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Thread: Chargebacks and debt collection agencies

  1. #1
    Member Rintintin is on a distinguished road
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    Chargebacks and debt collection agencies

    I read recently that some large companies deal with chargeback claims by selling them on to debt collectors. I can't understand how this works, is anyone here familiar with this and willing to explain it?

  2. #2
    Junior Member mbaum is on a distinguished road
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    Quote Originally Posted by Rintintin View Post
    I read recently that some large companies deal with chargeback claims by selling them on to debt collectors. I can't understand how this works, is anyone here familiar with this and willing to explain it?
    many types of debts are sold by creditors to debt buyers for basis points on the dollar and the buyer either works the debt or places it with a collection agency/law firm for collection of the debt

  3. #3
    Senior Member willyoumind is on a distinguished road
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    Quote Originally Posted by Rintintin View Post
    I read recently that some large companies deal with chargeback claims by selling them on to debt collectors. I can't understand how this works, is anyone here familiar with this and willing to explain it?
    Sometimes people believe that a chargeback means you aren't owed the money, it doesn't. A chargeback simply means that the bank is no longer involved in the transaction. You the merchant still made a sale and still are owed the money so you treat it like any other debt, you sold a product or service and didn't get paid for it, hence the collection agency. That said however most collection agencies have a hard time understanding chargebacks, they often get stuck with consumers who say "my bank said I wasn't responsible" when in fact the bank didn't say that.

    Stay clear of RMS and you will be fine.

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