레이블이 Buying Bad Debt for Pennies인 게시물을 표시합니다. 모든 게시물 표시
레이블이 Buying Bad Debt for Pennies인 게시물을 표시합니다. 모든 게시물 표시

2013년 12월 1일 일요일

About 'buy bad debt'|...to have a policy change. There's still a distinction between the good guys and the bad guys. The good guys happen to be governments the US probably...







About 'buy bad debt'|...to have a policy change. There's still a distinction between the good guys and the bad guys. The good guys happen to be governments the US probably...








I               was               a               debt               collector               for               two               years.

When               I               lost               my               job,               I               became               the               debtor               on               the               other               end               of               the               phone.

What               can               a               debtor               do               to               best               deal               with               a               debt               collector?

There               are               just               a               few               options.

Hang               Up
               You               do               not               want               to               ignore               them               forever.

Some               collection               agencies               could               eventually               start               calling               your               family               and               neighbors               to               try               to               get               in               touch               with               you               if               you               never               answer               your               phone.

They               are               allowed               one               phone               call               to               a               known               relative               in               an               effort               to               try               to               reach               you;               anything               more               is               a               violation               of               the               Fair               Debt               Collection               Practices               Act,               or               FDCPA.
               A               debt               collection               agency               has               to               be               licensed               in               both               their               state               and               yours               or               it               is               illegal               for               them               to               be               calling               you               in               the               first               place.

All               states               are               bound               to               the               FDCPA               but               many               have               their               own               separate,               stricter               rules               and               regulations.

For               instance,               many               states               carry               a               Seven               Day               Hang               Up               Policy.

If               your               state               is               one               of               them,               hanging               up               on               a               debt               collector               will               buy               you               seven               days               before               they               are               allowed               to               contact               you               by               phone               again.

In               some               states,               they               are               allowed               an               immediate               return               phone               call               to               verify               that               you               did               intentionally               terminate               the               call.
               Budget
               If               you               can               afford               to               repay               the               debt               over               time               you               can               offer               your               solution.

It               does               not               matter               what               amount               you               offer,               whether               it               be               10%               or               30%,               they               are               going               to               try               to               talk               you               into               a               higher               amount.

When               an               amount               is               agreed               upon,               or               rather               if               it               is,               most               debt               collectors               will               then               tell               you               that               payment               schedules               are               not               acceptable               unless               you               set               up               automatic               payments               from               your               debit               card               or               checking               account.
               Many               agencies               will               have               their               own               rules,               but               the               law               is               the               law.

You               are               not               obligated               to               give               them               your               financial               information               and               you               do               not               have               to,               by               law,               give               them               automatic               payments.

Many               agencies               will               flat               out               say               they               will               not               accept               anything               smaller               than               a               payment               in               full.

Even               if               you               ask               them               if               they               will               return               your               payments               if               you               send               them               and               they               say               yes,               they               cannot               do               this.

When               I               was               a               debt               collector               I               had               the               sweetest               woman               send               $1               a               month               on               her               overdue               credit               card.

That               is               what               she               could               afford,               and               the               data               entry               clerks               credited               her               account               each               month.
               Settlement
               Many               debts,               especially               unsecured               credit               cards,               are               payable               via               settlement.

Most               agencies               will               offer               an               80%               -               90%               settlement               amount               if               you               make               one               lump               sum               payment.

As               a               debt               collector               I               found               that               offering               a               settlement               between               February               and               April               got               more               delinquent               accounts               paid               then               offering               payment               schedules.

If               you               are               offered               this,               or               you               ask               a               debt               collector
               to               do               this               for               you               and               they               agree,               always               get               a               Letter               of               Settlement               before               paying.

You               should               be               given               a               minimum               of               30               days               to               complete               the               transaction               from               the               date               on               the               Letter               of               Settlement.
               This               option               is               best               if               you               want               to               get               a               nice               chunk               off               your               credit               report               and               can               spare               the               funds.

Your               credit               report               will               show               the               account               was               settled               and               it               will               no               longer               be               considered               a               bad               debt.
               Refusal               To               Pay
               You               can               be               down               right               blunt               with               the               debt               collector               and               tell               them               you               are               refusing               to               pay.

Naturally               they               will               ask               questions               but               after               a               debtor               refuses               to               pay               the               debt               they               cannot               continue               aggressive               credit               collection               actions.

Many               states               will               require               you               send               this               refusal               in               written               form               before               any               phone               calls               would               cease.
               Cease               and               Desist               Letter
               You               can               write               a               cease               and               desist               letter               to               the               agency.

The               letter               should               state               clearly               that               is               a               letter               that               requires               them               to               cease               and               desist               all               communications,               both               oral               and               written,               immediately.

They               are               allowed               to               contact               you               one               more               time               to               confirm               your               wishes               and               inform               you               that               they               received               the               letter.
               Dispute               and               Proof
               If               the               debt               is               disputable,               as               in               not               yours               or               $4000               more               than               the               original               debt,               you               can               send               a               dispute               letter               requesting               proof               of               the               debt.

