How does a debt collector work, if I trasfer a debt for a discounted cash payment, when do I pay them?
A web user asks, Do I pay them straight away or when the debt is covered? What happens to the debt? when and how is it paid?
I have a trade debt, $10K and transfer it to debt collector for $8K cash, do I pay them immediately or after they collect the debt?
Can you help them out? Post your advice!
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Posted in Debt
I am a little confused by your wording. Are you the person who owes the debt, the person the debt is owed to, or one who wants to become a collector?
Watch yourself. Debt collectors have paid the original seller.
They give a few buck’s on the dollar for your debt. Now, they come after you. Looking to sign you up with an agreement to pay x amount of dollar’s after x amount of time. If you had the money.. wouldn’t you have paid? This is an attempt to short circuit the 7 year debt. Throw all that mail in the trash.