[livinitup0]

LOl at buying sub prime Kmart debt for .40 on the dollar!

Ive collected on a huge amount of "bought paper" and 40% is a ridiculous price....something closer to 5-7% is the norm, 7% being very high.

Especially since charged of retail credit cards usually liquidate (successfully recovewred) at less thn 15% over a year and usually cap off at about 20% (on a really good batch)

Ive never heard of this guy before but seriously, 40% is a huge rip off, and I dont buy this one bit. There would be 0 ways to make money on this unless he wqas buying A tier credit stuff.....which isnt sold...the banks sue those people.

The bought paper is usally just debtors that have moved, some have filed bankruptcy, or refused to pay the bill in the past.

Google "buying charge offs" or something like that and you'll see what I mean. I know one place "chargeoff clearinghouses" used to sell portfolios per state and credit teir.

If you really want to make money doing this then buy some credit card portfolios for like 5% yhen have an attorney send out demand letters and offer letters to settle for 40-50% of the debt. You have to be licensed as a collection agency as well to take ownership over the debt. Or buy fewer, but larger debts and just have an attorney in the area sue the debtors with assests, and write off the ones that dont. Theres money in this...but you have to know a decent amount about risk management.

You'll also need some good skiptracers because the majority of the contact information you get with these accounts will be outdated.


If anyone is really serious about this PM me for more infomation.

(sorry for the spelling mistakes....im in a hurry)