to all people with any kind of debt

[green97sierra]

this is a personal plea from someone who works in a locate services department (for those who know the lingo, skip tracing) with a major national banking center.

DON'T RUN!!! DON'T LIE!!! DON'T get that stupid privacy direct screening thinggy that appears to be all the rage back east!!!

first, to address the don't run thing... we will find you, and by the time we do, your debt will collect more and more intrest and be that much more worse. believe me, we are very well trained in this whole deal and in today's age of information, it's not actually all that hard for us TO find you. your information is EVERYWHERE, and your creditor has access to a LOT of it. just don't try to run from your debt.

and dont lie either. we know when you are lieing. example, i called a person, and they said that they didnt know the person on the account i was calling about. later, i got ahold of the holder's mother, and she told me that the other number was indeed the holder's number. i explained the situation to the mother, and believe me when i say she streightened out the situation. if we call you, help us work with you to resolve your debt. there are MANY different ways we can help you, but we have to talk to you to know which one will help you the most. we arent the bad guys, but you do owe us money, so come on now...

the final thing, privacy screening is where i have to say my name and the phone announces me to whoever picks it up. just dont get this service. it's annoying for collectors to get in touch with you.

[insignifiGant]

If you clear my debt... I'll give you a hug.

[meat.eater]

What was the point of this? Can someone summarize? Im so confused. Its so pointless.

[MallaLubba]

this is a personal plea from someone who works in a locate services department (for those who know the lingo, skip tracing) with a major national banking center.

DON'T RUN!!! DON'T LIE!!! DON'T get that stupid privacy direct screening thinggy that appears to be all the rage back east!!!

first, to address the don't run thing... we will find you, and by the time we do, your debt will collect more and more intrest and be that much more worse. believe me, we are very well trained in this whole deal and in today's age of information, it's not actually all that hard for us TO find you. your information is EVERYWHERE, and your creditor has access to a LOT of it. just don't try to run from your debt.

and dont lie either. we know when you are lieing. example, i called a person, and they said that they didnt know the person on the account i was calling about. later, i got ahold of the holder's mother, and she told me that the other number was indeed the holder's number. i explained the situation to the mother, and believe me when i say she streightened out the situation. if we call you, help us work with you to resolve your debt. there are MANY different ways we can help you, but we have to talk to you to know which one will help you the most. we arent the bad guys, but you do owe us money, so come on now...

the final thing, privacy screening is where i have to say my name and the phone announces me to whoever picks it up. just dont get this service. it's annoying for collectors to get in touch with you.
I just need to know. Do you work for the company that buys the debt from the original debtors? Because if you do, I have some serious words for you.

[banditto]

Can you explain how buying debt makes money? If this does work, someone get me a gold account so they are in debt, and have these guys buy it for me please. Grazi.

[Realist]

we arent the bad guys

Yes, you are.

[banditto]

No they are not. They are just the guys that get into trouble often, and arn't good.

[Realist]

Can you explain how buying debt makes money?

Some people make it really hard for loaners to collect debt from them. So the loaners sell the right to the debt for less than they are worth to other people who are experts at locating reluctant debtors and taking money from them.

[MallaLubba]

As I know the system, the method for making money on bought debt is thus:
You buy stuff on your credit card. You become delinquent on your payment of this debt with said creditor. After many late fees, and penalties the credit card company finally gives up, cuts its losses and believes the debt to be a lost cause. The credit card company then offers the debt up as a biddable commodity to any collectors. Collectors bid on the debt and pay much less money to the credit card company than the debt equals. (The credit card company's policy says: get any money you can at this point to cover our losses.) Now the collection agency goes after you at the cost of the debt and any money collected over the amount they paid is profit. (i.e. You have debt of $8,000. Collector paid 2,000-5,000 for the ownership. They will try to get all 8,000 which technically they have every right. Profit.)
The problem is: they do not have all the facts nor do they care to accumulate them. Some collectors buy debt from ANYONE not just credit card companies. They do not check the validity of the debt or the reputation of the company who originally held the debt.
These companies ALSO do not always get the contact information correct. I actually had to file a restraining order on one of these companies because they were calling my home number all day and all night for someone of which I have never even heard. Apparently I inherited this guys old number when I moved once. I even found the guys number in the phone book (THE PHONE BOOOOOOOOOK) at one point and called him myself. I told the collection agency this information. However, they still didn't believe me and swore I was this other person ALL DAY AND ALLLLLL NIGHT!!! I even sent them a bill for my detective work. Maybe I should let another collection agency buy that debt from me (because they never did pay the bill). Maybe I shouldn't have charged $80.00 an hour.
These places are an abomination.

