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Buying off a collection agency?

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Anonymous
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Buying off a collection agency?

My cousin (who is not a member of this board) says that he once paid double his collection to a CA to have a debt removed from his CR... has anyone ever tried this before? I don't actually have a collection to attempt this with, but it was an interesting concept that I was curious about.
Message 1 of 5
4 REPLIES 4
Anonymous
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Re: Buying off a collection agency?

If a CA does that it's a violation of Federal law. They can only demand the $$ owed.
Message 2 of 5
Anonymous
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Re: Buying off a collection agency?

That's what I told him. I said it sounded illegal, but if it worked for him then I guess it was worth it for him.
Message 3 of 5
ChuckG
Regular Contributor

Re: Buying off a collection agency?

Sure they can only demand it... but seriously... those are people on the other end of those phones... people with money problems just like us... I would imagine that if you were to offer to pay your debt in full with certified funds and then some extra $ found it's way into the envelope in the form of cash, it might go a long way to softening the hearts of these evil CA employees... I could see how that would certainly be risky for them and could get their asses fired, and I could also see how you might just lose your $ without any benefit, but I can't see how that would be a violation of any federal law, they are after all, not government employees.

In my business greasing the wheels is just part of the game, it's so common if you don't know how to do it you'll get left out in the cold... I have often wondered if we could get this to work in the credit world. A good will letter might carry a lot more weight if it had a portait of Mr. Franklin tucked into it.

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Message 4 of 5
Anonymous
Not applicable

Re: Buying off a collection agency?

LOL, yeah I don't think he was bribing the collection agent, but rather the agency, and therefore making the debt more profitable (and worthy of deletion?). Obviously this opens a whole can of extortion worms, but might be worth a try. Then you can get the collection deleted and then turnaround and sue the debt collector for extortion ;-)

Message Edited by Tovya on 06-05-2008 10:40 AM
Message 5 of 5
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