Buying data is not the same as buying the debt. Junk Debt can be collected even when written off by the original lender.
But there are all kinds of ways to fight it and rules that must be followed.
The sad thing you will see is people who think they paid it off but didn’t do something right with the current junk debt buyer..and they get sued when the junk debt is sold to the next junk debt buyer.
The best thing to do in some cases is lie low and hope the statute of limitations runs out before they actually file suit.
Junk Debt buyers really traumatize people with their antics.
Btw, here is one more aspect. There are firms that buy bankruptcy debt. One of the big firms that does this is a Ecast...which is part of Bear Sterns.
Buying bad debt is a huge business.
Junk Debt can be collected even when written off by the original lender.
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The trouble is in my instance they paid 2.7% on the dollar but wanted to collect 100%+expenses when legally they are only entitled to collect the exact amount they paid .. their actual damages.. the 2.7% ... The original lender has already received tax benefits for the written off debt.
Wilbur Ross is scum. He does not follow laws unless forced to... he has shown that repeatedly by how he has organized and run many of his businesses.