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I want to buy my friends debt for cheap. What's the usual discount on this?
by zoklet-enjoyer 3y ago
I want to buy my friends debt for cheap. What's the usual discount on this?
- altacc 3y agoThis would be the interesting thing to know: if debt is being sold for pennies on the dollar, how can we pay off our own debts for the same price?
- BobJS 3y agoYou can't buy individual debts. They come in large portfolios of thousands of accounts.
- zoklet-enjoyer 3y agoAh, yeah I suppose people would buy their own debt if they could
- medvezhenok 3y agoI think there's not much point in purchasing your own debt as by that point the creditor has written it off anyway (and as someone said above - paying it off at that point will not do anything for your credit report, and the debt will fall off your history after 7 years either way).