Debt buyer
A debt buyer is a company, sometimes a collection agency or a private debt collection law firm, that purchases delinquent or charged-off debts from a creditor for a fraction of the face value of the debt. The debt buyer can then collect on its own, utilize the services of another collection agency, repackage and resell portions of the purchased portfolio or any combination of these options. (source:Wikipedia.org)

For one, it is the least expensive solution to dealing with old charge-charged off debts. For those that are already struggling financially, being able to pay only around 15% of what they owe makes more sense than the hassle to negotiate a settlement for more than 35%.

Another great reason; stop all collections and potentially being sued. No one else will have the legal authority to try and collect a debt you own. And, as an added bonus, your purchase debt will no longer be reported to the credit bureaus.

Maybe, just maybe, you want to crowdfund your debt purchase. When creating a crowdfunding campaign you can tell your audience that their donations will be used for a debt purchase, which will have a greater value and all-around impact. Who wants to give you money to settle when they can help eliminate your debt instead.

And finally, you will acquire a debt-based asset, which retains its face-value. So, if the total owed on your charged-off debt was $1000, and even though you only paid $150, you would now have a $1000 personal asset. As you know, personal assets can be used as collateral. Now that’s cool.

There are many more benefits to buying your debt. I think you should seriously consider debt purchase as the first alternative if you can’t payoff your account in full.

More than one out of three people are struggling everyday with debt in collections. There is a high likelihood of that person being someone close to you. However, it is unlikely that they will tell you. Delinquent debt is a well kept secret. Personal debt is not a normal conversation topic, the details of such would only be discussed behind closed doors.

By not openly talking about their struggles, those with debts they can’t pay will not find the help they need. If you’re not aware of their situation, then how can you help them? That’s the reason behind this blog post; helping those that really need help, even if you don’t know.

The easiest and least intrusive way to help, even if they didn’t tell you about suffering with debt, is to mention the solution. An example of this:

“Hey, did you hear that anyone can buy their own debt? If I couldn’t pay my debts I would totally buy them, instead of some random company doing it and then sending me to collections.” How about you?”

Remember, you can change the lives of 1 out of every 3 people you mention this to. They might not ever tell you about their debt troubles and how you helped them, but they will be eternally grateful nonetheless.

See our recent press release:
June 2015 Press Release