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If a debt is purchased by a debt collector how do you find out how much they paid for the debt Is that information public knowledge?
Wiki User
∙ 12y ago
On answer
There is no way of finding out. Debt collectors buy debts in bundles not single bills.....hoards of them at once so to single out how much each bill was isn't possible - although I would say nearly HALF the original debt!
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About 1 year ago, I was planning to open a collection company along with a friend of mine who owns a law firm.
As per my analysis, the debt buyers buy debt at the following ratio $1000:$1
Which means, they pay $1 for $1000 worth of debt.
:) Fantastic, isn't it.
FYI..... The banks lose almost nothing, after selling this debt to debt buyers, they file this debt as bad debt and get a tax exempt. Not to forget, the majority of the debt is different types of fees combined together.
The poor guy who suffers is the debtor. Harassing phone calls from collection companies, legal notices and what not. The debtor also has to pay tax on bad debt, declared by bank. This is my knowledge. Please read and follow at your own risk.
Wiki User
∙ 12y ago
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