Your own business: how to open a collection agency. Accounts receivable How can you make money by purchasing debts of individuals

* The calculations use average data for Russia

Until recently, collection activities in Russia had no legal regulation, but since July 2014 everything has changed. Now the law clearly defines the rights and obligations of collectors, as well as debtors. Moreover, now an agency for the collection of problem debts has the right to exist - previously all such companies acted “semi-legally”. However, opening a collection agency is associated not only with difficulties in legal matters, but also in organizational matters, because the risks of such an undertaking are very high. At the same time, the state imposes certain requirements on such organizations, and not every entrepreneur is able to follow the prescribed instructions. The main thing is that today it is possible to open a legal collection agency and even make money in this direction, although in general the state is more interested in helping debtors (in any case, the legislative acts adopted recently are more beneficial to them).

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To begin with, there is a need to register your legal entity, but you should not become an individual entrepreneur - this may lead to the impossibility of engaging in such activities, and the very nature of the work is such that it will be easier to act as a legal entity. Although formally, individual entrepreneurs can become a collection agency. The registration procedure is, in general, standard, and obtaining licenses to carry out collection activities is not required, but you need to understand that only an agency that is a member of one of the self-regulatory organizations that unites debt collectors will be legal. The main condition when choosing an SRO for a beginning entrepreneur is that it includes at least 10 collection agencies. This is the only way a self-regulatory organization can be recognized as operating within the legal framework. But the conditions for joining an SRO may vary greatly depending on its charter, in some places a membership fee may be required, in others there may be mandatory monthly payments, an SRO can form an insurance fund, and members of a self-regulatory organization may be required to provide it. It’s hardly possible to say anything for sure here - after registration, an entrepreneur will have to contact more than one office to compare all the conditions in all of them. It should also be taken into account that there may be a limited number of such companies in the region of work, because the law came into force relatively recently, and the market has not yet fully formed. That is, an entrepreneur must understand that he is starting a business in which there are still many difficulties and ambiguities, and even experienced businessmen who have been running collection agencies for many years cannot quite adjust their work in accordance with the new realities. It is worth noting that the company itself must have an insurance fund, because the work of collectors implies the possibility of causing some kind of harm to debtors, at least moral, and the company must be able to answer for the consequences of its activities. The amount of the insurance fund can be very large (from 10 million rubles), and therefore not every entrepreneur will be able to open such a company. That is, in essence, to open a simple agency you do not need a large amount of money (even 500 thousand may be enough to open a small office), but its work must be supported by reserve funds, because the collector may be liable even to individuals.

Next, you need to think about finding premises for your agency, and many offices open by renting a very small space. However, here you may encounter the fact that during the work process you will need more space, and specially equipped one. The fact is that when collecting debts, it may be necessary to seize the debtor’s property, and it needs to be stored somewhere until it is sold, and outsourcing companies can help here if the agency does not want or does not have the ability to maintain its own full-fledged warehouse. In general, to open a representative office, it is enough to have a room measuring 30-50 m2; there is simply no point in a larger area, because at first it is unlikely that you will have to maintain a significant staff. So, you need to look for office space, and not necessarily in the central areas of the city, because the agency will not have to accept a large number of people.

The cost of rent depends on a huge number of factors, but in any case, the entrepreneur will have to count on a rather large amount by the standards of his region, because he needs to rent office space, preferably already equipped with everything necessary or at least simply renovated. There is no point in naming exact prices, because when comparing federal cities and small provincial settlements, the difference can be several times greater. Another thing is that it is not worth opening a collection agency in a small town, because there will be no work there at all, although it will be much simpler - searching for a person in a metropolis is many times more difficult than in some urban village (and you will have to search , a rare debtor, whose case has reached the collectors, surrenders voluntarily). Renting an office of 50 square meters will cost about 50-60 thousand rubles per month in an average city (generally 1-1.5 thousand rubles per square meter), although, as already noted, it can be 2-3 times more . If we take into account any business center, the amount will be even higher; the cost of renting a room of this size in Moscow in a good location may well exceed 200 thousand rubles. However, you need to understand that such expenses are not practical to open a collection agency. Of course, you won’t be able to get by with just some building - because the office should be a representative office where potential partners come, but you shouldn’t count on big expenses, there is always an opportunity to save. The cost of office equipment will generally be small, because you will only need to buy furniture and simple office equipment. Based on 30-50 thousand rubles for one workplace (no one is going to buy oak tables and heavy-duty computers). It is also worth noting that some banks are interested in opening a collection agency that will be a partner (that is, fulfill only or at least primarily orders from the parent bank), and here you can count on some support from them. However, for those who decide to work in this direction, the process of opening their own collection agency is simplified several times, and the main disadvantage is the impossibility of implementing their own policy - and they will only be able to receive a modest percentage.

