Debt Collector

[mavycharm]

Anyone who has an idea how debt collectors work? I am actually in financial risk and would like to seek for an expert advise. Does anyone ever has same experience or tried hiring a debt collector?

[GrimJack]

It is hard to tell if you are in debt to someone, has someone in debt to you, or want to become a debt collector. What is your story?

The word 'debt' use to be a good Anglo-Saxon word spelled 'det' but some clerk decided to Latinize it by adding the 'b'.

The word 'clerk' used to be pronounced 'clark' so a bunch of clerks named themselves 'Clark' back when surnames became mandatory.

[ccole]

Debt collection is the process by which debt collectors, anyone authorized by your creditor to demand payment on their behalf, recover a debt you owe. This includes mortgages, personal, student and auto loans, parking tickets and outstanding utility bills.

Creditors have different standards for deciding when to refer an account to a collection agency or debt collector. After the debtor has received a specified number of warnings the account is referred to collections, which could either be an internal department or an outside agency. If it is an outside agency the agency gets paid an agreed fee usually a percentage of the total amount of the debt they are able to collect.