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View Diary: How to Deal with Collection Agencies, if you must (77 comments)

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  •  They just sell it to another collection agency (4+ / 0-)

    If they paid $200 for $25000 in debt, they can make $50 of that back by selling it to another agency, making it a $150 loss for them, instead of a $200 loss. You never, ever stop getting calls for debt - even after the statute of limitations, and especially if you have some publicly visible change in fortunes later.

    A few years ago, we ended up having to change our phone number because "Steve" and "Geraldine," who formerly had it, had some long dead debts, but had won a small lottery.

    Most people do not know about the statute of limitations, and they don't know how to avoid the tricks collection agencies use to reset the debt clock. My brother managed to get a collection agency thrown out of Massachusetts after they violated the law on debt that had been discharged via bankruptcy 20 years earlier - but he had to be very careful not to make the tiniest wrong statement.

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