Yes, we need to go into a little more detail here. An entrepreneur has 2 work formats available. Strictly speaking, a collection agency is a company that directly cooperates with the bank and receives a percentage of the money seized for bad debts. That is, he receives an agent's remuneration. The second format of work is a company that buys debts from various credit organizations, after which it “knocks out” these debts to form exclusively its own income. Among other things, there is another important point here - in the first case, the collection agency begins to work with debtors even before its case is transferred to the court, here the bank remains the beneficiary, and the work is carried out with the expectation of returning the amount that was prescribed in the agreement with the borrower initially. If successful, the collection agency gives the funds to the bank, receiving a small percentage for the work. It is difficult to say what it will be, usually it is up to 15%, although in the case of very problematic loans this figure may increase. In fact, here it’s up to you to come to an agreement, and since this format of work is almost never used in Russia, there is no need to talk about any exact values at all - even market participants do not know them. Much more often, the bank does a simpler thing - it enters into an assignment agreement (assignment of the right of claim) with the collection agency and forgets about the debtor forever. Here it must be said that formally the bank has two ways to resolve this problem - sue the borrower or transfer the case to collectors, and by winning the court, the bank remains the recipient of the collected debt (and legally in Russia only bailiffs have the right to receive it from the borrower), and the collection agency no longer has the right to demand anything from the borrower - after all, the court obliges to terminate the agreement between the bank and the borrower. And without an agreement, it is impossible to assign the right of claim. So, if you work according to this scheme, then you need to make sure that the bank did not take the case to court, but decided to simply get rid of its problem.

In fact, there is always enough work for a huge number of collectors, because debts are generally returned by a very small percentage of the population. Another thing is that it is not always possible to get something from the debtor. Therefore, the bank simply hopes to get at least something by turning to collectors. The amount of the debt sale can also vary (usually depending on the complexity), but rarely exceeds 10% of the amount of the debt itself, and on average varies between 2 and 6 percent. Again, these are very average figures, especially since no one usually wants to disclose this information. It is quite likely that they demand half the amount for a loan, and sometimes even more - this is the case if the bank does not like to deal with problem debts at all and it is easier and cheaper for them to simply relinquish it. But in any case, if banks begin to sell their debts at a large percentage of the amount, then it will be unprofitable for the collector to work - he takes the most difficult cases, he is given mainly those contracts for which nothing can be obtained under the standard debt collection scheme. And many of the collectors’ cases still remain unclosed. This is especially true now that a law has been adopted declaring an individual bankrupt - all debts over 500 thousand rubles can now be legally written off (even after going through a long procedure of proving one’s insolvency). Thus, the work of a collection agency comes down to finding as many “cheap” debts as possible, because it is unlikely (especially at first) to receive money from at least every second contract.

The next stage of organizing a business is hiring staff for work. Depending on the size of the agency, the number of people, of course, increases, but the staff of collectors will have to be constantly increased, because one person cannot handle too many contracts. First you need to hire 3-4 people, each of them usually receives a small salary (15-20 thousand depending on the region), but has a considerable percentage of the collected debt. Therefore, in total, the salary of such an employee will be 50-80 thousand rubles - but this is ideal. In addition, you need to hire an office secretary and an accountant; there is no point in turning to an accounting outsourcer, because the help of such a specialist may always be needed. A good accountant earns from 30 thousand rubles, in large cities even more. Next - a financial consultant and a lawyer, these people are needed to ensure that the collection process proceeds optimally quickly and efficiently, these specialists are required to understand all contracts, the financier also assesses the likelihood of collection and the amount (yes, getting the full amount of the debt is a success, usually you have to limit yourself to some percentage or just receive it in parts for a very long time). The lawyer represents the company in court, and the winnings largely depend on him. Moreover, in light of the fact that legislation is constantly changing, and debt collectors are often sued by borrowers themselves, the help of a lawyer is critically necessary. The financier receives 40-50 thousand rubles, the lawyer’s salary is approximately the same, in addition he can be motivated to receive a percentage of each successfully won case in court. By the way, a collection agency will sue only as a last resort, because it is even more profitable for it to come to an agreement with the borrower and receive the debt, albeit for a long time, but in full; Through the court, the debtor can completely get rid of bondage. Company employees must strictly comply with the requirements of the law; today, a collection agency, to put it bluntly, cannot exert any pressure on the debtor at all; all that is available to him is to conduct negotiations, and in many respects when and where it is convenient for him. From the point of view of the law, this is, of course, the right decision, because now a collection agency is a normal company that operates within the framework of criminal, administrative and civil codes, and although a soldering iron and threats are usually more effective, today resorting to such methods is the right way to have problems with law.