In               the               event               that               they               cannot               provide               validation               they               will               have               to               cease               communication.

You               will               also               then               be               able               to               have               this               debt               removed               from               your               credit               report,               legally.
               Validation               proof               should               not               take               more               than               thirty               days.

If               you               have               not               heard               back               from               them               in               thirty               days               from               the               day               you               send               the               letter               you               should               contact               them               to               be               sure               they               received               it               and               are               working               on               it.

If               they               can               show               that               they               were               working               on               obtaining               the               proof               they               do               have               more               time.

If               you               seem               to               be               getting               the               run               around               contact               the               credit               bureaus               directly               to               file               a               dispute               on               your               credit               report.

During               this               process               you               will               be               allowed               to               request               documentation               proving               the               debt,               and               if               none               is               found               the               debt               will               be               cleared               from               your               credit               report.
               Although               I               receive               calls               from               debt               collectors               I               do               know               what               it               was               like               on               the               other               end               of               that               phone.

Many               debt               collectors               are               rude,               some               may               even               curse               which               is               illegal               as               well,               but               many               have               the               same               feelings               as               you               and               I.

When               I               was               behind               the               phone               calls               it               broke               my               heart.

I               heard               some               of               the               worst               stories               ever               and               found               myself               weeping               for               my               account               holders.
               The               job               became               so               stressful               that               I               would               eventually               walk               away               from               it.

Of               course               we               got               the               phone               calls               that               were               sob               stories               that               were               just               plain               untrue,               but               most               times               you               could               tell               in               their               voice               if               they               were               really               in               a               situation.
               My               best               advice               is               to               try               to               work               with               the               debt               collector.

If               they               get               rude               hang               up               and               write               a               refusal               letter.

Any               time               you               send               anything               to               a               debt               collection               agency               be               sure               to               send               it               certified,               registered,               delivery               confirmation,               or               signature               confirmation.

You               need               proof               that               they               received               what               you               sent               them               to               cover               yourself               in               the               future               if               bigger               problems               would               arise.
               If               a               debt               collector               threatens               you               in               any               way,               portrays               them               self               as               an               attorney               when               they               are               not,               or               curses               at               you,               you               should               contact               an               attorney.

Most               violations               of               the               FDCPA               are               punishable               by               a               $1500               fine               and               if               there               are               enough               cases               and               complaints               they               could               lose               their               licensing.






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    1. natatat.wordpress.com/   10/01/2008
      ...It’s exactly opposite of what we should do. So, we should get out of the way and not buy up bad debt. There’s illiquid assets, but most of those are probably worthless...
    2. trulyjones.blogspot.com/   10/01/2008
      ...high. It's exactly opposite of what we should do. So, we should get out of the way and not buy up bad debt. There's illiquid assets, but most of those are probably worthless...
    3. can-turtles-fly.blogspot.com/   07/20/2009
      ...debt, using the money to buy back shares. The ... when it sold debt in 2005, said Tom Beermann...don't think this is a bad tactic for Intel. I don't follow...
    4. openingmind.blogspot.com/   08/28/2009
      ...Denninger said the real amount of bad debts is probably 30 trillion .... link Nobody is buying our Treasury bonds. Most of...
    5. kimbofo.typepad.com/   03/15/2008
      ...mark I rushed out and bought Bad Debts . I could sense it was.... Without a doubt Bad Debts is a highly charged...
    6. banksterreport.blogspot.com/   02/15/2010
      ...irresponsibility (and more importantly, pay for the banksters' stupidity/arrogance in buying the bad debt in the first place! ). This article from Der Spegiel discusses the different...
    7. envast.blogspot.com/   09/20/2008
      ...would give the government broad power to buy the bad debt of any U.S. financial institution for the... good cash; they give you the worst of the worst," Sherman said...
    8. richmorrissermons.blogspot.com/   01/05/2011
      ...even evil stuff to you, indefinitely. Do you buy that? Isn’t that pretty difficult? Have you...as the parents. It’s like a bad debt that won’t go away. That old sin cycle will...
    9. singaporemanofleisure.blogspot.com/   11/24/2011
      ...will belong to this group. We will say if we buy this, debt is good. And if we buy that, debt is bad... Conventional wisdom is that it's "good" debt if we take up a student loan for our...
    10. tobyroberts.blogspot.com/   01/06/2007
      ...to have a policy change. There's still a distinction between the good guys and the bad guys. The good guys happen to be governments the US probably...
    11. Buy Bad Debt - Blog Homepage Results

      ... a small compromise plan that would buy more time (though his friends in the House... or even raising the debt limit at all. The situation has held up...
      ... via email. Notify me of new posts via email. AfterNew year…..worse me? January 1, 2011 » About This is my plan… My plan to change...
        There seem to be a great debate now as to whether a sovereign debt crisis in Spain actually makes it a worse time to buy.   Let’s look at the two sides of this debate. On the one hand we have people...



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