There are dozens of Collection Agencies and Junk Debt Buyers that operate in Pennsylvania. We have beaten them all on a very consistent basis.
A junk debt buyer is a company that purchases allegedly delinquent credit accounts from financial institutions. Some of the larger ones (or the attorneys that represent them) are Atlantic Credit, Midland Funding, LVNV, Asset Acceptance, Unifund and CACH. Others that we have dealt with are Advantage Assets, Apothaker and Associates, Arrow, CACV, Calvary, Commonwealth, Edwin Abrahamson, Gordon & Weinberg, Hayt, Hayt and Landau, Hilco, Hudson & Keyse, Northstar, Palisades, Portfolio Recovery, Remit, Riverwalk, TA Financial, Worldwide.
What these companies do is purchase delinquent credit card accounts and loans in bulk from original creditors. This practice is legal and happens every day.
Typically, these companies pay only pennies on the dollar for the accounts that they purchase, sometimes even less than that. We have heard of companies that buy debt at the rate of .25 for each $100 of debt. That is quite a discount, wouldn't you agree?
Believe it or not, as a consumer it is in your best interests to have a delinquent account sold to a collection agency or junk debt buyer. The reason is that these sales result in a loss of evidence in most cases. Because the debt is sold at such a steep discount, the purchasing collection agency often does not get all of the documentation that it needs to prevail in a court of law. When you hire a consumer firm to defend you in a credit card collection matter, where the Plaintiff is a collection agency or a junk debt buyer, your odds of winning the case are extremely high.
Whatever you do, think long and hard before trying to settle with one of these companies. We rarely can recommend making payment to one of these firms, and even then only under very unusual circumstances.
If you have been sued or contacted by a collection agency or a junk debt buyer, whether its one of the above listed agencies or a different one, please contact our office for a no cost, no obligation review. We can be reached at 412-281-1250 or 1-888-536-6644.