The phrase "for pennies on the dollar" means to buy something for a very low price, often just a small fraction of its original value or worth. Full definition
The group was able to purchase the debt for pennies on the dollar from debt collectors who now owned the debt. (studentloans.net)
In our culture that is hard to understand as we can easily file bankruptcy or settle for pennies on the dollar with creditors. (religion.blogs.cnn.com)
An unsecured furniture loan may never get repaid and sent to collections at which point the collector can settle for pennies on the dollar or pursue legal action. (stockmonkeys.com)