Ready ideas for your business

You can make money from collection activities only if the collectors themselves work effectively. However, no matter how hard the employees work, it is unlikely that they will be able to get money from each debt. Therefore, before starting work, you need to carefully check all the calculations and draw up a business plan that includes a worst-case scenario. During the first time of work, you will have to master a lot of methods of debt collection, because debtors can evade debt in all available ways, including leaving the country. Each collection agency has a certain percentage of “bad” debts, but you should not buy all bad debts in a row - a lawyer and an experienced debt collector should assess the risks and likelihood of success for each agreement. Of course, most often banks sell their “stuck” loans in batches - that is, in addition to relatively risk-free debts, they also add those that are unlikely to be sold for a small amount. It is precisely accurate planning and calculation that will allow the agency not to spend all of its money on obviously losing cases, but banks are trying to get rid of these in the first place. Let’s take a simple debt of 250 thousand rubles for calculation. Subtracting 6% from this amount, it turns out that the amount of possible income will be 235 thousand rubles. At the same time, the entrepreneur himself sometimes receives only half (if not less), because the rest of the money goes to interest for employees. In general, it is difficult to give exact calculations here, because collectors do not advertise their activities, and in each specific case, the percentage received can vary greatly. It follows that the profitability of such a business may vary, and the performance indicators themselves change from month to month, so it makes sense to have some kind of reserve fund. Today, the activities of a collection agency will almost certainly follow one pattern, because otherwise it will not be possible to comply with all legal requirements.

Video course “How to make money on other people’s debts and pay off your own?” will be of interest to entrepreneurs and ordinary people who dream of finding new, highly profitable types of commercial activity and developing in this direction.

Every year tens of thousands of businesses go bankrupt. The bankruptcy procedure of a company involves the sale of its property and. The proceeds are used to repay the debts of the bankrupt company. In order to sell property in the shortest possible time, a minimum price is usually set at auction. You will learn about all the details and subtleties of this matter from video lessons.

Advantages of the video course:

The curriculum is adapted for any person with basic knowledge in the field of law, accounting and business. You do not need to be a certified specialist to understand the work schemes proposed by the author of the project. Complex legal terms are presented in simple terms, and legal precedents are discussed using specific, simple examples.
The material covers all existing types of debt, so that each listener can choose a priority area of activity.
Feedback is maintained with the project manager.
You can watch the video course an unlimited number of times, concentrating your attention on more interesting issues.

The program was developed by an expert in this field, the head of a legal agency that specializes in debt collection of any type.

Result from the video course

After reading the video course materials, you will be able to independently develop a successful and profitable business related to the purchase of collateral and debt property, as well as receivables. By buying prestigious cars, special equipment, real estate, industrial equipment and much more at a minimum price, you will be able to sell it all at a higher market value after a certain period of time. And make huge profits without much effort.

During a crisis, the number of bankrupt companies increases many times over; hundreds of lots are put up for auction every day, growing exponentially.

Where to buy accounts receivable
What receivables can be purchased at auction and from bailiffs
Analysis of receivables before purchase - how to weed out 80% of illiquid receivables
Video - the whole truth about collection of receivables
How to make money by collecting accounts receivable

At the time of writing, according to one of the bankrupt aggregators 564 lots were added per day sold through bankruptcy proceedings or through bailiffs.

The most remarkable thing is that You can do this business without leaving your home, simply selecting receivables on aggregator sites and selling debts or collecting them through lawyers for a small fee. The essence of the idea is that unpaid debts are also growing, companies are holding back their turnover and are in no hurry to pay their bills. As a result, their counterparties are forced to go bankrupt because they were not repaid on time.

