The Factoring (Debt Buying) Industry

Most people that I meet with about the possibility of filing bankruptcy have at least one debt that is now owned by a company that my clients have never heard of. This is because unpaid debts such as credit cards, payday loans, and repo car deficiencies are routinely sold for a fraction of what is actually owed to companies that then have the power to collect on the entirety of the original debt. Click on the link below to watch John Oliver explain (in a manner far more entertaining than I ever could) how the factoring (debt buying) industry works.

https://www.youtube.com/watch?v=hxUAntt1z2c
Categories: Blog