Credit Questions

dkg999

candyliquor35m wrote: »

I have at least 2 experiences or I wouldn't be commenting on this.

I had some dental work done maybe 15 years ago that I wasn't happy with and never paid for. Nothing happened.

Maybe 7-8 years ago, I didn't pay my last cell phone bill when I switched companies and got 500% more anytime minutes than before. Nothing happened.

Collection companies prey on the weak and rely on harassment and lies to get ppl to pay.

That's it? That's all you got? I am literally laughing my **** off. Wait until you have a real situation then tell us about your experience.

Collection companies prey on those that didn't pay their bills or the money they borrowed. If you have a real scenario beyond your control and you have made best efforts to pay the money, there are other paths to a resolution that are very effective.

shack

SKsolutions wrote:

I am not an attorney, nor giving legal advice.

Damn good thing...:rolleyes:

There is a Fair Debt Collection Act and the proceedures must be followed by debt collectors. The act or 93A in no way prevents an owner of the debt to pursue all legal means of collecting the debt. Those only protect one from unscrupulous or illegal activities. There are a lot of collectors who KNOW the rules, who FOLLOW the rules and WILL GET their judgement regardless of how much one protests...unless of course one files bankruptcy.

SKsolutions

NOW I remember. Disregard, you need more help than I can provide.

heiney9

candyliquor35m wrote: »

I have at least 2 experiences or I wouldn't be commenting on this.

I had some dental work done maybe 15 years ago that I wasn't happy with and never paid for. Nothing happened.

Maybe 7-8 years ago, I didn't pay my last cell phone bill when I switched companies and got 500% more anytime minutes than before. Nothing happened.

Collection companies prey on the weak and rely on harassment and lies to get ppl to pay.

That's your proof, 2 measly incidents and you are telling everyone that you can just ignore all your debts.

I owned a Ford and it had a bad water pump and a bad fuel pump. Don't anyone ever buy a Ford they break all the time :rolleyes::rolleyes::rolleyes:

See how ridiculous that is? Actually you probably don't :rolleyes:

H9

P.s. The things in audio can be opinion based but now you are giving absolutely incorrect facts out as casual advise. That is very irresponsible.

SKsolutions

shack wrote: »

Damn good thing...:rolleyes:

There is a Fair Debt Collection Act and the proceedures must be followed by debt collectors. The act or 93A in no way prevents an owner of the debt to pursue all legal means of collecting the debt. Those only protect one from unscrupulous or illegal activities. There are a lot of collectors who KNOW the rules, who FOLLOW the rules and WILL GET their judgement regardless of how much one protests...unless of course one files bankruptcy.

Are you trying to YELL at me?



I know of few flies held by a third position chargeoff collection agency that would survive the scrutiny of anyone that knows the rules. By trying to collect on the debt without proper docs (info piece), an (owner) , would be engaging in a deceptive act, thus passing the test for 93A, and opening the door for the triple damage penalty. 93A become leverage, not protection.

Legitimate or not is not really my concern. I've prevailed in every case. More than one on behalf of excellent litigators that asked for my help. I'm not selling anything, and this is all public info at your fingertips.

candyliquor35m

When a company treats me right, they get paid. If they don't, they get zilch. Isn't that how it's supposed to be.

I'm not telling anyone not to pay their bills but collection agencies don't scare me.

Can you tell us exactly when a creditor will take someone to court, $10k, $50k, $100k. Some folks will roll the dice and take their chances. Others won't.

SKsolutions

I've seen $400 that was actually one of those pre-charged CC's. You get it in the mail, and it's maxed out with fees already. Norfolk Financial (disbarred atty), filed in court with an old addy, then had the sheriff take her car and essentially hold it ransom.

Here's a link to what modern day collection is becoming

http://www.boston.com/news/special/spotlight_debt/part1/page4.html

shack

SKsolutions wrote:

I know of few flies held by a third position CC chargeoff collection agency that would survive the scrutiny of anyone that knows the rules. By trying to collect on the debt without proper docs, an attorney (owner) with superior knowledge, would be engaging in a deceptive act, thus passing the test for 93A, and opening the door for the triple damage penalty.

Legitimate or not is not really my concern. I've prevailed in every case. More than one on behalf of excellent litigators that asked for my help. I'm not selling anything, and this is all public info at your fingertips.

Then you have very limited knowledge of and dealings with the debt collection industry. We deal with several who know the rules front and back...sideways too. They know the law, understand the rules and use them to their advantage. There are bad ones out there...but don't overlook the really good ones...cause they are out there as well! They are not doing this because they can't do anything else...they are doing it because there is a demand for it and it is very lucrative!

SKsolutions

Really, that is why I've never lost. I'm sure in the brief posts above YOU have learned something. If you aren't ironclad and bulletproof I'll find a hole, and I just do it for fun or quid pro quo.

shack

I've been doing the whole credit thing a lot longer than you...and quite sucessfully.

