Exploring the avenue of engaging a debt buyer to resolve outstanding financial obligations? It’s imperative to have a clear understanding of the process to make informed decisions. Here, we have compiled a list of frequently asked questions regarding the debt buying process to provide you with insightful answers and ease your journey towards financial resolution
Debt purchasing involves buying receivables, including distressed debts and other problematic assets, from creditors at a discounted price. CİAMENTO specializes in providing immediate liquidity to sellers, aiding in their financial management and planning.
When you choose to sell your debt, our team will evaluate the receivables to propose a fair price. Upon agreement, we facilitate the sale, ensuring a trustworthy and efficient transaction process.
The price paid for debts by debt buyers varies based on several factors including the age of the debt, the amount owed, and the likelihood of collection. Typically, debt buyers purchase debts at a fraction of the face value.
Yes, individuals or businesses can sell their debts to debt collectors or debt buying firms. The process involves transferring the rights to the debt to the buyer, who will then attempt to collect the debt.
Once your debt is sold, the debt buyer becomes the new creditor and will attempt to collect the payment. You would now owe the money to the debt buyer instead of the original creditor.
In certain scenarios, debt buyers may file a claim against the seller of the debt if there has been a misrepresentation of the debt or a breach of the debt buying contract. It’s crucial to be cognizant of your obligations as a seller and to have a clear understanding of the legal regulations surrounding debt buying to ensure a smooth and lawful transaction process.
The amount you can expect to receive will depend on the quality and age of the debt, as well as the assessment of the debt buyer. It’s often a fraction of the face value of the debt.
The debt buyer attempts to collect the debts. They may employ various collection strategies, and they now own the rights to the debt, including the right to sue for collection.
Selling debts can provide immediate liquidity, reduce collection costs, and allow you to focus on core business activities. It also transfers the risk of non-collection to the debt buyer.