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Helpman · Oct 17, 2009, 08:28 AM

Hello Law Experts,

I have seen on online many companies selling junk debts for pennies on the dollar, can I by my own debt and settle that out?

Fr_Chuck · Oct 17, 2009, 09:55 AM

If the company that owns you debt is willing to settle for pennies on the dollars of course.

But remember most junk debt is those past the SOL normally where they can not be taken to court to collect, so there is almost no chance of real collection

The normal percentage of debt buy out is about 30 to 50 percent

JudyKayTee · Oct 17, 2009, 11:00 AM

Why would you do this? If it's been sold it almost always means it's out of statute and a legal action cannot be started.

What benefit is there to you to buy the debt - if it would be sold to you individually and not part of a package of debts? In my area these debts are sold for pennies on the dollar BUT they are sold as "packages," packaged up with all sorts of out of statute debts.

I don't believe you can buy just one debt. If that were possible everyone would think it was a good idea - buy it, claim it's paid off, try to clean up the credit report.