Crazy way to make money

[BassTrackerBoats]

I re-read your post and I have to say you re-neutralized the concept for me. So you're saying that there is actually a good chance they'll be reachable and co-operate if you approach them in the right way ? That would be good. You don't need a 100% success rate anyway.

No, I think @Asif WILSON Khan is probably correct in his assessment in terms of the quality of the person that owes the debt for the most part. Many are, as he put it, professional debtors.

I do think some of the debt would be collectable but it would be a low percentage but you pay like 5 cents on the dollar or something along those lines for bad debt. Many times the debt is available for sale as banks and other lending institutions have to get it off their books due to regulatory laws (I know next to nothing about those laws, I just know they exist) after X amount of time.

I also think it would be a rough way to make a buck as you are always calling someone who really does not want to hear from you so you are walking uphill all day long.

 

[bakerskater23]

You would need 3000 (30%) people of the 10000 people to respond to break even. These are professional debtors, they don't respond to calls, they move address regularly and avoid the mailman like the plague. Normally when the debts are being sold at this low price several other professional debt collecting companies have tried getting them to pay up. The reason these groups are sold for pennies is because they can't pay, won't pay or just don't care.

That ... is true too. I don't know it's starting seem like a hit or miss gamble. If the majority of debtors end up being average people who could not pay their medical bills/filed bankruptcy, there would be a chance for the agreement. If they're pro debtors, you're screwed .

 

[bakerskater23]

No, I think @Asif WILSON Khan is probably correct in his assessment in terms of the quality of the person that owes the debt for the most part. Many are, as he put it, professional debtors.

I do think some of the debt would be collectable but it would be a low percentage but you pay like 5 cents on the dollar or something along those lines for bad debt. Many times the debt is available for sale as banks and other lending institutions have to get it off their books due to regulatory laws (I know next to nothing about those laws, I just know they exist) after X amount of time.

I also think it would be a rough way to make a buck as you are always calling someone who really does not want to hear from you so you are walking uphill all day long.

Yeah I guess so. Now I just need some other way to spend my $60k. Maybe I'll get a hang glider : P

 

[bakerskater23]

Yeah I guess so. Now I just need some other way to spend my $60k. Maybe I'll get a hang glider : P

edit : I'm kidding I'm actually broke, But if I ever plan on investing on anything I'll know that you guys can help me make the right decisions. Thanks everyone

 

[Wilson Grant Fisk]

That ... is true too. I don't know it's starting seem like a hit or miss gamble. If the majority of debtors end up being average people who could not pay their medical bills/filed bankruptcy, there would be a chance for the agreement. If they're pro debtors, you're screwed .

There is money to be made in the debt collection industry but not at this level. Most of the major debt collection agencies have agreements with the banks to buy their debtor accounts, they have legal departments that write and call centres that constantly call these people, after 12-18 months the remaining debts are usually sold again to another company and so on, until you get the debts bundled together and sold like this.

 

[Smurfmeister]

10k phone calls is gonna take quite a while. Hope you're on an unlimited tariff.

 

[bakerskater23]

10k phone calls is gonna take quite a while. Hope you're on an unlimited tariff.

Oh no it's ok I got that covered. I'll use my grandma's phone. She has no trouble calling me/family 20 times a day. haha

 

[Wilson Grant Fisk]

Don't be put off though OP, as @BassTrackerBoats said, thinking outside the box is how you come up with the real money makers. Good Luck