SKsolutions

If I remember, Shack, you are in banking. You would be charging off to a first position collector who generally receives most required docs. One position down the chain of title, it's a whole new ballgame.

SKsolutions

shack wrote: »

I've been doing the whole credit thing a lot longer than you...and quite sucessfully.

I don't doubt it. I've read your posts, and you know you're ****. I do also.

shack

SKsolutions wrote:

If I remember, Shack, you are in banking. You would be charging off to a first position collector who generally receives most required docs. One position down the chain of title, it's a whole new ballgame.

I "bank" a couple of the largest 3rd party debt collectors in the Southeast. I KNOW their business because I loan them the money to buy the debt they collect. I make sure I know what they do, and how they do it before I loan them the first penny. Their paper is my collateral...so I know what it consists of and how they go about collecting it. I have also seen it from the other side as a board member of Consumer Credit Counciling for many years. I know good collection practices and I know the crap ones as well. I don't talk out of my **** when it comes to banking, credit and finance. I know what I'm talking about.

I'm sure you know some stuff as well. But some of what you have stated will only work against the collectors that are bottom feeding and using a whatever it takes to collect approach. The good ones will tell you to do whatever reporting you want to whomever you want...but pay the debt you owe...cause they are following the rules and have the proper documentation. There is "good" bad debt and there is crap. The sucessful collectors know the difference.

SKsolutions

I think I agreed with that, and was trying to give you an out.


Does the fact that you take back paper make you an expert in fighting the people you fund?

It's not a judgment call with me. Debtor or creditor, doesn't matter. People are people, and if someone I know is being harassed, I pull out the stops and the war begins.

mrbigbluelight

SKsolutions wrote: »

I don't doubt it. I've read your posts, and you know you're ****. I do also.

I do believe you meant to say, ".....and you know YOUR ****".

It makes a difference.





As far as credit scores go, it's my understanding that it's better to keep an older CC as the time that you've held that card affects your credit score positively.

SKsolutions

mrbigbluelight wrote: »

I do believe you meant to say, ".....and you know YOUR ****".

It makes a difference.;)

Sorry.

mrbigbluelight wrote: »

As far as credit scores go, it's my understanding that it's better to keep an older CC as the time that you've held that card affects your credit score positively.

Length and the number of payments you make are important. Zero balance is ok, just use it and make payments.

shack

SKsolutions wrote:

and was trying to give you an out.

It's not a judgment call with me. Debtor or creditor, doesn't matter. People are people, and if someone I know is being harassed, I pull out the stops and the war begins.

I don't need an "out". If a debt is owed and the collector is following all the legal guidelines and remedies to collect a debt...that IS NOT harrassment. The debtor may feel that it is...but that does not make it so. It doesn't matter with me either. If you owe me money...pay me or take advantage of the legal remedies to avoid payment. I have had more than one person "threaten" to file bankruptcy thinking that would scare me off. I have encouraged...even pushed to expedite that process.

You do your thing...I'll do mine. I have been involved on both sides of the isle...and in the end I have only one suggestion. If you owe money, pay it. On time and in full...whatever it takes. It is the right and honorable thing to do. I learnd from an uncle what the "right thing" is. He was a logger who had to file bankruptcy back many years ago. He could have walked away because the courts gave him that right...but in the end he paid every cent to every creditor he owed...because he had honor and integrity and felt it was the right thing to do. People called him stupid. He didn't care. I admired him for that.

My last post on this subject and this thread...I'm out!

SKsolutions

I'll let it go too. I am not a creditor as you are, albeit in an indirect way, so I have no vested interest other than correcting quite a bit of misinformation in this thread that could hurt peoples finances if they followed it. I never made a judgment on creditors, nor debtors, because I have no 'aisle', nor side. When collectors are scumbags, I light them on fire and send them out on parade.

Paying a collection account that is a year and a half old HURTS your credit, period. That is the truth. Anyone stating the opposite is lying to you to collect. Creditors hate for people to know this.

I don't bother with people that don't care enough to be responsible, but when the CRA's, and creditors go too far, I help those that matter to me. It's not a business, and I don't get paid.

avelanchefan

SKsolutions wrote: »

More often then not, the owner is or was an attorney. It seems to be an industry of disbarred attorneys, but that may just be my experience.

Take the letter and find out what account they are calling about. It may be someone with the same name, and they are tracking them down. Get as much info from them, but Never give them any information about yourself. If you believe the account is yours, tell them you dispute the account, and have them send you everything. If they are local, mail them a certified letter stating that you are going to exercise your right of inspection in 5 business days. Go to their 'office' (a witness is helpful) and let you look through any file they have one you, and a give you a copy. If they just have a computer printout with your name on it, with no 'information piece' from the original creditor, walk out laughing loudly.

Depending the type of the account, there are certain rules to follow, and chances are they don't have clear title or the information piece for chargeoffs.

