Wanna ask a real debt collector a question, here you go...
Date: Fri, 06/08/2007 - 20:17
So, going back to my initial statement a few posts back... I
So, going back to my initial statement a few posts back...
I have bought/sold many debts and the same documents always go along with it. I would not buy a debt from another company if they company could not sell me the original contract and everything else that goes with it, so that I could prove ownership and balance.
So are the CAs just buying incomplete accounts? Are they just buying a number without any proof behind it? Why can't they verify their debts? It would seem if they obtained all the "proof" from the get-go then we wouldn't have all these problems...
from my personal experience in dealing with some of them, it isn
from my personal experience in dealing with some of them, it isnt about buying an incomplete account. This is because the solution, even if you bought an incomplete account, is still present and easy to follow. All you would have to do is contact the original creditor and get the info. The problem is not lack of information--it is lack of caring about it. Just like any other portion of the law--why do CA's routinely violate it? Because they dont care. They dont care about the law, and that is the entire problem.
I think it is a mix of 1. not enough information; 2. not caring
I think it is a mix of 1. not enough information; 2. not caring (time is $); and 3. the account was fraudulently created for selling to a debt buyer. I experienced these 3, but I am sure there are other reasons for not validating the debt.
"I was only asking you a question as you invited all the forum t
"I was only asking you a question as you invited all the forum to do."
The guy is hoping that you will react with abuse so that he can then go and report back what shits those debtors are. Failing that he pretends that he is being abused or that we are throwing "tantrums"
:)
Guest, you make a point that I do agree with. But I think this d
Guest, you make a point that I do agree with. But I think this discussion also proves one point: all debt collectors are not bad and some actually take the time to act professionally and do their job well. In Debtcruncher's case, he makes excellent points which make sense. Why not take the time at the outset to make sure that you have all information about an account before collecting--and not be threatened by a validation request? If you know that you've crossed your t's and dotted your i's, it shouldn't be a problem, right?
In the case of the other collector on this thread, this is obviously threatening to him, which I think is fascinating. It just shows me that he and his company have something to hide...
Heres a question for you then
What about an agency that makes no attempt to contact the person that supposedly has a debt they are trying to colect on? It can't be that it's because they don't have up to date contact information. Or how bout an agency that waits two years after the debt was bought to post it on the person's credit report?
Quote:What about an agency that makes no attempt to contact the
Quote:
What about an agency that makes no attempt to contact the person that supposedly has a debt they are trying to colect on? It can't be that it's because they don't have up to date contact information. Or how bout an agency that waits two years after the debt was bought to post it on the person's credit report? |
Well, the basics are really pretty simple on this one. First, a CA is taking action that is considered to be collection effort if they report a debt to the credit bureaus. The fdcpa requires that within five days of the initial effort, they must provide you with a written statement that informs you of your rights. If you have not heard from them, chances are they probably dont have all the necessary information needed to proceed further. Think about it--a CA 's job is to collect a debt. If they have all the needed info, why in the world would they not use it? And in your case, the CA actually bought the debt from another creditor, so their own money is at stake. If your money was involved, you would act on it, wouldnt you? Sure, we all would. Their reluctance to do so points to possible issues with their ability to properly validate the debt, at least it does in my book.
I am dealing with this exact same thing right now....here is what I did. I sent off a DV letter in which I explained that i found their entry on my credit file. You need to be aware that federal law prohibits a CA from reporting information on your credit file if it cannot be validated as legitimately your debt. So, send them the letter demanding validation. In the letter I wrote, I told them something like this:
In a letter like this, I personally prefer letting the CA know that you know about the law. Inform them that their reporting without sending you the required disclosure about your rights is a violation of federal law--the FDCPA. If the violations continue to add up, you can then sue them over this matter.
Do you represent the original creditor or does your company purc
Do you represent the original creditor or does your company purchase debt?
I think he said he works for the original creditor Fed. His comp
I think he said he works for the original creditor Fed. His company does NOT buy debts!
I think that's a whole new ball game!
Ang
OSI does indeed purchase debt, one source of their income is pur
OSI does indeed purchase debt, one source of their income is purchasing debt portfolios from companies. I got that information from their bankruptcy filing. Yes they do work for some creditors but they also purchase debt.
This is an example of a debt portfolio that companies like OSI and other collectors purchase.
Date Submitted06/08/07
Contact Name
Company NameWorldWide Debt Exchange
Contact
Contact Phone
Principal Value$76,579,617.00
Number of Accounts24,991
Average Account Balance$3,064.00
Charge-off Date4/19/2001
Closing Date6/20/07
Will Segment ByNationwide
Offered ByBroker
Product TypesBank/Credit/Charge Card
Placement Level3 Agencies
Location of AccountsAll United States
Media AvailablePartial
Comments:
This is sale #59867 on WorldWide Debt Exchange. This portfolio is being sold by a major debt buyer. The portfolio has been scrubbed to remove bankrupt, deceased, settled and fraud accounts, payments in the last 90 days, active promises and agreements. The accounts have been worked by more than 3 agencies. All bids are due by 4:00 PM EST, Wednesday, June 20, 2007. Members of WDX may log in immediately to review the sale. If you are not a member, you may register for free at .com or contact at the information listed above.
So basically what companies like OSI does is to buy thse portfol
So basically what companies like OSI does is to buy thse portfolios and there are quite a few of them. As from the example above you can see that these bebt buyers buy and sell their portfolios to one another. Then a large company like OSI will give some of these accounts to their subsidiary collection companies, like North Shore collection agency which is a subsidiary of OSI.
Looks like this collector has also taken off never to be seen ag
Looks like this collector has also taken off never to be seen again.
Yeah he wasn't a "real" debt collect, he was a bad debt collecto
Yeah he wasn't a "real" debt collect, he was a bad debt collector. He just got caught in a lie and it was shown he works for a hypocritical company that doesn't pay its bills and skips out on paying its debts.
it would be interesting to go into one of these sites and see wh
it would be interesting to go into one of these sites and see what an actual bid looks like and what they normally go for.
Geez, I didn't know it was that easy -- all they have to do is g
Geez, I didn't know it was that easy -- all they have to do is go to a website and it's bad-debt heaven for the bottom feeders.
When it says the principal balances of that accounts are $76,579,617.00 -- how much do you think a buyer would pay for all those accounts? My guess is about $1200.
yeah it would be nice to see that. I think I saw some examples w
yeah it would be nice to see that. I think I saw some examples where the price started at like 4% of the total principle. To see the bids you have to be a member.
Here is a link to buyers and sellers of debts, and yes OSI is included as a debt buyer. Whats that getyourcheckbook, OSI doesn't buy debt?
debtconnection.com/debtbuyers.asp#bmO
here is another site that companies can bid on portfolios and sell them also. This link shows some examples of portfolios.
insidearm.com/go/portfolios