account bein collected upon by jdb
Date: Fri, 10/27/2006 - 22:54
Maybe you are right. The debt is from the creditors so they shou
Maybe you are right. The debt is from the creditors so they should be paid with it. Now, when a collection agency is hired, they collect the money from people and send the money to the creditors. When the account is sold by a creditor to some CA, they will now keep the money because the purchased the file from the creditor.
Why does a creditor sell the account? They have loads of consumer's files to handle every month. People who make regular payments don't have problems of dealing with the debt collectors. The creditors have limited time to spare on collections. That is why they hire a collection agency at a lower cost and do the recovery. Unfortunately, most of the collectors make this collection attempt in an illegal way. They are in business and they want to make more money. Ultimately, the consumer is the easiest prey. They have a fixed amount to send to the creditors. Whatever they can earn above that from the consumer, it adds to their profit. Collection industry would not have earned such a bad name today, provided the people in this line have followed some rules. Now, collectors will blame people for not paying their debts. Maybe that's true, people have hard times and money won't be always available. If they had money, the debt would have not reached to collections. But what's the point of making the situation tougher and charge illegally from people who already don't have money to pay. I will be scared when a collector asks me to pay $2000 on a $200 debt. Had he said that I have to pay $500 and showed me that the charges are within the state laws by giving out everything documented, I would have felt everyway to pay the debt.
A creditor sells your account becuase they want to make some of
A creditor sells your account becuase they want to make some of the money they lost on you back.
OK.. understood.. Creditors want to have their money back. B
OK.. understood.. Creditors want to have their money back.
But why does a collector misrepresent the account by often not validating the debt? Does that sound fair?
FYI, congrats.. you are a debt Samaritan now :)
See http://www.debtconsolidationcare.com/forums/about11383-8.html
yeah everything u said i agree with totaly..if the jdb decide to
yeah everything u said i agree with totaly..if the jdb decide to sue fo nonpayment i think it should be for teh amount they pd for the account and whatever allowable fees and interest from the date they purchased it and not teh amount owed to the oc...maybe im wrong here but i dont see why anyone is legally obligated to pay total amount of debt to any1 but oc because that is who it actually deserves to go to.. not some jdb making 1000s on possibly a few 100 debt that that they pd for it.. i think a few laws should be made for these buyers..ok say they bought 4000.00 debt for 500.00. ok they did spend that 500 purchasing ur debt then added interest to it(as do the oc )..so i would say u should be liable for the 500 its almost as if they loaned u 500 from their own money as do banks .. so legally u should be only responsible for that 500 and any interest .. or only allow them to collect a certain percent more then what they pd for it.
ex: pd $500.00 + 25% = $625.00
now lets just say they set u up on a 12 month pmt plan @18% interest
625.00+ 18% =737.00 they made 237 off of u.. ok now we all know that they have 1000s of these account coming and goin
ex:40,000accounts x237.00 = 9,480,000.00
even if they only got 10,000 accounts a yr they would still make over 2 milion
im not talking about the oc or even a collection agency collecti
im not talking about the oc or even a collection agency collecting for the oc.. im talking about the buyers that buy the accounts for pennies on the dollar.. i just dont agree that they should be able to collect for probabaly 100x what they pd for it.. i think that if u have to pay the whole amount it should go to the oc not some jdb.. i know wht ur gonna say its like stealing well no its not not when it involves a jdb maybe oc yeah it is.. but jdb then could be considered thieves and extortionist to....
debt being collected by jbd
Don't forget that a suit must be filed first and won before they are entitled to lean on assets or garnish wages. Our strongest weapon is the threat of bankruptcy. If they believe they could get nothing then they will accept a portion of what is owed.
yeah bankruptcy is a powerful tool that can be used.the sad trut
yeah bankruptcy is a powerful tool that can be used.the sad truth is that most arent threats..alot of these people really are in serious financial trouble and that may be ther only way out..in my opinion if they could have some laws put in place against the jdb it may save alot of people from filing if their situation got that bad.. in most cases people couldnt kkep up with payments and thats how their accounts ended up in jdb hands in teh 1st place.. not all are in that category i know some just choose not to pay and try to get away with it..also i think som cc make it way to easy to get credit in the 1st place..i get offers all the time supposedly from my rating in my cr.. believe me ive seen my cr and its not all that good.. i just throw them out when i get teh offers... even walmart now is goin only to cash or credit nomore layaways .. just sign up for there ccs.. yeah right i dont ned it that bad ill wait till i can pay cash for it.. im trying to get out of this whole im in now