My cousin, who is an illiterate, told me that he has been receiving official letters from a company demanding payment for a debt that he owes a bank for his credit card bills. My cousin does not know why this company has taken over or why he has to pay this company instead of settling the bank directly. He was also worried that making payment to this company, he would STILL owe the bank.
After reading those letters, I explained to him that this is a debt Collection Agency that has been entrusted with the task of collecting bad debt by the bank. I am sure my cousin is only one credit card debtor and it would be easier for the bank to just pass the task to an agency to handle all such accounts. It is just a cost effective measure, I guess.
The fantastic thing is that this agency told my cousin that if he would settle his debt in one lump sum, he would be able to get a discount of up to 30% on the total. I guess they just want to close these debtor accounts as fast as possible. I think my cousin has already owed them for longer than ten years! And the amount isn’t that much too!
After reading those letters, I explained to him that this is a debt Collection Agency that has been entrusted with the task of collecting bad debt by the bank. I am sure my cousin is only one credit card debtor and it would be easier for the bank to just pass the task to an agency to handle all such accounts. It is just a cost effective measure, I guess.
The fantastic thing is that this agency told my cousin that if he would settle his debt in one lump sum, he would be able to get a discount of up to 30% on the total. I guess they just want to close these debtor accounts as fast as possible. I think my cousin has already owed them for longer than ten years! And the amount isn’t that much too!
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