Re:How We Justified Piling Debt on Poor Customers
by tptacek on Thursday October 03, 2019 @07:58AM
(#21145961)
In reality, credit card companies will already settle for a fraction of owed principal if they believe you're seriously considering bankruptcy --- I've personally watched them come down to less than 20%, and my understanding is that people who are good at these negotiations can get them much lower still.
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Re:How We Justified Piling Debt on Poor Customers
by patio11 on Thursday October 03, 2019 @02:46PM
(#21150564)
Can confirm. Remember, a) if they sell it to a debt collector, they're probably selling at 3 to 5 cents on the dollar [+] and b) they can't sell it, at all, if your bankruptcy notification gets to them before the Big Ponderous Corporate Process pulls your account into their package being sold to a debt collector.
[+] More if they haven't worked it a lot internally or if it is sold while fresh or if you look like someone who is extremely collectible but let's say "Typical case for people who are on verge of bankruptcy" pushes you waaaaay down the stack on all possible ways to price debt.