“Credit Card Collectors, Its Big Business”

I received a call from a company that buys defaulted credit cards throughout the country. This company operated primarily in the Northeast, but there are companies that buy defaulted obligations throughout the country. The pitch this guy had was pretty interesting. He was willing to sell me the name and addresses of folks that were obligated on the debt. In all cases, they would verify that each owned real estate. They were willing to sell the names for $10 each and you had to buy a minimum of 1000 names. I asked him if they were selling the names more than once, he said they limited the sales “ONLY” to 3 different companies.

I then asked him, what if a refinance was done and the obligation was not paid off with a refinance? He said as part of the sale of leads, I would be obligated to include the obligation into the refinance. So, let me get this straight, the way I understand your offering, you want me to collect your debt, plus you want me to pay for this privilege?

I decided to have a little fun with this guy. I have a counter proposal for you. You give me the leads for free and I keep half of the collected debts. He asked me if I was crazy, actually no I don’t think I’m crazy, but you think I am. His company was pretty creative and I’m sure there are folks out there that would actually sign up for these kinds of deals.