Debt Collection Company bought your debt, do this

When a Debt Collection Company buys your debt, it is because a creditor you owed money too, has sold it. Now this can be a personal loan or maybe a credit card. The creditor would have tried to contact you and ask for repayment, when you did not pay it back, they offered a payment plan, when that was rejected, they sold the debt.

Now most financial institutions will have a debt collection company they deal with, that purchases these debts in bulk, usually for around 10% of the debt owed. They then add on charges and interest, before contacting you to repay.

Once the debt is sold, they will enter your details onto their database, this is used by auto-responders and sales staff to chase you. Hence all the calls, emails and letters you are receiving right now.  These efforts to chase you will escalate if they do not receive payment quite quickly. They will move to contacting your employers or family.

Your first reaction may have been, you do not owe the debt, that it wasn’t your fault. However, a Debt Collection Company will not disappear once they begin chasing you. Once your initial anger has subsided, you need to disperse ideas of suing them, swearing at them, or arguing until they have gone. Now is the time to plan a strategy on how to beat them.

 

Debt Collection Company bought your debt, do this

I beat a Debt Collection Company 5 years ago on a very large debt they said I owed. I spent 12months of researching commonwealth consumer protection laws, ACCC and ASIC guidelines, I decided to challenge them on 23 key points. Now I started this website to help people feeling trapped and bullied with nowhere to turn. I will gladly help you beat them too, send me an email using the ‘Contact Us‘ form on the right hand side of this page, tell me your situation and Ill help as many people as I can, or simply Click Here

 

Debt Collection Company bought your debt, do this

How is this all legal you may ask, they bought an old debt for $3000 and out of the blue, years later, they are demanding $20,000, of which $17,000 is pure interest. I can also inform you, that on average, a debt collector purchasing bulk debts from banks and lenders, pay around 10% of face value. The creditors are happy to receive some cash and the collectors add massive profit onto the price before chasing you.
Now Debt Collection Company have a database of all these debts in front of them with telephone numbers and addresses given from the original debtor…now what? They want cash from you, as quick as possible , with the least amount of effort on their part.

 

Delete and Dispute any Defaults on your Credit File with this Free trick!

One unfortunate factor with being in debt, is that Debt Collection comapnies will put a default on your credit file, which will stop you being able to get any credit. So one tactic I would suggest, is to access for free your credit file and have a look for any defaults (tactic can be used for any defaults you have) and if there is, then click dispute next to all of them. I have found many times, companies put defaults on your file much earlier than they legally should, so you can clear your file/improve your credit score today. The free one I used was this one