4 ms·

I think in most states, if you are the original owner of the debt (i.e. you or your business lent the money), you can just go collect it. But in a case where y

I think in most states, if you are the original owner of the debt (i.e. you or your business lent the money), you can just go collect it. But in a case where you're collecting a debt you did not originate, you'll need a debt collector's license in the state where you plan to operate. The license isn't hard to get, but typically there is a very large bond that needs to be posted. And you're right: if you have the stomach for consumer debt collection and are good at being nice to people (being nice has a much higher success ratio than being a dick when trying to collect), and you're incredibly patient (the really cheap debt is almost uncollectable) it's basically printing money. source: wife used to be a commercial debt/receivables collector and a long time ago I considered writing debt collection software.

kart23 7y ago
Thanks for giving some insight into that process. I'd rather be patient and take on 'human' risk, which for some reason I feel more comfortable with. I'm probably being overly idyllic, but I just imagine being friendly and reasonable with people and their situations might go a long way, especially reaffirming that you're not some massive bank that doesn't give a shit.
- invalidOrTaken 7y ago
  1. Buy cheap debt. 2. Call debtors and offer to teach them to code. 3. Walk them through interviews, etc. 4. Collect! I don't know if that particular path is viable, but I am somewhat taken by the idea of making money by/while helping people out.
  - kart23 7y ago
    I like the concept. Honestly I think the toughest part is buying the debt. I tried to do some research, but I'm even more confused how people do it. Do they just call up a bank and ask for some debt? Is there some online exchange for debt? California doesn't require a license or anything to buy debt, so in theory I should be able to, but I'm not sure exactly how to.
    - HeyLaughingBoy 7y ago
      I did some quick research and it does look like it's a lot harder to buy debt these days than it used to be. Which is a good thing: there were/are a lot of shady characters involved. Anyway, links: https://proleadbrokersusa.com/cheap-debt-portfolios-for-sale/ https://proleadbrokersusa.com/cheap-debt-portfolios-for-sale... https://www.accountsrecovery.net/portfolios-for-sale/ https://www.accountsrecovery.net/portfolios-for-sale/ https://www.debttrader.com/buy/ https://www.debttrader.com/buy/ Caveat emptor.

kart23 7y ago

Thanks for giving some insight into that process. I'd rather be patient and take on 'human' risk, which for some reason I feel more comfortable with. I'm probably being overly idyllic, but I just imagine being friendly and reasonable with people and their situations might go a long way, especially reaffirming that you're not some massive bank that doesn't give a shit.

invalidOrTaken 7y ago
1. Buy cheap debt. 2. Call debtors and offer to teach them to code. 3. Walk them through interviews, etc. 4. Collect! I don't know if that particular path is viable, but I am somewhat taken by the idea of making money by/while helping people out.
- kart23 7y ago
  I like the concept. Honestly I think the toughest part is buying the debt. I tried to do some research, but I'm even more confused how people do it. Do they just call up a bank and ask for some debt? Is there some online exchange for debt? California doesn't require a license or anything to buy debt, so in theory I should be able to, but I'm not sure exactly how to.
  - HeyLaughingBoy 7y ago
    I did some quick research and it does look like it's a lot harder to buy debt these days than it used to be. Which is a good thing: there were/are a lot of shady characters involved. Anyway, links: https://proleadbrokersusa.com/cheap-debt-portfolios-for-sale/ https://proleadbrokersusa.com/cheap-debt-portfolios-for-sale... https://www.accountsrecovery.net/portfolios-for-sale/ https://www.accountsrecovery.net/portfolios-for-sale/ https://www.debttrader.com/buy/ https://www.debttrader.com/buy/ Caveat emptor.