These debts can be bought for 1-5% of the real value and a debt of 1 million rubles can often be bought at auction for 50,000 or even less:

Pre-trial settlement (for example, you or your lawyer agree for a small commission to return half the cost and write off the entire debt)
Refund through court and bailiffs (used less frequently)
Selling debt on specialized sites

Where to buy accounts receivable

Receivables can be purchased from bailiffs or from bankruptcy trustees at bankruptcy auctions.

There are specialized aggregator sites, as well as official platforms where all information on trading is published, including accounts receivable - FedResurs and the Saturday edition of the Kommersant newspaper.

We have prepared a PDF book for you, in which we discuss this process in more detail, download it now.

What receivables can be purchased at auction and from bailiffs

List of lots at bankruptcy auction:

Bills of exchange are debt obligations subject to unconditional collection; they are more interesting from a legal point of view, but are not used as often.
Overdue accounts receivable.
Unaccounted receivables.
Packages of debts from bankrupt banks (mortgage debts, debts on consumer loans).
Accounts receivable from utility companies.

Analysis of receivables before purchase - how to weed out 80% of illiquid receivables

In order not to miss the receivables, it is important to conduct an analysis before purchasing. There are several options - quick scoring - at this stage more than 80% of all receivables are eliminated and a more thorough analysis.

Detailed instructions we will send you along with the book.

As for primary scoring, it is important to consider before purchasing receivables:

The debtor company (debtor) is not bankrupt by court
The debtor company does not plan to go bankrupt; the organization is operating and the termination of activity has not been registered with the tax authorities.
The statute of limitations for receivables has not been exceeded
Check the debts of the bailiffs and especially the grounds for terminating previous enforcement proceedings (the debtor may not have been found or found, but could not be collected)
Check car fines and understand whether the organization has car property
Check tax records for changes
And also a few more important points

Video - the whole truth about collection of receivables

As a result, out of 10 receivables, you will find 1-2 that are realistically collectable, and of these, collect one, but you will earn at least half of the nominal value.

Hundreds of percent on just one simple transaction!

The first step is to gain knowledge and experience in this matter.

Watch a special video by Vadim Kuklin about his experience in collecting receivables:

How to make money by collecting accounts receivable

Dozens of new receivables are put up for auction every day.

To start purchasing them and making money from it, all you need to do is:

Electronic signature for participation in auctions
The ability to evaluate accounts receivable before purchasing (without leaving their home) directly from the computer
Find lawyers to work with receivables in the fields (collection through court, pre-trial collection, sale on specialized sites)

But the main secret of all money is knowledge, click here to download our book, in addition, we have prepared for you a series of training lessons in which you will be able to go step by step through all the stages from assessment to collection of receivables and receiving the first money.

Kim Ahan

Entrepreneur, investor
Co-founder of 6 companies
Author of a blog with an audience of over 400,000 people

Photo Pravo.Ru

You can make good money buying debts, especially if you are a lawyer. Lenders often prefer to sell the right of claim at a discount in order to avoid getting involved in legal disputes, saving time and effort. And some are forced to part with debt because they urgently need money. However, everything is not so simple - the buyer also takes a lot of risk. When purchasing debt, it is important to carefully study all the documentation, pay maximum attention to analytics, check the debtor, and correctly determine the transaction price. Pravo.ru will tell you how to do this.

Every year more and more debts are put on the market. For example, according to Expert North-West, in 2016, 10 billion rubles were resold. debt on microloans (which is 28% more than last year), and this year the figure may reach 12 billion rubles. At the same time, microloans are the most problematic sector, and the share of non-repayment in it reaches 45-50% of all money issued. In total, according to IAA Business News, the debt sale market in 2015 amounted to 444 billion rubles, in 2016 - 486 billion rubles.

Any person can buy debts, but some do it professionally, for example, collectors. The buyer makes money on the difference between the amount of debt and its sale price. It is formed due to the discount, which includes the expected risks of the buyer (assignee), his remuneration, as well as a number of expenses for the actual collection of money.

How much is the debt?

