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olddebts.com ?

Discussion in 'Business Operations' started by Soupy, Oct 28, 2004.

  1. Soupy

    Soupy LawnSite Gold Member
    Messages: 3,125

    Has anyone used this place http://www.olddebts.com/ ? I am thinking about trying them out. I was wondering if anyone had any luck collecting with the help of this company?

  2. walker-talker

    walker-talker LawnSite Platinum Member
    from Midwest
    Messages: 4,771

    I am curious what everyone else does also. I spoke with a lawyer friend of mine and for 50% you can turn the account over to them. They will send a letter of demand and if paid, they collect 50%. If nothing is paid and owe them nothing. If you want to pursue it futhur, then thats on you. I have some from a few years back I am thinking about doing. They are not much....$50 here or there and another one for $175. They way I am looking at it....I will more than likely see nothing, so it would not hurt to turn it over.

    50% of something is better than 100% of nothing.
  3. Henry

    Henry LawnSite Senior Member
    Messages: 548

    I turned an account over to a collection agency to see if they can get something from the people but it's been almost 2 tears and nothing yet. They do send me a letter every month or two to let me know what's going on.
  4. lawnMaster5000

    lawnMaster5000 LawnSite Senior Member
    Messages: 591

    I used olddebts.com a few years back. I think it cost me $20 to have them send 4 letters of increasing severity to the customer. The final letter got the customer to pay.

    I know there used to be samples of the letters on their web site that you can view, i dont know if they are still there.

    I thought it was a good service and I would bet that most people will elect to pay after receiving these letters if they infact have the money. If they dont then I guess you could try a different agency that may be able to garnish wages or something.

    The four letters were similar to as follows if i remember right.
    1. You owe so and so such and such amount. It is past due. Pay now.

    2. You still have not submitted payment, your credit will be affected by this you need to pay.

    3. You have one week to pay otherwise you will be reported to credit agency such and such. You will not be able to get loans, credit cards etc.

    4. You have been reported and this will remain on your record for minimum 5? years. If you would like a note added stating you have paid your balance please pay by such and such date.

    These are very professional letters and do sound very scary when read. I think olddebts is a good company and i would certainly use them again.

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