F'em. Chapt 93A them, and wait 28 days. When you haven't heard from them, and even if you have, call them and ask them: "Have you notified your licensure (Division of Banks), that you have impending 93A action. . . . as you are required ? ? ?" Wait for the stuttering to start! Tell them to remove it immediately, or that you will buy it for what they paid for it (often .02 on the dollar).

The FTC and every other agency is a waste of your time, hit em where it hurts.

Your state may vary somewhat, but the ruling statues of the FCRA, and Chapter 93A, et al, are federal.

I am not an attorney, nor giving legal advice.

Look I am in no way going to get into this fight. But what SK is saying is absolutely true, because I have done it first hand.

I belonged to Bally's health Club in Denver. These guys are notorious shysters. Any ways I ended up moving to the mountains. And in my contract it clearly stated that if I moved to a location that did not have a Bally's within 30 miles I could get out of my contract for 20 dollars. I go to my local Bally's show them my new address, pay the 20 dollars...done deal right...wrong.

So 6 years later I am buying a house in Iowa, this will be my third home purchase in 6 years. Loan officer of the local Iowa bank calls me and tells me I have some outstanding debt. So I ask what was it and he explains that it is Ballys. I tell him thats impossible, but he gives me the collection agency's number, and I call them. They basically tell me the same thing. I owe Bally's money. I tell them what I have done, and they agree to "investigate it".

I end up in Iowa and buy the house due to the loan officer seeing I have never been late on anything on my credit. Well the loan collectors start calling my house 3-4 times a week. In fact one call said I was apporved for a 5 thousand dollar home equity loan and I agreed that it sounded like a good deal due to my wife going to nursing school and I needed some living money. Just as I was about to accept the loan they said they were going to take the Balleys account money that I owed them. (with interest over 800 dollars) Well to say I was shocked and unbelievably angry over being duped was mild to say the least.

My wife Kristi had kept telling me to talk to her dad about this because he used to own his own collection agency for a local hospital, so he knew a lot of the laws. My pride kept me from doing it because I thought I could handle this myself. But after the loan scam, I folded and talked to him.

He basically told me to do what Sksolutions suggested. He said that more than likely they had absolutely zero info on me, or zero documentation, other wise they would have collected by that time. (Which was now going on 8 years) So the next time they called I was ready, I informed them immediatly that the conversation was being recorded. I asked for the collection agency's address, I told them I would like to have copies of their copies on my Bally's account, and I informed them that I would also be sending a certified letter in reguards to this conversation requesting in writing on what I had informed them on the phone. I also asked for the sales operson name plus the managers name.

Guess what....no copies ever came. And they only harrassed me one other time which I basically talked to the manager told him the same thing, and told him I would contact a lawyer for harassment over a bill that was not legal. They never called again after that (this was after we moved to Arizona, 12 years later), but it will still show on my credit every now and then. Pisses me off.

jdhdiggs

Hoo boy, hell of a thread guys... I'll add just a touch that I learned while working for the largest collection agency in the Northeast:

The aggressiveness of the collection depends on the size of the debt owed. You owe $100, they'll send you 3 letters of collection and a phone call then write it off. You owe $5K, they will take you to court.

To get out of the collection (with these guys only):

Depending on the quality and quantity of documentation the have on your debt and the amount, you can get them to drop it by saying that the debt was payed on such and such date and that you'll contact the BBB if they contact you again.

If you are REALLY dishonest, you can tell them you filed bankruptcy and that if they contact you again, you'll file a harrassment suit.

Again, it depends on the $$$ involved whether or not they go and examine your claims. BTW: This is just one company that I was involved with and nothing I said may apply to other collection agencies.

Best thing to do is be compliant and pay your bills. You piss them off, they can just "forget" to take it off and it will cost you more in the long run than just paying it off like you should. If it is a bogus charge, then fight it and follow through, but otherwise, quit being a theif and pay the thing.

TroyD

You know, these threads are getting tedious.

I'm sorry, but it really doesn't need to be complicated you borrow...you pay (along with spend LESS than you take in). VERY simple.

Again, when it comes to financial info, shack is the MAN.

BDT

AsSiMiLaTeD

Wow, alot of information to digest. Having read it all, I still have a couple questions:

1 - Someone said above about interest rates being adjusted for compensate for people who the companies know aren't going to pay off their debt. Is that impacting everyone, or just those with bad credit. I know bad credit gets you a higher interest rate, but does it impact the rate for those with good credit as well? Am I paying for HIS bad credit I guess is what I'm asking?

2 - So am I correct in telling him that bankruptcy is a better option for him since he's apparently not going to pay on this stuff? Are there other problems with filing for bankruptcy, does it have long term implications? I'm just trying to figure out why someone in his position would NOT file for bankruptcy?

shack

1) Yes

2) You have to be bankrupt to file bankruptcy. (liabilities exceed assets) From your original post that does not sound like it is the case. If indeed he is and not going to pay he is better off filing. Stops the collectors.

Your BL can't just file bankruptcy to stop a couple of creditors. EVERYBODY gets involved.