Agencies or homes for the blind?

Why collection agencies exist (isn't there a law?)?

• a company SELLS debt to these companies at a discount and the agency tries to recover the money. to me, if you owe someone money, it's just that, you owe them money and you have to pay it back somehow. am i being naive? why don't the companies just sue the people who owe them money and garnish wages, foreclose homes(force sell cars etc) automatically instead of going to the collection agencies? isnt there some kind of a law protecting the companies? i'm not sure if it's the same in every country but i am starting to think the way i see debt/loans is completely wrong. i always thought you had to pay back whatever you owed! yet i see tons of postings for collection officers everyday... thanks.

• Answer:

  Lenders loan money. They are not in business to pursue delinquent debtors. Debt chasing is done bo collection agencies and has been for years. There are so many dishonest young people about, they even don't take their debt seriously until they hear from a collection agency, and THEN they start crying "How can I pay this back quickly?" If they'd stuck to their credit agreement in the first place and paid the agreed monthly payments, there would be no collection agency. You must be very naive, my friend. There are people who think they can somehow get away without paying UNTIL their delinquent account goes to collections