The redemption of a loan or debt can be dealt with directly by both the debtor himself and the collectors. True, the debtor can redeem his credit or debt from a banking institution only in case of bankruptcy or liquidation of a banking or financial institution.Ugrin Svyatoslav
Collectors, on the other hand, can redeem loans and debts from banking and financial institutions on the basis of cession agreements, in other words, through the assignment of claims. True, loans and debts are bought out mainly by small or medium portfolios with a large discount, or at a very low percentage of the real value.
Is it profitable for a banking or financial institution to sell a bad loan or debt at a deep discount? We can say yes. So, having sold a loan or debt, the bank immediately receives a certain amount of money, although not much in comparison with the total debt, but it should be borne in mind that while the debtor was using the loan, the bank has already earned, therefore, the interests of the bank are in no way infringed upon, of course, if we are not talking about large foreign currency loans.
Is it profitable for the debtor to buy out the loan or debt by the collectors?
In principle, it is beneficial for the debtor when one collection company buys out all of his loans and debts from different banks and financial institutions. It is easier for such a debtor to communicate with one company that has bought all his loans and debts, and it is also easier to agree on a repayment schedule and possible restructuring. It often happens that debtors themselves ask the collection company to buy out a loan or debt. Thus, the debtor has the opportunity to combine all debts into one, which simplifies the moment of interaction with the creditor, and makes it possible to certain restructuring. It is much easier for a debtor to service one loan or debt than several.
Is it profitable for collectors to buy out loans or debt?
It is profitable for collectors to buy loans or debts in small or medium portfolios for 10-30% of the real value, and sometimes even lower. So, with a little effort, and having sold at least 10% of the purchased portfolio, the collection company not only reimburses the purchase costs, but also makes a good profit. But we are talking about buying out small or medium portfolios.
It is not profitable for collection companies to buy out a loan or debt of individual debtors, since servicing such a loan or debt will be unprofitable. Therefore, collection firms often refuse to debtors and do not want to redeem a loan or debt.
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