Creditors, debt buyers and consumers
Date: Wed, 07/12/2006 - 02:35
My thoughts:
Debt buyers never pay the full amount to the original creditor and charge a high amount from the debtors, so where the nobility lies. It's nothing but business.
For the sake of discussion if I accept the fact that they paid our bills, should not they ask us before paying it? (Think how surprising the call would be if a debt buyer calls you and tells “Ma'm, would you allow me to buy your accounts from ABC Credit Card Company?†LMAO)
I really don't know if debt buying is legal or not. If it is legal, I think both creditor and the buyer should inform the consumer first. What do you say?
The only reason a creditor is selling the debt is because it has
The only reason a creditor is selling the debt is because it has gone unpaid for a long period of time and they want at least some of their money. I can't blame them to be honest.
I know it sucks completely for the person who defaulted on their contract for whatever reason, especialy if they are really wanting or trying to get the monies to pay, but I honestly can't blame the creditor for wanting their monies when a debt has gone unpaid for more than 2-3 years.
I work pre-charge off, which means the creditor still owns the debt but has hired an outside source to work out arrangements. You would be suprised aty how many "I'm never paying it, I don't care and charge it off's" I hear.
I would say about 70% of everyone wants to pay their debts no matter how long it takes. But that 30% of those who have no intentions of every honoring their agreement is who ruins it for the rest,
FYI, your posts have always been appreciated by me and perhaps m
FYI, your posts have always been appreciated by me and perhaps many of us here. You surely do collections within the legal lines. I know a friend who is a collector and he says that in his collection dept. (GE), FDPCA is often treated as a Bible. It feels so nice when a collector says something like this. Just a handful people in this corrupt industry are aware of their moral ethics. But the point that concerns me the most is collectors preying on innocent people.
We need to look at both sides of the coin. There is no doubt that some debtors exist who want to avoid the debt intentionally, but when someone says that he is not going to pay it in anyway, guess the feeling he might be having when such words came out. Perhaps, he might have been a victim of bad collectors who scammed him for making easy money. He just can't trust anyone, not even a person doing good collection. Hearing the denial from that person, the collector gets annoyed and bursts on him since he lost his share of incentive. The debtor is back to tears again and running out for help and loads of worries. There is a big loophole in the system and unless everyone understands, the collection industry can never have a good name.
I think you should be notified that your debt has been sold so y
I think you should be notified that your debt has been sold so you know when the company that purchased the account really owns the account.
I would think it would be in the original creditors best interest not to be associated with some of the illegal collection actions used by many of the bad debt purchasing companies.
