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06-08-2018, 10:49 AM
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#1
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Moderasaurus Rex
Join Date: May 2004
Posts: 33,080
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Re: No Faith in the Moral Standards of the Players as a Group
Anyone have experience with collections of credit-card debt?
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“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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06-08-2018, 12:33 PM
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#2
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Moderator
Join Date: Mar 2003
Location: Pop goes the chupacabra
Posts: 18,532
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Tyrone Slothrop
Anyone have experience with collections of credit-card debt?
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ON which side? The predatory companies using borderline illegal tactics to collect purchased debt or the deadbeats who didn't pay for their lavish spending?
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[Dictated but not read]
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06-08-2018, 01:26 PM
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#3
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Registered User
Join Date: Mar 2003
Location: Throwing a kettle over a pub
Posts: 14,753
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Mmmm, Burger (C.J.)
ON which side? The predatory companies using borderline illegal tactics to collect purchased debt or the deadbeats who didn't pay for their lavish spending?
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I've only dealt with the predatory collection tactics of the IRS (on behalf of clients)...actually not predatory but so unbelievably stupid that it seemed like the stupidity was intentional. It took YEARS to convince them that my client actually didn't owe them six figures.
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No no no, that's not gonna help. That's not gonna help and I'll tell you why: It doesn't unbang your Mom.
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06-08-2018, 03:47 PM
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#4
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Moderasaurus Rex
Join Date: May 2004
Posts: 33,080
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Mmmm, Burger (C.J.)
ON which side? The predatory companies using borderline illegal tactics to collect purchased debt or the deadbeats who didn't pay for their lavish spending?
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Curious about the process that happens after the latter happens and before the former happens. Suppose someone runs up a big bill and then wants to argue to the card issuer that em shouldn't have to pay. What happens after that? Inquiring minds want to know.
__________________
“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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06-11-2018, 09:13 AM
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#5
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Moderator
Join Date: Mar 2003
Location: Pop goes the chupacabra
Posts: 18,532
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Tyrone Slothrop
Curious about the process that happens after the latter happens and before the former happens. Suppose someone runs up a big bill and then wants to argue to the card issuer that em shouldn't have to pay. What happens after that? Inquiring minds want to know.
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Card tries to collect, eventually sells debt to collector at some discount; collector uses more aggressive tactics; if unsuccessful sells to another collector with even seemier tactics.
__________________
[Dictated but not read]
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06-11-2018, 09:32 AM
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#6
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Registered User
Join Date: Jun 2007
Posts: 3,570
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Mmmm, Burger (C.J.)
Card tries to collect, eventually sells debt to collector at some discount; collector uses more aggressive tactics; if unsuccessful sells to another collector with even seemier tactics.
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If it's a lot, they sue you. If not so much, they write it off and fuck up your credit.
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gothamtakecontrol
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06-11-2018, 02:06 PM
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#7
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Moderasaurus Rex
Join Date: May 2004
Posts: 33,080
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Icky Thump
If it's a lot, they sue you. If not so much, they write it off and fuck up your credit.
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If you hire a lawyer who specializes in (fighting) debt collection, is he adding value in litigation that suit, or in understanding what buttons to push to drive a settlement, or both, or something else?
__________________
“It was fortunate that so few men acted according to moral principle, because it was so easy to get principles wrong, and a determined person acting on mistaken principles could really do some damage." - Larissa MacFarquhar
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06-11-2018, 04:41 PM
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#8
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Registered User
Join Date: Jun 2007
Posts: 3,570
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Tyrone Slothrop
If you hire a lawyer who specializes in (fighting) debt collection, is he adding value in litigation that suit, or in understanding what buttons to push to drive a settlement, or both, or something else?
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In my experience, some of the lawyers who defend that stuff got kicked out of the fake personal injury case law firms. On the other hand some will know "Amex takes 55% so don't offer 56%."
Be advised if you settle for less than full value I think it still stays on your credit as a chargeoff.
All of this info comes from my pre-law career as in-house credit & collections for a credit card company so not sure if the law has changed in 25 years.
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gothamtakecontrol
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06-11-2018, 04:53 PM
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#9
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Moderator
Join Date: Mar 2003
Location: Monty Capuletti's gazebo
Posts: 26,231
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Tyrone Slothrop
If you hire a lawyer who specializes in (fighting) debt collection, is he adding value in litigation that suit, or in understanding what buttons to push to drive a settlement, or both, or something else?
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You don't need a lawyer. Call up and negotiate for 20% if it's purchased (portfolios sell at .2 to .10). And call on third to last day of month. Collectors get desperate to make their numbers in the last week, and month to month performance of portfolios is closely scrutinized, as we always wanted to resell the poorly performing paper quickly, before it's out of statute of limitations and its value drops.
If debt is still held by lender, do the same. But understand, you don't have as much leverage.
__________________
All is for the best in the best of all possible worlds.
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06-11-2018, 04:45 PM
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#10
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Moderator
Join Date: Mar 2003
Location: Monty Capuletti's gazebo
Posts: 26,231
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Re: No Faith in the Moral Standards of the Players as a Group
Quote:
Originally Posted by Tyrone Slothrop
Anyone have experience with collections of credit-card debt?
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Purchased or held by lender? Former can be settled at steep discounts. Latter can be a pain in the ass.
Varies widely depending on state. In states with tenancy by entireties and bar against wage garnishment, you can stalemate creditor pretty effectively. In states without those things, it can be a real pain for a W-2d debtor.
If collector violated FDCPA, you can get a $3-10k settlement (legal fees recoverable under act).
__________________
All is for the best in the best of all possible worlds.
Last edited by sebastian_dangerfield; 06-11-2018 at 04:55 PM..
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