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Can a debt collection agency ask or tell you to borrow money from someone to pay the debt?
Wiki User
∙ 6y ago
Yes. It's one of their usual tactics. Asking if you can borrow the money from a friend, relative, or refinance a house, sell personal property, etc. Even though common sense would dictate, that the consumer is already unable to meet financial obligations. Therefore would not qualify for a loan, and most, certainly wouldn't want to go deeper into debt. This gives you an idea of the lack of ethics and intelligence on the part of many collection reps.
Sure. Oh, and by the way, could you borrow some money for me too? I feel like going shopping.
Pardon me for being glid. But, yes, anyone can ASK. This is tactic that collectors use. I don't agree that it is indicative of lack of morals or standards. It is rather, a way of trying to get consumers to open their eyes and see that they may have assets other than their bank balance. These assets, like friends and family they can borrow from, can be drawn upon in times of emergency. This is not a bad thing. You are still a big girl/boy and it is your responsibility to not only pay your debts, but also to decide whether or not you WANT to borrow money to pay a collection account.
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If you find yourself in this situation then the CORRECT course of action is to seek help. Most countries have free advice services (this is the case in the UK) which will help you deal with debts. Normally when you go to these services they will be able to help you arrange a realistic repayment amount and get the company to stop adding interest to your debt. Borrowing more money is the LAST thing you should be doing in these circumstances.
Wiki User
∙ 6y ago
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When you borrow money from a bank where does that money come from?
When you borrow money from a bank they pull cash from the bank's reserves. This collection of cash is the net cash reserves within the bank or its network from depositors in the system.
Can a collection agency collect interest on your debt?
Yes, Collection agency can do that. But contact a good collection agency like Guardian Credit Services, they know will how to deal with customers to get money
Does the creditor or the collection agency get the money you pay on a debt?
When a collection agency takes on a bad debt, in many cases they are "puchasing" the debt from the original creditor. When you then pay off the collection agency, your money will stay with that collection agency. This is the most common scenario, but some companies do have their own internal collection agencies (Capital One, for example, has their own collection subsidiary in Idaho - the Westmoreland Agency). Hope this helps!
If a collection agency goes bankrupt how does someone find out who owns the debt?
Even if the collection company goes bankrupt, you still owe the bank whatever money you borrowed from them. The bank hires the collection company to get that money, so you still owe them
How do you get rid of the money that you owe from collection agency without paying them and become good credit again?
how to get rid of the money that you owe from collection agency without paying them and become good credit again
When you borrow money from a bank where does that money come from?
When you borrow money from a bank they pull cash from the bank's reserves. This collection of cash is the net cash reserves within the bank or its network from depositors in the system.
What are your options if you are unable to pay the full debt amount to the collection agency?
Do NOT pay any money to a collection agency.......send your money to the debtor, the person you owe it to. Send it in the form of a check or money order. NEVER PAY A COLLECTION AGENCY
Can collection agency get money from student on assistance?
no
Can a collection agency collect interest on your debt?
Yes, Collection agency can do that. But contact a good collection agency like Guardian Credit Services, they know will how to deal with customers to get money
Does the creditor or the collection agency get the money you pay on a debt?
When a collection agency takes on a bad debt, in many cases they are "puchasing" the debt from the original creditor. When you then pay off the collection agency, your money will stay with that collection agency. This is the most common scenario, but some companies do have their own internal collection agencies (Capital One, for example, has their own collection subsidiary in Idaho - the Westmoreland Agency). Hope this helps!
What kind of service does a collection agency provide?
A collection agency is commissioned to collect money from those who have defaulted on credit card bills or loans. The agency tries to recover as much money as possible.
If a collection agency goes bankrupt how does someone find out who owns the debt?
Even if the collection company goes bankrupt, you still owe the bank whatever money you borrowed from them. The bank hires the collection company to get that money, so you still owe them
What do I do after a collection agency sues me?
Once a collection agency sues a person they may have to get an attorney and go to court to settle this. The agency wants you to pay the money you owe them however they can get you to do it.
How do you get rid of the money that you owe from collection agency without paying them and become good credit again?
how to get rid of the money that you owe from collection agency without paying them and become good credit again
Can a collection agency collect money from someone who is unemployed?
Generally, a court will only allow unemployment compensation be garnished in the case of spousal or child support.
Can collection agency take money out of joint account in ct?
Yes they can.
Can you be sued by the original creditor if they have already sold your case to a collection agency?
If they've sold your case to a collection agency, they have been "paid" for your debt with the money the collection agency gave them for your case, so, no, they can't legally sue you - as far as I know.
