How To Buy Your Own Debt -

However, you can achieve the same goal—wiping out the debt for a fraction of its value—by using the mechanics of the debt-buying industry to your advantage. How Debt Buying Works

: Buyers often pay as little as 1% to 10% of the debt's face value. how to buy your own debt

While it sounds like a savvy financial hack, you for pennies on the dollar. This is because creditors and banks do not sell individual accounts to the original borrower; instead, they bundle thousands of defaulted accounts into massive portfolios sold to professional debt buyers . However, you can achieve the same goal—wiping out

When you stop paying a debt for several months, the original creditor eventually "charges it off" as a loss. They then sell the legal right to collect that debt to a debt collection agency or buyer. This is because creditors and banks do not