I'm watching a documentary about debt on Netflix. They talked about a website called debtoutlet.com
You can legally buy a portfolio of overdue bills for pennies on the dollar via an auction and it becomes your legal asset.
I wonder if you couldn't make some money on this by being a more reasonable collector. Offering to accept 50% of what's owed at a reasonable monthly payment?
Not that I have the money to try it, but I found it interesting. I think most auctions sell for 20 or 30 thousand dollars but include over 100,000 worth of debt.
Um, good luck with that venture JR. I sure wouldn't want to do that for a living. People hanging up on me, people yelling at me, people spouting the fair credit reporting laws to me. Better brush up on all the state laws too regarding what a debt collector can and can't do. Licenses needed so you can legally collect in said state, sometimes needing to be bonded. Ugh, no thanks.
