So them lawyers on TV say, they can make all that ‘collection’ hassle go away. In fact, if you hire them, you can throw all that debt away and as soon as you do, you get NEW offers for credit cards and such....aks them.
We live in a consumer based economy. The cycle has to be kept alive or our economy will crash. Its insane but there you have it. When the credit is no longer available to people and they have used up all of their accumulated wealth we will finally have the crash.
The collection companies offer to settle for 10 cents on the dollar for something they bought for pennies on the dollar. You pay then they sell the remaining debt to another collection company which can be the same company but under another name then you start getting more letters asking you to settle again. BTW if you acknowledge them in anyway then they can now report you to credit agencies even if the debt is past the 7 years limit.
Minnesota sued one company and won a lot of money. These collection companies have multiple names.