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     | Wednesday, December 01, 1999 - 01:47 am  I've been reading all the post on this site. Christine I must say I do like the new site and your mission to help others with something that has such a large impact on everyone's life. This message is to Sean and all who wish to offer any info on the subject. My business partner and I are researching the business of buying charged off accounts of all types (mainly starting with credit card paper). We do not wish to start a Collection Agency there for there will be no additional licenses needed for our current financial corporation. A while back I came across a great article about this subject at the following link: http://www.inconline.net/articles/details/0,6378,ART1316_CNT53,00.html The company is called CFS (Commercial Financial Services). After doing more research we decided to begin writing a business plan to create a company in this industry. I was able to find a home study course on starting this type of business and have incorporated that info along with a great software program into our plan. I have also been able to purchase a very small number of accounts (3 charged off visa cards at 2 cents on the dollar, 3 years old, with 60% history). I worked these accounts and just as we had planned we were able to keystone (double) our investment of $60.00 (2% of $3,000 charged off) into $120.00. Now yes I know its not the big bucks CFS is cashing in on....however we were able to do this in less than 1 month. Our next step is to purchase $5,000 in debt at again 2 cents on the dollar and keystone that within 3 months....then dump that right back in and double our money every 2 to 3 months. Now if you do the math starting with 5 grand you can begin to see what could happen within just a few short years. And it turns out that there is over a TRILLION dollars of this charged off paper sitting out there. One of the problems we see is that most companies that try and collect on this paper request the full amount owed if not more. Our method as exercised on a small scale above is simply to purchase at 2% to 3% and request our debtors pay us 4% to 8% along with our willingness to delete the account from there reports. I am here to ask all of you to give us any input you may have on the above mentioned info. Also I would very much like to know: If I were to contact you with a offer to settle a 3 year old charged off credit card you had owed $1,000 for $40 to $50 dollars what would you have to say to my company? Thank you for your time everyone Alan
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| | Wednesday, December 01, 1999 - 04:02 am Just to let you know CFS went bankrupt and no longer exists.
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| | Wednesday, December 01, 1999 - 09:35 am Sounds like a good possibility for you as a specialized area of debt acquisition. Suggest you also visit http://www.wallstreetbrokers.com/ and check out Lorelei's Library. She's a pro at buying discounted paper. Also check out http://www.papergame.com/ for the writing of John Behle (pronounced Bay-LEE) he has some very creative ideas. He has a list of 117 things you can do to improve debt paper once you've purchased it that makes it more valuable.
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| | Wednesday, December 01, 1999 - 11:20 am Yes Paul seems I had forgot to mention that in my post. CFS is out of business as of June this year after almost 13 years in business with a growth rate more impressing then that of Microsoft over the last 10 year (see article link above). When you mess with the boys in the white house (SEC) and are not honest its only a matter of time before greed and lack of honesty shut you down. Kinda funny how CEO Bartmann of CFS has walked away with almost half a billion dollars over the life of his company. Thank you Sean for your links although it seems that those two companies are into buying mortgage paper. Not sure if I may have missed something on there sites. Alan
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| | Wednesday, December 01, 1999 - 12:11 pm You're right -- they are into buying mortgage paper and I'm not certain how much of the information will be transferrable.
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