Many people do not realize that debts can be sold just like any other product. You may have an old credit card debt which you forgot about and have not heard from in years. Do you realize that the original credit card company could have sold this debt to a debt buyer?
When this happens, the collection process can start quickly, involving court actions, wage garnishments and seizures of bank accounts.
The New York Times recently published a long informative article on the debt buying business, and the abuses these companies inflict on people.
The article is well worth your time to read, to give you an idea of how much trouble these companies can cause you, and why you should not ignore them if they contact you.
Here is the link to the article:
http://www.nytimes.com/2015/12/23/business/dealbook/sued-over-old-debt-and-blocked-from-suing-back.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region®ion=top-news&WT.nav=top-news&_r=1
