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to be, or not to Junk Debt??

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to be, or not to Junk Debt??

Hello,
 
Just out of curiosity, what defines junk debt?  Is it debt that is past legal SOLs?
 
Also, do all CAs buy/deal with junk debt?  for example, would Asset Acceptance or Palisades or MCM deal in junk debt as well as non-junk debt (assuming they are different)?
 
Thanks 
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Re: to be, or not to Junk Debt??

There are many that buy debts in bulk....they may be not yours...past SOL and past CRTP
 
This is why you should keep your CR forever!   And always DV  before sending a PFD


Message Edited by HappyDays on 07-16-2008 02:06 PM
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Re: to be, or not to Junk Debt??



zro30 wrote:
Hello,
 
Just out of curiosity, what defines junk debt?  Is it debt that is past legal SOLs?
 
Also, do all CAs buy/deal with junk debt?  for example, would Asset Acceptance or Palisades or MCM deal in junk debt as well as non-junk debt (assuming they are different)?
 
Thanks 


IMO, JDBs are CAs who typically, but not always, buy debts outside of SOL. They will buy debts pennies on the dollar. And historically, JDBs are more likely to break laws and engage in questionable practices while collecting on debts. JDBs also tend to have more legal and civil compaints files against them. They also tend to buy debts from other CAs or buy at aution old debts beyond SOL or CRTP.
 
For a while NCO was considered a JDB and had been on the loosing end a few years back. I know any dealing I had with them recently tends to point as an upstanding CA (if there ever was one).
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