PP. Let me guess, you work for FTC or CFPB. [/quote]

I'm just an average Joe who was shocked when I first heard of this practice about 5 years ago. A lot of people who don't make great decisions with credit don't even realize this is what is happening, and these companies prey on people like younger college age kids or recent grads (ps - private student loan debt also can be sold and bought in this same way), seniors, recent immigrants, or people who are basically in poverty anyway. Basically the types of people who are preyed upon by payday lenders and who were preyed upon by predatory mortgage lenders in the past.[/quote]

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