Fight Back Against Unfair Debt Collection Practices: Know Your Rights and Protect Yourself from Threats, Lies, and Intimidation

9. Debt for Sale

When Harold Wood returned to Long Island after a three-year stint of work in Indonesia, he had some unfinished business waiting for him. A costly divorce and a jobless stretch in his past had left his finances in shambles. So when multiple bill collectors found him and began calling, he wasn’t surprised. He acknowledged the debts and agreed to make regular payments via electronic withdrawals from his checking account. “There was one investigator...telling me to go home and kiss my wife and kids goodbye because I would be in court the next day,” Wood said. “It made life really interesting. When the third collector called, I hit the total panic button.”

The multiplying payments were eating into the money he needed for rent and ...