Do you need a special license to buy and collect debt?

[amazontabletfire]

What is the name of your state? FL.

Do you need a special license to buy debt from another person/company?

Do you need to be a licensed debt collector or can a private citizen purchase the debt from another private citizen?

Thanks.

 

[NeilTheCop]

Looks like you do to collect the debt, not sure about buying debt. But if you don't intend to collect the debt why would you buy it in the first place?
https://www.flofr.com/sitePages/ConsumerCollectionAgencies.htm

 

[adjusterjack]

Do you need a special license to buy debt from another person/company?

Do you need to be a licensed debt collector or can a private citizen purchase the debt from another private citizen?

Maybe not. I think (but I'm not sure) the statutes referred to in the other response apply to collecting debts on behalf of others not for collecting debts that you own.

You need to study those statutes and consult an attorney if you are planning to go into the business of buying up debts (a very high risk business).

 

[FlyingRon]

License or not, you should make sure you understand the legal constraints put on third-party (and other) debt collectors. You should also realize by entering into this you are affiliating yourself with an industry which is rightfully considered the scum of the earth (the laws protect the deadbeat not the innocent bystanders you will be trampling all over in the process).

 

[amazontabletfire]

Maybe not. I think (but I'm not sure) the statutes referred to in the other response apply to collecting debts on behalf of others not for collecting debts that you own.

You need to study those statutes and consult an attorney if you are planning to go into the business of buying up debts (a very high risk business).

I don't want to make a business of it but rather just want to buy 1 single debt.
Its a complicated situation that is kind of upside down from the normal way of things.

The creditor in this situation was someone thrown out to the street by intimidation and the "deadbeat" is a multi millionaire bully.

Also, I would not do harassing robocall and all that stuff. I would just take them directly to court.

Do you think I would need a license if its only a 1 time thing for litigation purposes?

 

[amazontabletfire]

License or not, you should make sure you understand the legal constraints put on third-party (and other) debt collectors. You should also realize by entering into this you are affiliating yourself with an industry which is rightfully considered the scum of the earth (the laws protect the deadbeat not the innocent bystanders you will be trampling all over in the process).

I understand that companies that do this are the scum of the earth and would like to laws to change to not allow for this kind of thing.

However, I am not trying to make a business of this but rather get justice for someone who was trampled by some dishonest individuals.

I am not planning on doing normal debt collections but rather just bring them directly to court without any of the little games that debt collectors do such as robocalls,etc... Its just to have the legal rights in court.

 

[adjusterjack]

Do you think I would need a license if its only a 1 time thing for litigation purposes?

No, you don't need a license to buy the debt, become the creditor and sue on your own behalf.