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What Is Junk Debt?

Junk Debt Buyers in Pennsylvania

What Is a Junk Debt Collector?

A junk debt buyer is a company that buys defaulted credit accounts from credit card companies or from other collection agencies.

These can include:

  • Car loans
  • Student loans
  • Or be credit cards

They buy the debt to try and collect on the “junk” debt, also commonly known as “Zombie Debt”.

How Do Junk Debt Buyers Operate?

The buying of "junk debt" is now a multi-billion dollar industry in the U.S. Debt collection companies buy bad debts, usually at greatly reduced amounts, and then use whatever methods they feel are necessary to collect on monies that are owed. As their company has purchased the debt, they now "own" it and all the money they collect will go to them, not the original creditor.

If you have been contacted by a junk debt collection company, it is best to immediately consult with The Law Office of Michael P. Forbes, an experienced Philadelphia debt collection defense attorney for help.

It is a sorry state of affairs that these companies frequently engage in creditor abuse and harassment tactics in order to force payment of debts. Attorney Forbes would like you to know that if you have been contacted by an individual who says he now owns a debt of yours that is past due, there are actions you can take to prevent improper collection.

How To Stop Abusive Collection Agencies in Pennsylvania

Keep accurate and complete records of all:

  • Correspondence
  • Financial statements
  • And other pertinent information which has to do with your past debts

Do not give the junk debt collector or collection agency any personal information as this can be used against you. You do not have to agree that the bill is yours or that an amount is correct and the collection agency can be made to validate the debt and its accuracy.

I can work out a strategy with you to take on the junk debt buyers and ensure they follow the letter of the law on collection actions. In some cases, abusive actions taken by a collector can result in the collector being sued and having to pay for damages plus attorney fees.

Junk Debt Buyer Harassment

Junk debt buyers may try to get you to pay some small amount on a past due debt so that the debt can be brought back under the statute of limitations. Some try to force you to settle a debt that is actually past the time limit in which the debt had to have been paid.

Debt buyers have been known to improperly report information in a way that hurts an individual's credit report. You don't have to fall for their tactics or be intimidated into paying something you don't owe.

Contact Michael P. Forbes, Esquire, a Philadelphia debt collection defense attorney if a collection agency tells you they now "own" your debt and are trying to collect on it.

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Our Priority is Your Defense

  • Committed

    My firm is proud to deliver high-quality legal representation and compassionate counsel during this difficult time.

  • Knowledgeable

    Over 25 years of experience and the qualifications to fight for you and your rights.

  • Power

    We fight back and make the debt collector pay YOU money for their abusive, harassing behavior.

  • Proactive

    My goal is to reach as many people as possible to let them know that they do have the option to combat collection agency bullies.