Who are debt collectors? You might be surprised to know that your next door neighbor might be a debt collector. Debt collectors are just everyday people working a 9 to 5. They have "Little" to " Zero" special knowledge of the credit industry. Often times the on the job training only consist of (1) How to read a collection script while on the phone. (2) What collection script to read and when. (3) How to handle rebuttals. Anyone looking for work can become a debt collector. And good collectors can make a lot of money in commission checks for getting you to pay. Now, you might not know it, but when a debt collector calls, some have bigger incentives than others for pushing you to pay. There are two types of collection agencies: (1): Ones that are hired by creditors to collect debts, and (2): those that buy old debts from original creditors for sometimes pennies on the dollar. Understanding the motivations and incentives of both types of debt collectors can smooth your interactions with them-
(1): Hired collection agenciesDebt collection agencies are sometimes hired by creditors to collect debts that are at least 60 days past due. The more money they collect, the bigger cut they get, often they pocket 25-45 percent of the amount collected. The rest goes to the creditor.
These agencies act as middlemen to collect all types of delinquent debts, including credit card, medical, car loans, personal loans, student loans, and unpaid bills such as utility and phone bills.
The agency only gets paid when it collects your debt. (2):Agencies buying debtA second type of debt collector is a debt buyer. It buys debts from an original creditor that has determined that it’s unlikely to collect your bill.
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Happy happy happy, I had the best day, the best day I've had in so incredibly long. Depression has been kicking my ass these last few months and it feels like a breath of fresh air for once. I properly accepted myself today and all that I am for the first time in my life, like consciously accepting myself, and had lots of fun enjoying the beach, searching for shells, and going to goodwill (venice goodwill gurl your clothes so cute) So grateful for this trip, and for Taylor and her mom for inviting me, and for the life that I have, no matter what struggles I'm faced with, I still feel equally blessed and I need to work on gratitude more often