I beat the Debt Collectors--true

Quote from riddler:

i was in a bad position a few years back and could not pay my credit card debt..credit cards sold them over to collection agencies for pennies on the dollar..collection agencies are pricks and threatened me so i said ok, if you don't want to settle(they would'nt),then go screw. finally after 3 years i was sued. i filled out all the paper work at the court house and contested it so i would not get a default judgement. i filled out the interogatories(carefully) and had my day in court. before court starts,the judge sends you in a room witha lawyer from collection agency and a mediator to work out a deal so it does'nt need to go to trial. i was nice and i expressed they had no "original copies of contract" for credit card application but said i had no money but was willing to offer something. i owed 7k and said i can pay one lump sum of 2500..they said it had to be a bit more but i said its impossible and and understand they could garnish pay and thats fine;i was not working anyway..if they are willing to take 2500,i would send the check in a week. they accepted of course. did this twice. 7k and 6500. both for 2500. everyone is happy. i pay a bit(i understand) and they make a huge fuckin profit.
DO NOT NEGOTIATE WITH COLLECTION AGGENCIES. LET THEM TAKE YOU TO COURT. THIS WAY YOU CAN NEGOTIATE AND THEY CANNOT PULL ANY FAST ONES LIKE SAYING THERE WAS FINE PRINT AND ALL THAT BS.
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I think nowdays, settling for 30-40% of the outstanding debt is standard, and that's without going to court. They will even do a payment schedule, although a very short one.

You need to understand that they buy these debts for no more than 10 cents on the dollar. I think the Wamu portfolio which Chase got and quickly charged off went for less than 5 cents on the dollar.

There is a ton of inventory out there for debt buyers, so it's a very busy time for them but less and less debtors are paying or having anything worthwhile to go after. So I think the approach that riddler chose is actually the smart way to go about these matters if you are in a dire financial situation like that. Although no need to go to court, these guys would have settled prior.

P.S. Don't forget that you owe tax on the rest of the balance.
 
Quote from riddler:

i was in a bad position a few years back and could not pay my credit card debt..credit cards sold them over to collection agencies for pennies on the dollar..collection agencies are pricks and threatened me so i said ok, if you don't want to settle(they would'nt),then go screw. finally after 3 years i was sued. i filled out all the paper work at the court house and contested it so i would not get a default judgement. i filled out the interogatories(carefully) and had my day in court. before court starts,the judge sends you in a room witha lawyer from collection agency and a mediator to work out a deal so it does'nt need to go to trial. i was nice and i expressed they had no "original copies of contract" for credit card application but said i had no money but was willing to offer something. i owed 7k and said i can pay one lump sum of 2500..they said it had to be a bit more but i said its impossible and and understand they could garnish pay and thats fine;i was not working anyway..if they are willing to take 2500,i would send the check in a week. they accepted of course. did this twice. 7k and 6500. both for 2500. everyone is happy. i pay a bit(i understand) and they make a huge fuckin profit.
DO NOT NEGOTIATE WITH COLLECTION AGGENCIES. LET THEM TAKE YOU TO COURT. THIS WAY YOU CAN NEGOTIATE AND THEY CANNOT PULL ANY FAST ONES LIKE SAYING THERE WAS FINE PRINT AND ALL THAT BS.
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I have 3 questions...

1) Can a collection agency seize assets that you have like a home, car, or bank and brokerage account to pay off debts or can they only garnish your wages?

2) If you are self-employed, how would they be able to garnish your wages?

3) Can a collection agency garnish social security income, disability income, or unemployment compensation?
 
Quote from riddler:

let me ask you this: if you owed 7k on a credit card and lost your job and tried to work something out with the cc company but they basically said to fuck off..would you man up and rob a bank to pay your debt! gimme a fuckin break, you are living in a dreamland.
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I would have never asked the CC company to "work something out" in the first place. If I spent the money then I owe the money PERIOD.
Losing my job has nothing to do with it. I'd work double shifts seven days a week flipping burgers if I had to. But then I have integrity, obviously you don't. Definition of integrity if you don't know what it means.

