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SomeGuyInEagan

(1,515 posts)

32. It is written off by primary creditor, resold at a fraction to secondary credit market.

Reply to 2on2u (Reply #2)

Fri Nov 16, 2012, 02:59 AM

Nov 2012

The primary creditor can then charge it against their books as an unpaid debt - common business practice. It's off their books.

Then the secondary creditor goes after the debt. As they paid a fraction of the amount owed, they will try for the whole thing but are willing to negotiate.

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It is written off by primary creditor, resold at a fraction to secondary credit market. SomeGuyInEagan Nov 2012 #32

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