Chapter #1 out of #12
My story in the debt-collection industry began when I contacted a supposed trustworthy, well-liked debt buyer (we’ll call him “Big Showboat Mike”). I had a portfolio brokered directly from a lender in which I was searching for a joint venture partnership to invest. The broker, Steve, was selling a Casino NSF (or “bad check”) portfolio of large size with some aging (debts were several years old), but the copies of the bad checks to support the portfolio were available. In many situations, the documentation behind many debts (particularly which have been re-traded multiple times) is minimal, so I believed it was a good opportunity. I placed a bid on the paper which was tentatively accepted.