No-Cost Collections: Too Good to Be True?
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I recently received a letter from a collection agency I had never heard of. The letter contained an interesting offer. The company would collect, and it would cost us nothing, zero, zip. Why? Because the collection agency would be paid by the debtor and we would receive 100% of our money. How did this magical process work? The collection agency would charge and demand that the debtor pay interest on the debt from the date the account became past due until the date the claim was paid in full. Being something of a professional skeptic, I decided to look a bit further at the five-page letter explaining how the program works. There is an expression: "The devil is in the details." The details of this program were as follows: . . . (to read the remainder of this article, please log in below.)
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