Debt collectors push consumers to pay off same debts more than once

You wouldn’t think it was possible, but National Public Radio’s “Marketplace Money” reports that it is becoming common for debt collectors who buy lists of older debt to collect some or all of a debt, and then sell the debt to another collector who will start collecting all over again.  They found one person who had paid off the same debt three times!

I advise against dealing with debt collectors.  And we have a debt collector’s letter template you can send that will force them to leave you alone .  But before you waste money on a certified letter, tell the debt collector that you want them to send you evidence of the debt, as required by law.

Debt collectors often do not have anything more than a spread sheet with your information, the name of the original creditor, a date and an amount of money; and they will usually go away rather than waste time getting account numbers and the reason for debt.

If they do send the information you should save it to prevent more than one debt collector from trying to collect on the same debt.

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