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Would a collection agency make an offer on 100 billion dollars in debt that needs to be purchased?
If 1 million people owe someone $100,000, will a collection agency make an offer on this amount of debt? If so, how much do you think they would pay?
Typically collection agencies buy defaulted debt in portfolios. The original creditor would have to break up that billion dollars of bad debt into smaller packages and sell to multiple collection agencies. The price would depend on the type of debt and how old the defaulted debt. Recently defaulted debts will bring more than debts at or beyond the Statute of Limitations (SOL), the timeframe to bring lawsuit. Older debts are harder to track down and collect than newer debts.
In any case, the collection agencies would only pay a small percentage of the debt value.
I'm gonna make him an offer he can't refuse