How much do I owe?

by Billy
(Albany, NY)

My debt was sold to a third party for collection. Since the debt was bought at a value less than the original amount, do I have to pay the original amount of the debt or do I have to pay the price the new owner paid for it?

Also how would someone find out the amount a third party paid for my debt?

Comments for How much do I owe?

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May 02, 2010
 third party debt collection
by: Gerri

Billy,

I have no idea how you could find out how much that debt was purchased for. I really don't think the collection agency would let you know. But I can tell you that according to industry sources, some debts are going for as little as four cents on the dollar.

If this debt is recently gone to collections, the collection agency may not have purchased it. The creditors still may own it, in which case they may not have as much negotiating room as if they purchase the debt cheaply.

Debts in collection are almost always negotiable. We talk about this quite a bit in our e-book. Our basic philosophy is that if you owe the debt you should pay as much as you can. If you can't pay the full amount, however, then start your negotiations at a figure lower than what you can afford so you have some room to haggle.

Let us know how this turns out!

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