Quote:
Originally Posted by sebastian_dangerfield
You don't need a lawyer. Call up and negotiate for 20% if it's purchased (portfolios sell at .2 to .10). And call on third to last day of month. Collectors get desperate to make their numbers in the last week, and month to month performance of portfolios is closely scrutinized, as we always wanted to resell the poorly performing paper quickly, before it's out of statute of limitations and its value drops.
If debt is still held by lender, do the same. But understand, you don't have as much leverage.
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This is actually useful information - thanks.
I have a lot of little startups that get started, burn a million or four, and then get wound up with a bunch of trade debt they have to settle to preserve the IP, so they can get a million or a half of salvage value. 20% has seem to be a fairly common settlement, but it's nice to know where the portfolio's purchase price usually was.
