Interesting solution will it work?

[Anonymous]

I was thinking of incorporating a business, with the purpose of being a debt collection agency, contacting the CA's that hold my past due debts, and try to purchase these debts from the various CA's.  (Without notifying them that I am the original account holder of these debts.)  At this point, I'd hold the note on my own debts and be able to report them as I please.

Is this legal/possible?

Any thoughts of ideas are much appreciated.  Thanks again!

[Anonymous]

Now that's thinking outside the box!

[Anonymous]

You must have alot of debt if it would be worth the expense of starting a business.

Also, debt collector's usually buy debt in "lots". I doubt any  agency would be willing to just sell you a single debt.

I have no idea if this would be legal either, just stating opinion.

edit: cause I can't spell

Message Edited by stef37 on 02-22-2008 01:17 PM

[Anonymous]

An incorporation fee is something like $195, and I know these debts are purchased for pennies on the dollar, I can save alot of money if this is legal.  The fact that they purchase the debts in lots are one concern I had...but I was hoping to pass myself off as a debt consolidation firm and see if they'd work with me then.

[Anonymous]

well I have never thought about how busnesses report to CRAs BUT I think that they pay for the service and I would think that they would require you to have some kind of a license.....but I really don't know.  Also how would you approch a CA and ask just for 1 person's account.....some CAs sell to other CAs that they know (or could be themself under different name)  But I think that they sell in bulk.

Do NOT talk my word for it  I am just guessing....because it would be too easy.....but OH SO NICE

Message Edited by HappyDays on 02-22-2008 01:13 PM

[Anonymous]

If it works then I'm sure a lot of people on here would be willing to give you a PFD if you can acquire their accounts :-D

[Anonymous]

---

SanFranMatt wrote:

If it works then I'm sure a lot of people on here would be willing to give you a PFD if you can acquire their accounts :-D

---

I was thinking the same thing!!

[atlastontheroad]

I was just contemplating the same.  It certainly is thinking outside of the box.   Could you start with Midland?  Please?

atlast.....

[Anonymous]

Talk about a novel idea! My mind is racing thinking of the possibilities.

I'm in Texas and a CA license isn't required, as it is in many states. BUT, they are required to post a $10,000 surety bond to practice in the state.

Oh dear. I'd better get off this train of thought before I get myself in trouble. lol

[Anonymous]

A novel idea, but probably violates some law regarding self-dealing.

Which law?  I have no idea.  Just a hunch.