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Depending on how delinquent it is, Debt can sell for pennies on the dollar. The irony, of course, is the more delinquent you are, the less your debt is worth.
by ghshephard 8y ago
Depending on how delinquent it is, Debt can sell for pennies on the dollar. The irony, of course, is the more delinquent you are, the less your debt is worth. Therefore, those who show the least attention to repaying their debt, are the ones who get the best deal on settling.
You just have to deal with Debt Collector harassing you for 2-3 years, and take a pretty big hit to your credit, and you can often settle debt for nothing more than the original principal loaned.
Of course, good luck trying to borrow money for the next 7-8 years...
- dmurray 8y ago"Nothing more than the original principal loaned" is a much less attractive deal than "pennies on the dollar"!
- ghshephard 8y agoMost people are not willing/able to get their debt delinquent enough (ability to pay is a big barrier for most) to get there. But almost everyone, if they are willing to put up with the hassle of a debt collector and a credit-history black mark, can negotiate for the original principal.
- ThrustVectoring 8y agoDebt collector harassment can be pretty efficiently dealt with. Send them a certified letter asserting your right to only be contacted by mail. Sue them for FDCPA violations if they do anything else afterwards.