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BigDaddy
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Does a man accept $300 EXTRA from boatboatboat from of you bad debts??

 

Why don't you be a man and send back at least $300 to boatboatboat. I mean that is the only fair thing to do, The other poster only owed you $400.

 

 

Is it possible that you are even lying about the $400 debt as well? Maybe that poster never owed you anything

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I have a friend of mine who owns a debt collection agency. It is mostly a local company. but that is how he likes it.

 

 

I thought that he was making tons of money buying debts at around 20-25% of the owed amount. But he told me that it is MUCH harder than it seems and usually you have to settle with the person for a lesser amount like closer to 40% of the owed debt. He did tell me that people tend to pay him MUCH more often than a place like Portfolio Recovery Associates though. Since he is the local credit agency, people somewhat feel the need to pay these debts like hospital bills or doctor bills.

However, a lot of times people refuse to pay someone that was not the original lender or the hospital. They will say that they will just go pay the business which they can certainly do. That business is supposed to send the money to the credit agency, but who knows how often that actually happens.

 

 

So that is why I don't think that buying someone's gambling debt is too smart. That person doesn't really owe you anything in their perspective. And unless you are going to bother them at their place of employment every day or break an arm, then they wont feel the need to pay.

 

 

Back in 80's and 90's when I was bookie, all it generally took was sending a guy to sit in the lobby of a bank for instance if they account manager owed you money. After about 2 days they would pay up, but that cost an extra $100 for every day that they person had to go to their work. I had to send the same guys to a few doctor's offices, but those paid almost immediately with a check so that the office staff wouldn't find out. I miss the 80's!

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