The cost of purchasing debt is influenced by many factors: the amount of the debt, the complexity of the case, and the period of delay, but the fundamental factor in terms of pricing is the presence or absence of liquid assets that the debtor can seize. Secured debts always cost more. Therefore, the spread of prices is very large and ranges on average from 10% to 75% of the nominal value of the debt. At the same time, according to head of the analytical department of the Bureau of Chartered Attorneys "" Maxim Petrov, sometimes banks sell a portfolio of consumer loan debts to collectors for even 3% of the total amount.

“Buying debts is very similar to playing on the securities exchange. If you have free financial assets and time, with the right approach you can increase your capital several times in one year,” believes lawyer at AB "" Vasily Fotinsky. By the way, you can buy accounts receivable at auction - there are specialized electronic platforms that sell them.

What debts to buy?

“The safest and most profitable thing is to purchase the debts of an organization with a stable financial position, which has large assets and no serious accounts payable,” Fotinsky believes. “From the point of view of fulfilling obligations, the most profitable is the purchase of debt to government organizations or large companies. The least effective is to collect debt from an individual,” adds MCA lawyer "" Zinnur Zinnyatullin. “For investments, we are interested in consumer requirements for large solvent corporations that either violate the terms of the contract with the client, or, more rarely, included an illegal condition in the contract. This must be checked. If you plan to put the matter on a broad basis, then it is necessary to study not only the contractual documentation , but also how the process is structured. In large companies, the client’s rights may not be violated intentionally, but, for example, only because the process is strictly determined by the information system, which for some reason cannot be brought into compliance with the law. insurance companies, in particular, in the case of compulsory motor liability insurance. In the case of compulsory motor liability insurance, business is practically a win-win situation. For the same reason, it is highly competitive,” says Petrov. He explained what the work pattern of a car lawyer looks like. For example, the policyholder was involved in an accident due to the fault of another, and now he is due insurance compensation. But the insurer allows red tape and is in no hurry to pay the money. Then an auto lawyer appears who offers to pay for the damage on the same day. He gives the victim the agreed amount and signs the assignment agreement. Then the auto lawyer assesses the damage to the car as a result of the accident and goes to court with it, as well as the assignment agreement, insurance policy, and a statement of the insured event. “There he declares a higher amount of damage, adding to it the cost of the examination, which he himself does, as well as the costs of a representative. In 2015, the so-called auto lawyers earned 8 billion rubles from this,” Petrov said.

What to check before buying?

“The main value is not the asset, but information about it,” believes General Director Soslan Kairov. Therefore, before purchasing debt, you need to do a lot of work.

Make sure that the obligation itself exists: whether it is valid, whether it has not been fulfilled, whether the statute of limitations has not expired, whether there is a ban on its sale.

Check the debtor’s solvency: whether he has assets and debts to other creditors, whether bankruptcy proceedings have been initiated against him. If the debtor has neither money nor assets, purchasing the debt makes no sense. “If the debtor is already at the stage of bankruptcy, then the chances of making money on the purchase of such a debt (and even returning the money paid) sharply go to zero,” Fotinsky believes.

To establish the fact of the existence of a debtor-legal entity - whether it has been liquidated.

Study judicial practice (if the creditor has not yet gone to court or has lost it). “There is a risk of the formation of judicial practice aimed at protecting large businesses. For example, if there is evidence of the conclusion of a consumer agreement with a bank, developer, car dealership, communication store, etc., under the influence of deception on the part of their representatives, the courts refuse consumers’ claims, citing freedom of contract. Buying such debts, of course, is highly risky,” Petrov noted.

Partner of PB "" Dmitry Terentyev also recommends that before purchasing, you find out why the debt is being sold in the first place.

What should be included in the purchase agreement?

When purchasing a debt, as a rule, an agreement on the assignment of the right of claim is concluded (also known as an assignment agreement; Articles 388-390 of the Civil Code). Lawyers advise stating in it that the assignor is responsible for the validity of the debt claim. But this is not the only recommendation. “In our practice, there was a case when the parties agreed in an agreement that all rights of claim of the assignor to the debtor existing at the time of the assignment were transferred. The assignment of debt was preceded by legal disputes between the assignor and the debtor. After the transaction, a court decision was canceled that recognized the legality of direct collection from As a result, the assignor had to return the collected amount to the debtor, but the debt itself remained for this amount. This caused a dispute between the assignor and the assignee about who owns the rights to claim the disputed amount. It could have been avoided if the contents were correctly formulated in the agreement. of ceded claims,” considers lawyer " " Olga Zelenskaya.

