planner Posted July 1, 2003 Report Share Posted July 1, 2003 From a Debt collector's web site;"We have never bought firsts. We worked Discover Card 2nds which at the time was similar to firsts that we are seeing sold.We have never paid more than 4.25 for seconds and 3.5 for thirds." Link to comment Share on other sites More sharing options...
cowboy72 Posted July 9, 2003 Report Share Posted July 9, 2003 to bad you did'nt tell us which web site, this would be good info for debt settlement. Link to comment Share on other sites More sharing options...
planner2 Posted July 9, 2003 Report Share Posted July 9, 2003 http://www.collectionindustry.com/forum/categories.cfm?catid=4not sure which thread, but alot of interesting data (from the other side). Link to comment Share on other sites More sharing options...
almost_there Posted July 9, 2003 Report Share Posted July 9, 2003 <blockquote>Originally posted by plannerFrom a Debt collector's web site;"We have never bought firsts. We worked Discover Card 2nds which at the time was similar to firsts that we are seeing sold.We have never paid more than 4.25 for seconds and 3.5 for thirds."</blockquote>Does that mean that they (the debt purchaser/collector) only pays $4.25 or $3.50 on the dollar? Link to comment Share on other sites More sharing options...
planner2 Posted July 9, 2003 Report Share Posted July 9, 2003 No it's 4.25%, 4.25 cents, or $.0425. Link to comment Share on other sites More sharing options...
almost_there Posted July 9, 2003 Report Share Posted July 9, 2003 :boggle: Holy cow!!!! Well this puts things in perspective for me :eureka: Link to comment Share on other sites More sharing options...
planner2 Posted July 9, 2003 Report Share Posted July 9, 2003 P.S. second and thirds refers to how many other collectors have attempted collection. So, to get a good deal let your account bounce around, just a thought. Link to comment Share on other sites More sharing options...
almost_there Posted July 9, 2003 Report Share Posted July 9, 2003 <blockquote>Originally posted by planner2P.S. second and thirds refers to how many other collectors have attempted collection. So, to get a good deal let your account bounce around, just a thought.</blockquote>Thanks Planner, I understood that part And you're right! Letting it go around a few times would get you a better deal, but it also probably means more dings on your credit report. But for future reference I definately plan to use this information to my advantage when dealing with these people.BTW, would this sort of math apply equally you think to debts like repos and such? Link to comment Share on other sites More sharing options...
planner2 Posted July 9, 2003 Report Share Posted July 9, 2003 I have no idea. I personally have dealt with a creditor or collection agency regarding a settlement. I am new, but believe you will get all sort of responses. For one thing most collection caller are young and have no idea what the company paid for the account (if they did would they still be trying to get 100%, no). Link to comment Share on other sites More sharing options...
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