Collection agencies

[Vinny1]

Quote from high99:

1.) Yes. But typically the statute of limitations runs out after 6 years on a written contract loan. They can sue, but you must answer and your defence is the statute expiration. The suit is then over.

2.) Only after they sue and win the judgement. No judgement, no asset seizures. You must answer the suit or they win a default judgement. Fight like crazy and deny everything.

3.) They can't. Nobody to garnish them from since you have no wages.

4.) No. These are exempt per state law. They are also exempt
in bankruptcy court. No can take.

Actually, since it is in collections he is better off. These debt buyers don't have jack shit that proves they own the debt. They bluff their way to get some sort of payment. Don't even talk to them. They buy the debt for 3 cents on the dollar and then try to scare you. Fuck 'em.

Is it always the case where collection agencies don't have proof that they own the debt? If that is the case, why would anyone pay a collection agency?

I found some interesting videos...

http://www.youtube.com/watch?v=5geYlYRj5xg

http://www.youtube.com/watch?v=x2Iy8I2AkCE&feature=related

http://www.youtube.com/watch?v=nuvrHrkEL-U&feature=related

http://www.youtube.com/watch?v=nAlA_BhaqtQ&feature=related

http://www.youtube.com/watch?v=Y-K7kuoxRQQ&feature=related

http://www.youtube.com/watch?v=E-HNWiY1Isw&feature=related

 

[Vinny1]

Quote from high99:

1.) Yes. But typically the statute of limitations runs out after 6 years on a written contract loan. They can sue, but you must answer and your defence is the statute expiration. The suit is then over.

2.) Only after they sue and win the judgement. No judgement, no asset seizures. You must answer the suit or they win a default judgement. Fight like crazy and deny everything.

3.) They can't. Nobody to garnish them from since you have no wages.

4.) No. These are exempt per state law. They are also exempt
in bankruptcy court. No can take.

Actually, since it is in collections he is better off. These debt buyers don't have jack shit that proves they own the debt. They bluff their way to get some sort of payment. Don't even talk to them. They buy the debt for 3 cents on the dollar and then try to scare you. Fuck 'em.

I never knew you can have a home, car, or bank account seized to pay off credit card bills, student loans, or medical bills. I always thought that the worst thing that can happen is wage garnishment.

 

[soldsoldsold]

Quote from high99:


Actually, since it is in collections he is better off. These debt buyers don't have jack shit that proves they own the debt. They bluff their way to get some sort of payment. Don't even talk to them. They buy the debt for 3 cents on the dollar and then try to scare you. Fuck 'em.

You're not making this up?

Theoretically one can borrow money then if the debt is sold they can just not pay it?

That sounds like free money to me. I'm always open to the opportunity of getting free money.

 

[AAAintheBeltway]

I may be wrong but I don't think there is a statue of limitations on federal student loan debt. I also don't think you can discharge it in bankruptcy.

 

[high99]

Quote from AAAintheBeltway:

I may be wrong but I don't think there is a statue of limitations on federal student loan debt. I also don't think you can discharge it in bankruptcy.

Yep you are correct. No limitation on time for law suits and they cannot be discharged in BK court. But, you can let them chase you around for the rest of your life. Shelter your assets. Trusts, LLC's.
The harder it is, they will just move on to the next guy.

 

[soldsoldsold]

Quote from high99:

Yep you are correct. No limitation on time for law suits and they cannot be discharged in BK court. But, you can let them chase you around for the rest of your life. Shelter your assets. Trusts, LLC's.
The harder it is, they will just move on to the next guy.

This is also a tactic to avoid pick pockets. If you're a difficult target they won't waste their time or risk their anonymity with you.

Knowing how to take advantage of human laziness is such an important part of life.

 

[bpcnabe]

Quote from Vinny1:

I never knew you can have a home, car, or bank account seized to pay off credit card bills, student loans, or medical bills. I always thought that the worst thing that can happen is wage garnishment.

Its called a lien.

 

[Vinny1]

Quote from bpcnabe:

Its called a lien.

I'm surprised that after several years, the collection agency hasn't sued my friend. Should he just keep all of his money in a safe at home and not deposit any of it into a bank account and use check cashing stores to cash any checks that he gets?

If there is a lien on your bank account, what happens? Does the collection agency take all of it immediately as soon as you make a deposit? How would they know that you made a deposit?

 

[high99]

Quote from Vinny1:

I'm surprised that after several years, the collection agency hasn't sued my friend. Should he just keep all of his money in a safe at home and not deposit any of it into a bank account and use check cashing stores to cash any checks that he gets?

If there is a lien on your bank account, what happens? Does the collection agency take all of it immediately as soon as you make a deposit? How would they know that you made a deposit?

Yes, by all means tell "your friend" to get one of those debit cards they have at Walmart, or GreenDot, and they are reloadable. Works like a credit card, but nobody but you knows you have it. Just as good as keeping your money at an insured bank or credit union. If your bank account is garnished, the bank is ordered to direct any monies to the judgement holder. Usually they can only garnish up to 25% of your gross/net (can't remember) per month. If you can display hardship to the judge, they can take zero. Again, if "your friend" makes it difficult, they will give up and move on. Don't bend over and just take it.

One more thing. If they get a court judgement against your friend, it is just a piece of paper. They would have to do a debtor examination, whereby they interrogate your friend to make him reveal where he keeps his cash, gold, silver, CD's, jewels, etc. so they can go after them. They have no clue what he has. So during the exam, your friend needs to drool, mumble, and then reach down his pants and stick his finger up his ass, pull it out and lick it. Whatever it takes. Remember this is war. They don't give a rats ass about your friend. He is nothing more than a walking fucking dollar sign. You are in survival mode so do what you have to do.

 

[Wayne Gibbous]

Quote from Vinny1:

I'm surprised that after several years, the collection agency hasn't sued my friend. Should he just keep all of his money in a safe at home and not deposit any of it into a bank account and use check cashing stores to cash any checks that he gets?

If there is a lien on your bank account, what happens? Does the collection agency take all of it immediately as soon as you make a deposit? How would they know that you made a deposit?

If they get a judgement and they find his bank accounts (pretty easy, they just check SS# and cross reference from the credit agencies -banks report to them) they make the bank flag the account, so they see all activities and balances.

You can't "hide" money in a bank, unless you have a fake id...