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    #1

    Junk Debt Buyers

    I was commenting on another thread and realized that a sticky may be appropriate regarding Junk Debt Buyers (JDBs) and just how much porfolio debt they purchase.

    While I don't know the value of any particular single portfolio of debt that these JDBs purchase, a recent report suggests that they are massive multi-million dollar portfolios. The Federal Trade Commission (FTC) reported in 2013 that the JDBs purchase these massive portfolios on an average of $0.04 per dollar. In the report (see below), the JDBs purchased $143,000,000,000 (yes, $143 billion) in "debt" for $6,500,000,000 ($6.5 billion).

    So if you were ever wondering just how much these major JDBs have paid for your debt, now you know. The older the debt, the more likely they paid less the $0.029 cents per dollar (from resold debt).

    "Older debt sold for a significantly lower price than newer debt. The price of debt older than 15 years was virtually zero. "
    Source: The Structure and Practices of the Debt Buying Industry, Federal Trade Commission, 2013
    Last edited by justbroke; 01-21-2017, 04:30 PM.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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    #2
    A premium for $488 or so dollars that I failed to pay in April to United Health for Obamacare--because I just cannot afford it--has been sold to a JDB. I have just gotten a threatening letter and phone call a couple of weeks ago. I'm ignoring it so far.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

    Comment

      #3
      So, they probably paid less than $20 for the debt. Maybe you can treat this thread as a blog and give us updates. Especially around how many days before they offer your a smaller (50%, 75%, etc) settlement.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

      Comment

        #4
        Originally posted by justbroke View Post
        So, they probably paid less than $20 for the debt. Maybe you can treat this thread as a blog and give us updates. Especially around how many days before they offer your a smaller (50%, 75%, etc) settlement.
        Okay, will do....
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."

        Comment

          #5
          I pulled my letter out of the file. The JDB is 'The Recoverable Management Services Corporation (R-M-S).' In this letter, dated December 28, 2016--I didn't receive it until about two weeks ago. They are requiring me to pay the full amount of $488.35 that I owed for April 2016's premium amount to United Health Care of Florida, Inc.

          Shortly after receiving this, I got a telephone call from a 'Theresa', wanting me to pay the full amount. I evaded and avoided answering her questions, because I know the conversations are most likely recorded. Our FM phones are lousy anyway, and I could barely hear her. So I hung up. We will see what happens next.
          Last edited by AngelinaCat; 01-22-2017, 01:16 PM.
          "To go bravely forward is to invite a miracle."

          "Worry is the darkroom where negatives are formed."

          Comment

            #6
            Hi AngelinaCat. I've recently had a junk debt buyer contacting me. I've been receiving phone calls when I'm not at home from an autodialer. They seem to have my last name, but not my correct first name. Then finally I received a statement from "Nations Recovery Center" claiming that the original creditor is Citibank and that I owe $5,300. All my debts were included in my Chapter 13 over 5 years ago. So I blocked my telephone and called back the toll free number and asked to be removed from their list. I haven't heard anything for a few days, so maybe this worked

            I recently had to buy a used car, the wreck I was driving was not going to hold up and I had to straighten a few issues out with the credit bureaus. A credit union I used to deal with tried to say that since my debt with them was business related, it was still active. This was not true, since my bankruptcy was for my business. I was able to change my credit report to list this debt that it was IIB. However, to some junk debt buyers, I guess it's like I've resurfaced. Guess I too will ignore them and see what happens...

            Comment

              #7
              Hi lillymarlene. It's nice to see you. So far, I have had no other contact from this JDB--that I know of. We do not answer calls that we don't recognize, and so far I have not had any snail mail. I haven't been to the post office yet. So here's hoping your JDB stays quiet as well.
              "To go bravely forward is to invite a miracle."

              "Worry is the darkroom where negatives are formed."

              Comment

                #8
                Just two weeks ago I got a letter for synchrony (amazon credit) that says they sold our debt. It was dated after we filed c13, and long enough afterward that they received notification. I didn't realize that they could sell that debt.

                Comment

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