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Relieving borrows from their debts

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Pardon me naivety but I need someone to explain to me how there is no way the following idea could ever work. 


From what I understand. A collection agency buys junk bonds/debts for pennies on the dollar to turn a high profit yield of the debtors they convince to repay their debts. The money the loan provider lost is 'written off' and they are happy getting what they could from the collection agency, right? 


So idea #1. Why can't I start my own collection business in pursuit of buying my own defaulted loans so I can take control of the credit reporting myself. Agree to negotiate my debt down for a reasonable 1 time low payment of $1000 for instance. I pay off my debt. Update default status of accounts to paid and get credit back up and erase my own debt? 


Literally. How and why could this not work legally? 


On my high horse I must continue to fix the debt issue not for myself but everyone.  Why could there not be a non profit group perhaps that buys junks bonds for pennies on the dollar and works a deal out with each individual borrower to just cover the pennies they paid for buying their debt and that's it. We call it even. We are a non profit and helping debtors with a fresh start.  If the money is written off at the sale of the bonds portfolio to the collection agency. Why do the people not come together to become the collection agency to rewrite the rules and their own futures. Anyone can start a business. Any could aspire to become a collector right? Why not be a the best, fairest collector of them all? I'd work for free if I was changing that many lives for the better. Lol.. 


Please. Kick me off my pedastal and set me straight as I'm am idiot seeking understanding. I know nothing is that easy, it can't be? 

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They don't buy specific debts.  The tend to purchase blocks of debts with certain criteria.   These block can run. Significant sums of money from ten of thousand dollars up to hundred of thousands of dollars.  Takes lots of money and legal affiliations.  If you had the wherewithal and time I see no reason to bar success.

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