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How much does a debt collector pay a bank for a discharged debt?
Wiki User
∙ 15y ago
The amounts paid out for debt collections vary. Most of the time, the original creditor pays the collector for recovery. The industry standard is between 5 and 30%, depending on the contract and agreements, worked performed, contacts made prior to recovery, etc. Accounts that require the service of a skiptracer, lawyer, process server, court orders, or garnishee are usually billed at the higher rate of 40-75%. There are some collection agencies who purchase outstanding debt in some states, but in most cases debt is not transferable either by the debtor or the creditor.
Wiki User
∙ 15y ago
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How much total debt of the Philippines to the world bank?
60billion is the debt of philippines in the world bank.
Is it legal for a debt collector to refuse to respond to me and if so can they report my debt and lower my credit score if they won't disclose my debt information.?
No, a debt collector must legally tell you what kind of debt you owe and how much debt you owe. You can consult an attorney for more details.
How much money can you make as a debt collector what percentage of debt collected should I be receiving?
The average salary of a debt collector is 28,000 dollars. The percentage given as a commission varies from 3 to 5% of the debt being collected. In some companies, it is even a larger percentage.
How much was national city bank in debt before being acquired?
$178621547925694325767459873259486513265416547951.17
What Does it Take to Be a Debt Collector?
A debt collector goes by many names. Some are called recovery agents while others are known as collection assistants. Whatever their title, their job duties are remarkable similar. They are tasked with collecting outstanding debts from the general public, businesses or corporations.What Does a Debt Collector Job Entail?A debt collector is responsible for managing outstanding debts. Debt collectors can be employed by a variety of businesses. Their primary goal is to get people who owe money to the company to pay up. This can be difficult.A large amount of a debt collector's day is spent on the phone. They call debtors and attempt to arrange repayment schedules. When debtors cannot be found or refuse to pay, a debt collector may need to take more drastic measures. This can include filing a small claims suit against the debtor. Debt collectors can oversee wage garnishments, tax refund offsets or bank account seizures.What Do Debt Collectors Earn?Debt collectors are often paid a wage plus a commission for each account they settle. The starting salary for a debt collector averages $13 an hour. The commission and incentive rates vary from company to company. A highly successful commissioned senior debt collector could make as much as $50 an hour with the commission factored in to the hourly wage.What Qualifications Should a Debt Collector Possess?Qualifications vary widely depending on the type of debt being collected. Most collection companies require employees to have at least a bachelor's degree, generally in business management or finance. As the employee's job responsibilities grow, they are expected to continue their education in order to perform their duties.Because a debt collector often deals with sensitive client information, nearly all debt collection agencies require their employees to pass a background check. Many also insist that workers have fairly good credit.A debt collector needs to have a thick skin in order to succeed in the field. Clients can feel threatened and become verbally abusive when contacted about an outstanding debt. Debt collection is a difficult job, but the pay can be incredibly rewarding for those who succeed.
Where can one find information about having too much debt?
There are many sites that offer information on having too much debt. Check out sites such as canadiandebtservices, or talk to a financial adviser at bank.
Can debt collectors check how much money you have in your bank account?
Yes, but only with a court order perhaps.
If you discharge the debt of your home with a chapter 7 bankruptcy can they take your home if you are paying the monthly loan payments?
The debt is secured by the property. The debt won't be discharged without the property being used to pay off as much of that debt as possible (called a secured claim..getting the first right to the money from that asset - any excess (that is extra debt) becomes an unsecured claim pais by the sale/seizure/sue of the unsecured assets)....NO IN BK YOU DON'T GET TO JUST DISCHARGE DEBTS AND KEEP ASSETS. BK involves all of your debts and all of your asssets...(not selected ones)...they are given priorities under the law and by the court...one is used to pay the other...excess debt of some types may be discharged and in essence "forgiven". And I'm confused, if you think the debt on your home was discharged - so their is no loan...what payments would you have to default on?
What is the different between bank solvency and bank liqiudity?
Bank solvency means that no debt exists whereas bank liguidity means how much cash is on hand whether the bank is solvent or not. This means the cash is owed by not paid yet.
How much money does a debt collector make a year?
I make $18 a hour and average about $16 a hour in comission. So that makes a total of $34 a hour.
You owe a debt in Texas a collector from Texas wants to garnish your wages in Mississippi Can he do that?
In theory, yes, but it would be expensive for him to do it. Depends how much you owe and how bad they want it.
Tips To Help One Negotiate With Debt Collectors?
Everyone has had or will have the misfortune of dealing with a debt collector during their lifetime. It happens to everyone whether it is due to simply a forgotten payment, a reduction in work hours or the loss of a job altogether, everyone is likely to deal with the debt cycle at some point. It is important that a consumer know their rights when faced with this situation. Each state may have its own laws mandating what a debt collector can or cannot do. First and foremost, letting the debt collector know that are one is aware of their rights will likely help keep the debt collector in line. Even if a person is behind in payments, they still have rights. There are a few things to try to maintain when dealing with a debt collector. First and foremost on this list is to never give out too much information. Debt collectors will make every attempt they possibly can to get a person to commit to an immediate payment. It is best to first get the payment agreement in writing before making any payment. Keeping one's cool and staying calm while speaking with a debt collector is next on the list. When a consumer becomes emotional or frustrated, they are likely to simply give in to the debt collector just to make them go away. Debt collectors are aware of this. Negotiate with debt collectors near the end of the month. Debt collectors primarily work on commission. Therefore, their performance during the month dictates how much they will get paid personally. The payment cycle usually is from the beginning of the month to the end of the month, therefore a consumer is likely to get a better payment arrangement or settlement near the end of the month. It is most important to maintain accurate records of any contact with a debt collector. If possible, recording phone calls creates an accurate and indisputable record of any conversation. Some states allow telephone calls to be secretly recorded while others require that the other party be notified of the recording. Keeping a written record of who called with the date and time recorded as well as a summary of the conversation is also important.
