How to Sell Debt
- 1). Attempt to collect the debts owed to you on your own for 90 days. Take the contracts and records for each debt not paid to your local civil court and apply for a judgment on each debt. Attempt to collect on each debt until it is 180 days old.
- 2). Gather all delinquent debts. Include copies of contracts, notes and records that pertain to each debt and include them in the file.
- 3). Locate debt collection agencies and attorneys, most of which can be found online. Make a list of these agencies and individuals. Refrain from choosing debt collectors facing class action lawsuits for violating federal collection laws.
- 4). Call and email each of the prospective companies and attorneys on your list. Tell them the total amount of debt and the number of contracts you are trying to sell. Choose which one you will sell to according to the price they offer and the promptness of their reply.
- 5). Turn over copies of all records for each debt in return for payment to conclude the deal. Return to your files and remove the records you just sold from your debt list. Remember not to contact those debtors any more because they now owe money to the collection agency and not to you.
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