How To Guide For: A Look At What Happens When Your Debt Goes To Collection
You never want to let your debt go to collections because once you're in collections it can take some time to get yourself out of it. But sometimes things happen. Just because it can be difficult doesn't mean it's not possible. I'm here to discuss what happens once your debt goes into collection. When your debt goes to collections the creditor may continue to own the debt but they could turn it over to a debt collection agency who will have a contract to collect the debt (this is called assigned debt). Or the creditor could sell the debt outright to a collection agency (this is called purchased debt). As soon as the creditor passes your debt to the collection agency you can expect for the debt collection agency to move quickly to get it resolved. To learn more about what happens when your debt goes to collection - click the pictures below to read the articles.