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Posted: Sat Jan 21, 2006 11:16 pm Subject: Junk Debt Buyers

This list may help some of you,who are wondering why a Ca that you dont know is calling, or shows up on your CR,they are called junk buyers.
"Junk Debt Buyers" are collection agencies that purchase bad debt. They are working for themselves because they now own the debt.
"Contingency" collection agencies work as agents for another company to collect a debt. A junk debt buyer may also be in the contingency collection business or they may contract with a contingency agency. Junk Debt Buyers are a multi-billion dollar industry and are responsible for a large number of debt collection and credit reporting violations of law.
Here is a list of the top junk debt buyers;

Asset Acceptance (AAC)
Sherman Acquisitions/Sherman Financial Group/Alegis NCO Group
Portfolio Recovery Assoc
Asta Funding
Encore Capital Group (parent of Midland Credit Mgmt)
Allied National/Interstate Risk Management Alternatives (RMA)
JBC & Associates
Arrow Financial Services (majority interest acquired by Sallie Mae 9/04)
RJM Acquisitions
CAMCO (Capital Acquisitions & Managment Company)
Excalibur
Cavalry Portfolio Services
Unifund Group
Phoenix Asset Acceptance
First Select Corporation (part of Providian)
Collins Financial Services
Oliphant Financial Corp.
OSI Portfolio Services
Risk Management Alternatives

Posted: Sat Jan 21, 2006 11:50 pm Subject: Wow !!

thanks for this information !!

Posted: Sun Jan 22, 2006 6:44 am Subject:

Thanks for the list, twokid. I will have to remember these names in the future.

Posted: Sun Jan 22, 2006 12:18 pm Subject: Need Help!

I recognize 2 of the names on this list of Junk Debt Buyers. I have small debts that I have been trying to get resolved with the companies. How should I go about dealing with these companies?

Posted: Sun Jan 22, 2006 2:48 pm Subject:

When they call you expect the collector to use questions or statements in an attempt to get you to admit the debt is yours. Do not answer these questions,only request validation of the debt and give them your address only so they can send the letter.If you think you may owe them this debt,If the SoL has not expired, then ask the collector,if they are collecting on behalf of a creditor, your employer or for themselves.Once again you will request a validation letter.If the collector owns the debt and you still wish to pay it, then you must decide on how much to pay. Just remember Junk Debt Buyers purchase old debts for pennies on the dollar

Posted: Mon Jan 23, 2006 8:55 am Subject:

Alicia, follow the guidelines suggested by twokidtwocat. Samples of debt validation letter are available in this forum. Tailor it as per your needs and send it through certified mail with return receipt requested. Keep everything documented in a file so that you have a proof of all your actions.

The collection agency is required to send you the debt validation details in writing within 5 days of placing the initial phone call. Review the item very carefully and if you find anything that is incorrect, place a dispute in writing. The CA is required to verify the item with your OC and send you the corrected info. You can refuse to pay the debt till the account is properly placed in writing in front of you.

Posted: Mon Jan 23, 2006 3:48 pm Subject:

That's so nice of you twokid. You've compiled another list Very Happy

This is definitely going to help members a lot. I have found some more discussion on debt buyers in forums; you can check it to have more idea-

http://www.debtconsolidationcare.com/forums/howcastarts.html

Posted: Mon Jan 23, 2006 4:38 pm Subject:

It's nice to have this forum and to know your rights and to be prepared against this kind of stuff. Very Happy

Posted: Mon Jan 23, 2006 8:29 pm Subject:

I think its the manager in me.I love to make list. Laughing

Thor

You may end up in court if you ask for validation. Once an attorney gets documents of any kind you are toast. Now you have to pay attorney fees and interest that is horrific. Better to work it out prior to court. If you owe it. If you are trying to avoid paying for something you are aware of that is another matter.

Posted: Wed Mar 07, 2007 6:28 pm Subject:

Thor,
The legal standard of evidence is usually quite more than basic validation. If they can't validate,screw em.If the debt is out of sol,They gets the foad letter.