How to achieve debt repayment?

First you need to notify the debtor about the transaction. Then everything will depend on which of these stages the previous creditor has reached (accordingly, the assignee needs to start from this stage and move on):

1. Pre-trial (claim procedure) - filing a claim with a warning.

2. Judicial procedure - obtaining a court decision on debt collection. If the debt has already been confirmed by the court, then after the purchase it is necessary to go to court and replace the creditor with a new one.

By the way, in some cases, all these stages quite successfully replace negotiations with the debtor. “In conditions where irons are a thing of the past, and steam generators do not provide the necessary effect, the main task is to create for the debtor, within the legal framework, conditions under which it is more profitable to repay the debt, and the faster the better. For example, for public companies that assessing reputational risks, the threat of filing an application to declare the debtor bankrupt is enough. For unscrupulous debtors, the risk of bringing management to criminal liability is enough. This requires a very deep analysis and subtle psychological calculation,” says Kairov.

If the debt is secured by property, you can foreclose on it. Sometimes the contract provides for the opportunity to do this out of court (if it is notarized) - in this case, it is enough to obtain a notary’s writ of execution.

How you can make money by purchasing debts of individuals
Good deal
Buying debt
Summary

How you can make money by purchasing debts of individuals

Did you know that someone's debt can be bought ? Why, and whether there is any benefit from this, you will find out right now.

For those who are not yet aware, we declare that purchase of debt for individuals faces This is a fairly common type of activity. The practice of such activities today is carried out not only in Europe, but throughout the world. Debt redemption can only be done when the debtor does not want to give his duty in the agreed amount and within the specified period. The reasons for this can be very different; in this process they have no significance and do not in any way affect the course of events. As soon as the period for which the debtor has undertaken to pay his duty , penalties and various types of sanctions can be immediately introduced, and it also becomes possible debt purchase.

Redemption of an individual's debt is a fairly profitable process, for both parties, but it is worth noting that this is most often, but not always (too many factors influence the course of events in the process in question).

Good deal

The organization, most often a banking institution, which acts as the seller in this process, receives relief from any obligations that may be associated with the unpaid debt. On the other hand, a collection company, which acts as a buyer here, has the opportunity to make very good money on this purchase. Debt of an individual becomes a problem for the buyer, the bank thinks so, the collectors are rubbing their hands and preparing to make a profit. It turns out that, ultimately, debt purchase beneficial to both collectors and the bank.

The bank selects the company to which they will sell debt physical faces . Banks have plenty to choose from; today there are a large number of such companies, so a banking-type institution is looking for the most favorable conditions for selling the debts of persistent defaulters. The transaction will be completed if both parties sign the contract with an agreement to all the conditions written in the contract. At the same moment, the bank declines responsibility for the sold duty and gets his money back.

Buying debt

Sold private debt faces becomes a headache for the collection company, the bank will no longer have anything to do with this debt. Buy personal debt individuals can be obtained at special auctions held by bank employees. This kind of auction is no different from other similar events. There is a seller, there is someone who wants to implement ransom , whoever offers the most will get the lot, in this case it can be several at once debts

Before you implement debt redemption , the buyer, as in the case of any other product, checks all the documents for it, analyzes its characteristics and only after that, decides whether to buy the debt individuals or it is not worth investing in the product offered. The most important criterion that a buyer considers before saying “ we buy it back debt” is the debtor’s solvency. The fact is that collection firms understand perfectly well that banking institutions are selling personal debts personalities , which, in their opinion, are hopeless options, but despite this, collection companies take responsibility for such debtors and carry out redemption of their debt.

To the question, how much does the collection company have from each transaction, that is, from each purchased personal debt? . individuals, no one can give an exact answer, because it depends on many circumstances and the situation itself, as well as on the amount of debt, but, in principle, such companies expect to double their profits, which means to “withdraw” from the debtor an amount of two times more than what they committed ransom

Accounts receivable is an income source asset

Summary

Banking institutions do not sell all debts physical persons . Even if the debtor, a little late, promises to improve and pay off all his debts soon, and he is a solvent client, the bank will not sell his debt. So, if you have any debts. Try to pay them off as quickly as possible so that they are not sold to a collection company, to which you will have to pay even more than you owed the bank, and these people are not to be trifled with.