One debt with two collection agencies?

[Country Living]

Texas. Can two debt collectors try to collect the same debt?

 

[Country Living]

Update

From reading Ripoff Reports - it looks like Midland Credit automatically sells to Phillips & Cohen when they (Midland) received a Cease and Desist letter.

Does this just keep going on in perpetuity?

 

[TigerD]

From reading Ripoff Reports - it looks like Midland Credit automatically sells to Phillips & Cohen when they (Midland) received a Cease and Desist letter.

Does this just keep going on in perpetuity?

Yup.

When I receive a CD, I package the debt up and resell it too.

 

[Country Living]

Debtcollector - a question

Since you're in the business - do you let the company you sold it to know you received a C&D on it already?

 

[Ladynred]

He doens't have to and it would NOT apply to the new owner of the debt anyway. You just have to send a new C&D to the new Junk debt buyer.

 

[Country Living]

Ladynred

Thanks for the answer - I suspected as much. Let's see.... there's about 30 junk debt buyers, so I guess I'll have to be prepared for that amount of C&D letters. It just doesn't seem right the debt can be bounced around so much.

 

[TigerD]

Thanks for the answer - I suspected as much. Let's see.... there's about 30 junk debt buyers, so I guess I'll have to be prepared for that amount of C&D letters. It just doesn't seem right the debt can be bounced around so much.

30??? Try 3 to 8,000 not counting invidual investors that pool their investment money to buy in.

Bad debt is big business. And no you don't pass the CD along because there are any number of factors: Perhaps the first collector you spoke to was a jerk and you CD'd the company; perhaps they took a hard line and you sent the CD perhaps they took a soft line and thought they'd just roll over.

Debt collections is a wear down process. The industry and the FDCPA is designed to allow that wear down and so that when a debtor CDs a company that process continues.

The debt I buy is gold out of state debt. I bnuy debt form the short stat states (3 years) that still has a lot of CBR life left. I've been on my own for three months and it works well. My model is to keep a portfolio for 12 to 18 months and then sell it.

DC

 

[Country Living]

30??? Try 3 to 8,000 not counting invidual investors that pool their investment money to buy in.

Bad debt is big business. And no you don't pass the CD along because there are any number of factors: Perhaps the first collector you spoke to was a jerk and you CD'd the company; perhaps they took a hard line and you sent the CD perhaps they took a soft line and thought they'd just roll over.

Debt collections is a wear down process. The industry and the FDCPA is designed to allow that wear down and so that when a debtor CDs a company that process continues.

The debt I buy is gold out of state debt. I bnuy debt form the short stat states (3 years) that still has a lot of CBR life left. I've been on my own for three months and it works well. My model is to keep a portfolio for 12 to 18 months and then sell it.

DC

This debt is four years PAST the SOL. It just doesn't make sense to pass it around every time a debt collector gets a Cease and Desist notification.

 

[TigerD]

This debt is four years PAST the SOL. It just doesn't make sense to pass it around every time a debt collector gets a Cease and Desist notification.

I know agencies that specialize in debt 10 to 20 years old. They buy it for 10 to 20 basis points. Then they collect 2 percent of the total and make a killing.

Personally, I like having the CBR club to use if the velvet tounge doesn't work.

DC

 

[Country Living]

Personally, I like having the CBR club to use if the velvet tounge doesn't work. DC

What is "the CBR club"?

 

[Ladynred]

Credit Bureaus. As long as they can leave their grimy bootmarks on your credit reports they have some hope of leverage. A debt that that is past the reporting period they cannot ding your reports anymore and have less leverage to use.

 

[Country Living]

Thanks, Ladynred

I have no concern about credit bureaus. My FICO is 821 - it's my husband's score that's low. Not that we care. We don't incur new debt and my credit card rates are based on my FICO score.

I realize there are some of you who would say 'just pay it'. This was an old debt his ex-wife incurred when they were married which she agreed to pay in the divorce decree. However, Texas is a community property state which is why he's getting the collection notices now. We're not going to pay it. It's long past the statute of limitations.

We want to find some way to keep this old debt from getting passed around every time we send a collection agency a C&D letter. I sent a note to the Texas Attorney General to see if there's anything on their agenda about situations such as this.

I will watch the credit bureau reports closely since I've read (in this forum) the debts have to drop off after seven and a half years.

Thanks to all who responded.