What is a junk debt buyer?

A junk debt buyer is a company or CA that buys up charged off debts for pennies on the dollar.

A junk debt buyer is a collection agency that buys old debts for pennies on the dollar and tries to collect them. They very often have debts that are beyond the statute of limitations. Basically they are bottom feeders. They are also the easiest to repel as they are looking for the quick payoff!

oh boy..you mean that if you do a settlement say for 60% of your balance that you owe and the creditor turns around and sells the rest of your debt to these junk debt buyers and then what...they can still can come after you for the rest of the balance?

Yes, unless you have a written agreement that states otherwise.

And most of the time they only have the bare bones of information like your name and the original creditor. They do not have the loan or debt documents nor any payments you may have made. They just make up amounts.

They can not validate the debt as they don't have that information. They use harrassment and threats to get people to pay.

There are some that are even lower then low and buy up debts of people that are deceased and then hound their family to try and collect.

omg that's sick.Is there anyway around it? Do they bring you to court? ever? can they have you arrested?I'm nervous I'm trying to settle with creditors on my own just starting and one offered me a settlement of 50% of the balance and to make 3 pymts.Someone else told me that as long as the settlement letter states paid in full I have proof that it was settled etc. what do you think?

You cannot be arrested for unsecured debt. Settled in Full would be the best you could do if you are not paying the full amount owed.

I would try to negotiate for removal on any credit reports.