WHY YOU SHOULD NEVER PAY A DEBT RECOVERY COMPANY!
I'd like to put out there that you should never pay a debt recovery company under any circumstances, you might think you are doing the right thing by paying what you owe, that is so far from the reality..
The debt recovery company intends to have you sign a contract with them for the services of coming to collect a debt from you.. sounds a bit silly doesn't it... why on earth would you pay for a service like that???
Just take a moment to let that sink in and think about it.. :|
Might save you a drip having to travel and go pay a debt in the old days, but we live in the internet age now, you don't really have to go anywhere.. but that is besides the point.. as they will be charging you for everything under the sun, travel, the charge for the service of course and interest..
You write a letter and make arrangements with the original creditor to clear the balance or debt.
Never pay a third party for coming to collect money from you, you write to them and tell them you are not interested in there services and not to contact you again.. that's how they do business.
Debt recovery companies buy debt.. that means the original creditor has sold the debt, and if that is the case there is no longer any debt, the debt would then belong to the recovery company.. they would then have a few choices.. try to recover it.. can only be done legally with you signature. or agreement.
If they realize they won't be able to recover the debt, they may just cut there losses and sell it on again, probably for even less, so I'm guessing perhaps a recovery company gets a really cheap deal and figures it is worth pursuing for the potential profit.
Bottom line is, some of them a bit more brazen than others, but they are nothing more than sales men at your door trying to pull the wool over and sell you a debt.
Thanks for reading, check my other posts!