Debt Purchasers Exposed II

ohhh reading stuff like that makes me so irritated. I knew it happened, and even told a collection agency that I knew as much when I talked to one last month.

There was a large help wanted ad in our local paper, looking for "motivated" people to work for a collection agency. They made it sound so fantastic, instead of being truthful that it's most likely a sweatshop full of people trying to make $$ off a debt that was bought for a percentage of what was written off.

okay, now lets be fair here.. As slimy as junk debt buying is it is a)legal and b)highly profitable as outlined in the above. However, i do not see any info that suggests the debt he was referencing was collected in an illegal and/or unethical manner, although we know that many junk debt buyers do behave inappropriately and/or illegally.

That said, if we wish to have collectors stop generalizations about debtors, then we too as citizens of the planet, must also stop our generalizations about collectors. I hope never to have to deal with a collector again, but if I do, I plan to give he/she the benefit of the doubt, knowing that I will protect myself within the confines of the law and insist that their efforts mirror that...

Sorry for unloading, but I am tired of negative energy this week and have decided to work on increasing the positive engery in everything I do.

Take care all.

I didn't read any "generalizations" in that first post. I think the intention of the post was to show a conversation between two collectors about how to make money and save one person's CA, not illegally, but just talking about how every account should be "worked" because they bought the accounts so cheap,it did not say they bought them illegally...it said they bought them cheap. I think the idea of the post was that these CA's can settle for WAY less than what they do, because they are making killer profits. I didn't read any other accusations in those posts. Please correct me, or point me to the accusations or generalizations.

By the way, I read that website all the time...and collector1 is an arrogant idiot. No doubt about that.

point taken guest. Mtx, I apologize if my comments appear in anyway negative, i guess I am just overly sensitive to negative energy today

It is true as to how they work. As memory serves me, I was told that small accounts were not worth as much attention as the bigger ones and we all know why. Bonus money. The fees tacked on to delinquent debts go to pay the collection agencies rent and utilites, not to mention the collector's base salary and bonus. Accounts under 2k do not have very much in fee to keep the agency running. Larger accounts do. This is why Protocol Pensacola went under. The biggest debt I ever saw was $22,000 which is not very big compared to the defaulted student loans I saw in my previous job. I saw one for $219,000! Most of the time at Protocol, I collected payday loans that were $100, $150, even one for a mere $15. These things do happen, and it is true that a lot of collection agencies forsake basic morals and consideration for people when it comes to making the most at their job.

It explains why these companies can call you for a $1000 debt and offer to settle it for $500. They're not losing anything.

jj

No offence taken. I only posted that to show how junk debt buying and collecting actually works. Currently it is indeed unregulated. But, I have a strong feeling that this is the next Worldcom and Enron. Especially since a few, such as Asset Acceptance, has begun selling shares in the company and is publically traded. (I'm very surprised at this. Maybe -- stupidity? Public corporations must give much more info about themselves than privately held firms).

Guest

You are very right in your post. I didn't suggest eany illegalality. (Although extortion is a thought).