Really, who is the crook???

I see a lot of hate on here, collectors daying "pay what you owe" " your a deadbeat" "your a thief" but in the end, who is really the thief? Most of us fall on hard times and do not purpously not pay our bills as in my case, being struck with cancer 2 times in 2 years. I probably have over $15,000 in a combination of debts and repos.

Say I owe Capital One $4,000 and it has been almost 2 years, the account is charged off. I know I still owe capital one the money, it is a no brainer. They have insurance to cover the losses so at some point they do make their money back. They now sell this account to a debt collector, so say they sell it for $1,000. Capital one now has $1,000 that they didn't before BUT Mr. debt collector is out $1,000....

For the next 6 months, Mr. Debt Collector attempts to collect $4,000 PLUS all the interest that they feel has built up and are successful. They collect over $5,000....spent less than $2,000 to do this,,,,dunning letters 50 phone calls and all the threats.

So who is the real thief? A company that had nothing to do with the company you originally owed just made out like a bandit.

Makes me want to get into the debt collection business...............

I think the ones that have the power are the thieves, and in this economy the banks are the crooks.

Yes, I signed an agreement originally, but they stronged armed and changed the agreement! What Advanta did was criminal! In fact, there is a defense against what they did. So all these junk dealers buying Advanta debt, I think they are just going after the low hanging fruit, (default judgments) because it does not make sense to sue in my opinion. How do you justify an interest rate hike of 2% to 40%! You dont.. There is no justification, other than, that the banks are criminals.

So in my opinion, THEY asked for their own defaults in a lot of the cases in my opinion. And frankly, I am not going to take it anymore. I am sick and tired of all the games the creditors play, and how they are constantly shifting the finance charges, sending me endless addendums to my credit card agreements, etc.. When I call , their phones are disconnected, or the rep is so rude, and will not even give me their last name.. Come on..

I say, see you in court.

I also think that the big reason these collectors can be so rude and agressive on the phone is that they are paid on commission--and they would do anything to get a piece of that pie. I almost feel like asking what their percentage is when they call!

Well the more we fight and the more people wise up to this BS, many collection companies are going to start seeing a major budget cut and sweating about it because they can no longer collect the amounts they have been even just a few years ago!

I wonder if we will start to see them go belly up?

Hmm.... Now there's a cheerful thought.

This could possibly true in some instances but I have seen so many positive efforts taken by banks.Why they behave in more strict way because they need to behave in a professional sense to remain in business and avoid their own bankruptacy.