I think it is self explanatory why creditors won't let you buy back your own debt for pennies on the dollar (sometimes you can negotiate paying it back partially though). They offload bundled debts that they think will be too hard to recover onto less scrupulous people who are more willing to get their hands dirty to extract more than they paid. Anyone can buy this debt and there were a few orgs doing it as mutual aid especially around occupy wallstreet times. It might be possible to organize people into some kind of debtors union to buy out their own debts but I guarantee such a union would be crushed with the fury of a thousand suns. I recommend reading Debt: the first 5000 years.
Back when PayPal offered an unsecure line of credit I took 500 and never paid it back. I blocked PayPal's emails and then when they sold the debt to a collector I blocked their emails too.
Now why can't a family member "buy the debt" for fractions of pennies on the dollar?
This is totally cool, but like if they sell debt this cheap then why can't anyone else settle for this cheap - even buy their own debt?
I think it is self explanatory why creditors won't let you buy back your own debt for pennies on the dollar (sometimes you can negotiate paying it back partially though). They offload bundled debts that they think will be too hard to recover onto less scrupulous people who are more willing to get their hands dirty to extract more than they paid. Anyone can buy this debt and there were a few orgs doing it as mutual aid especially around occupy wallstreet times. It might be possible to organize people into some kind of debtors union to buy out their own debts but I guarantee such a union would be crushed with the fury of a thousand suns. I recommend reading Debt: the first 5000 years.
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Back when PayPal offered an unsecure line of credit I took 500 and never paid it back. I blocked PayPal's emails and then when they sold the debt to a collector I blocked their emails too.