Sentences with phrase «bad debt for pennies on the dollar»
The collection agency purchases bad debt for pennies on the dollar, literally pennies on the dollar (as low as 0.2 cents in some instances).
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Financial institutions, credit card companies, and other creditors typically sell their bad debt for pennies on the dollar to «boiler room» collection agencies.
Not exact matches
Zombie debt involves collection agencies purchasing debts for pennies on the dollar that original creditors have long since written off as bad debt.
If a debt relief company tells you they can settle your debt for «pennies on the dollar,» or that they can «remove bad information from your credit report,» this is a sign of a debt relief scam.
Credit card banks give bad debts to debt collection agencies and eventually sell them to junk debt buyers for pennies on the dollar.
To give you some background on how debt collectors operate, most bad debt companies pay or receive literally pennies on the dollar for the debts for which they are trying to collect.