May
5
Getting Creditors To Settle for Less
Filed Under Fashion |
Debt Negotiation - Why will creditors sometimes settle for as little ast 25% of the face value of your debt? Because the creditor has already written the debt off and they have sold it to the collection agency for pennies on the dollar. As Chuck Hoskins says, “If the debt has been cycled through a couple of different agencies…they may have paid less than 2 or 3 cents on the dollar.” So anything they make over and above what they paid for the debt is profit for them.
Commercial Lending alternative to large banks.