[banditto]

So if I get a gold account, don't pay, and sell it, will it work :)

[nads]

OK, not that I have a problem with YOU personally, but I have a few things I hope you can pass along to others in your chosen occupation.

1. DON'T call me during dinner. If the phone rings during dinner, if I even answer it at all, I won't listen to a word you're saying.

2. DON'T try to bully or badger me. If I have to choose between paying rent and paying BS fees on an account I dispute from 1997, I'll choose rent any day.

3. DON'T call me during dinner, oh wait, I said that one already

4. DON'T threaten me about repossessing my assets, suing me, or ruining my credit rating. I have no assets, I've already been sued, and my credit is already ruined.

5. DON'T call me during dinner, if you do I'll probably hang up on you.

6. DON'T just assume the information on your computer screen is to a legal and valid debt. I've been fighting Bank of America for 3 years, but I can't afford a lawyerto help me, and I'm to the point of needing one.

7. DON'T call me during dinner. If you do I might reach through the phone line and stab you in the face with a fork covered in spaghetti sauce.

8. DON'T try to convince me you're the good guy. When a little person like me has a problem with a financial giant like Bank of America, I have no financial means to fight for myself, and I KNOW they're NOT the good guys.

9. DON'T call me during dinner. If I end up in prison for killing you for doing so doesn't get your company their money or you the commission for collecting the money.

[green97sierra]

you guys are all complaining about collectors. I AM NOT A COLLECTOR! im a locater. most of my locates are off of phone numbers that the holder of the debt previously stated were wrong numbers (a collector called the number and someone said that the holder doesnt live there anymore).

also, i'm in first party collections, not a third party collector.

[Realist]

Collectors, locaters, whatever, you're part of the system. :)

[nads]

[QUOTE=green97sierra]you guys are all complaining about collectors./QUOTE]

I had some point to make here, but I'm too tired to remember where I was going. Something about how what you do is equal in my mind to a telemarketer or something, heck, even I can't always follow my logic.

[Megabyte]

locaters, collectors, whatever.

In the minds of the average citizen, your all the same.

aside from that, I don't have much else to say on the topic, as I pay my debts, so I have no idea what the rest of the process is.

[MallaLubba]

you guys are all complaining about collectors. I AM NOT A COLLECTOR! im a locater. most of my locates are off of phone numbers that the holder of the debt previously stated were wrong numbers (a collector called the number and someone said that the holder doesnt live there anymore).

also, i'm in first party collections, not a third party collector.
First party collections is actually quite different from third party. If you actually work directly in line with the first debt holder, I'll cut you some slack.

[nads]

I won't, you probably still call me during dinner and make me want to rip out your eyeballs so I can carry you like a bowling ball.

[green97sierra]

I won't, you probably still call me during dinner and make me want to rip out your eyeballs so I can carry you like a bowling ball.

one quick way to fix that. pay your bills and you wont have collectors calling you at all. it's a funny thing how that works.

[inked]

one quick way to fix that. pay your bills and you wont have collectors calling you at all. it's a funny thing how that works.


Funny? I do not think being in debt is funny at all. Debt is horrible. You say “pay your bills”, well one of the main reason to go into debt would be you do not have the money to purchase something. When they do not having the money in the first place, how do you expect instant return of your loan, especially with adding interest? I think loaning money and expecting a profit in return is quite greedy. I think that loaning money should be more of a friendly help-you-out donation that may be paid back. I do not know, I think loaning money is not a respectable profession. I think investing in a company, real estate, mutual funds, government bonds, collectable items, etc. is more respectable method of making money with money, because it helps progress the economy instead of placing potential buyers out of the market because they are now in debt to you and can not repay their debt because of the stupid amount of interest. Oh, its not THAT much interest. Oh yeah? It actually is a lot of interest, 0.01% is a lot of interest when you still can’t pay the original amount. It is a very greedy business, I don’t approve.