When if ever you're back on your feet, will you pay back the $7K?
 
You know what he's talking about Lucrum.
If there was no way to pay the debt is what he's talking about.
A better example is you borrowed a couple of million to buy a jet for your business, total hell breaks loose, you have a stroke, the jet requires three hundred grand in repairs. Your credit is shot because of your health, you can't pilot anymore or hire anyone or sell anything.
That's a better scenario than the 7 grand example he used.
 
Quote from bigarrow:

You know what he's talking about Lucrum.
If there was no way to pay the debt is what he's talking about.
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I'm having trouble imagining a scenario where one could not pay back a lousy $7K, IF they really wanted to.
A better example is you borrowed a couple of million to buy a jet for your business, total hell breaks loose, you have a stroke, the jet requires three hundred grand in repairs. Your credit is shot because of your health, you can't pilot anymore or hire anyone or sell anything.
That's a better scenario than the 7 grand example he used.
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Is it? I mean the jet would be repossessed wouldn't it? More or less covering my debt. :confused:

Look, I've heard how collection agencies can be pricks.
And I'm sure if we put our heads together we could come up with a plausible scenario where even an old school hard ass like me would agree with some amount of debt relief being appropriate.

BUT the above story is of an irresponsible low life cheese dick prick who simply ran from his obligations like a girlie man cunt.
$7,000? Are you fucking kidding me? This is ET for Christ sake, he's unemployed and penniless but posts on (what at least used to be) a trading web site?
 
Quote from nkhoi:

actually this is chitchat section.
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Chit Chat Forum, part of Elite Trader web site?

No one can ever accuse you of not being an astute observer.
 
Quote from Lucrum:

I would have never asked the CC company to "work something out" in the first place. If I spent the money then I owe the money PERIOD.
Losing my job has nothing to do with it. I'd work double shifts seven days a week flipping burgers if I had to. But then I have integrity, obviously you don't. Definition of integrity if you don't know what it means.

When if ever you're back on your feet, will you pay back the $7K?
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There are not enough jobs out there for everyone; that is why the unemployment rate is 10% and 17% if you go with the U-6 number. Recently, McDonalds hired 62,000 people, but they received over 1 million applications, which means they hired around 1 in 16 people that applied. Even getting a job flipping burgers is not easy these days...

http://www.bloomberg.com/news/2011-...ring-national-event-24-more-than-planned.html

1 in 7 people in this country are on food stamps. It will probably get worse. Because of automation and outsourcing, jobs are lost.

If any country wanted less debt, perhaps everything should be on a cash basis. We could eliminate home loans, car loans, student loans, and credit cards. No more debt for anyone. If you don't have the cash, you don't buy it. Prices would come down for everything. We can keep debit cards, since that withdraws from your checking account, and is almost like cash, but without the need to carry around cash.

Here is a great movie to see. It is 2 hours and 41 minutes long, but well worth seeing...

http://www.youtube.com/watch?v=4Z9WVZddH9w
 
Here is an interesting video about debt collectors and the crazy tactics that they use...

http://www.youtube.com/watch?v=KJS9c0jgosQ

The answer is so simple to stop calls from debt collectors. Just get Magic Jack. The number is unlisted and I don't think anyone can find out what your number is. It's $20 per year for unlimited calls to the U.S. and Canada. Great call quality. Real low international rates too. You can get it at Radio Shack and Best Buy, and other stores too...

http://www.magicjack.com/6/index.asp
 
Quote from Vinny1:


1 in 7 people in this country are on food stamps. It will probably get worse. Because of automation and outsourcing, jobs are lost.
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In the age of the internet, people are building businesses that can run on an automated basis to the point where they can spend as little as one day a month checking up on it.

It is a technological revolution and it is challenging the idea that labor can be exchanged for money.

Computer = One time fee.
Human = Wage/Salary.

If they can both do the same thing, why spend the extra money on hiring a person?
 
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