You Can Stop a Junk Debt Buyer’s Collection of Your Older Credit Card Debt
The good news is current consumer protection laws make it possible to put a stop to a junk debt buyer’s credit card debt collection efforts.
Junk debt buyers invest in discharged credit card debt for pennies on the dollar. They also sell and resell the debt they have purchased to other junk debt buyers for smaller and smaller sums of money. Business Week, as an example, reported Portfolio Recovery Associates, a large national junk debt buyer, paid $791.6 million over an 11 year period for $35.3 billion of debt in 16.7 million customer accounts. For each dollar of credit card debt that averages less than three cents.
With those fractions, junk debt buyers do not expect to collect on most of the debts, according to the Credit Card Debt Survival Guide. It is easy to see how if they collected on only 20 percent of the debt they would be profitable.
The federal Fair Debt Collection Practices Act (FDCPA) can protect a knowledgeable consumer from junk-debt-buyer collection efforts, but junk debt buyers rely on the fact most consumers are not that knowledgeable about the FDCPA. Collection agencies for junk debt buyers send out first notices and most consumers do not respond in writing asking for documentation of the debt, as they should. When they purchase this debt in huge computer tape batches, junk debt buyers receive little original documentation of each debt; documentation that the FDCPA requires the junk debt buyer to provide to the consumer if asked.
Even worse, when contacted by telephone and threatened with a bogus lawsuit, many consumers out of honesty admit to the undocumented debt, making the debt collector’s job easy.
The original-creditor credit-card banks collection calls are not covered by the FDCPA, but those of junk debt buyers and their collection agencies are covered. A well written letter, like the ones that can be found in the Credit Card Debt Survival Guide, invoking sections of the FDCPA will force the junk debt buyers to stop their collection efforts including the placement of negative marks on the consumer’s credit report.
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