Listen Up Consumers

Just out of curiosity, what does $500K of bad checks go for, these days? $500? $5,000?

How many collections do you have to make to break even? 10? 100?

I think more interesting is that Ace can lose $500,000 and keep making money. Does that tell you something about their fee structure?

 

Cool. You haven't even bought the debts and you're already planning to re-age them. The readers of this board will be waiting for your phone calls with their recorders running.

 

You can't be that damn dumb . . .

 

I smell someone FISHY !!!

Even you cannot guarantee any removal, heck we cannot even get the CRA to remove real items or court ordered items, how would you be able to do it when none of can?

 

So...

Ace reports the trade line as a bad loan that was charged off. Mr. JDB buys it (for .01/$) wants to re-age it (illegal, BTW) and offer to remove the [Ace?] trade line? I don't see how (legally) Mr. JDB could:

a) re-age the debt
b) remove someone else's trade line.

Sure, he could remove his collection tradeline, if he wanted to, or he could just wait 90 days (or however long felt good) before reporting it. But, I don't see how he could remove the Ace tradeline.

But, either way, best of luck in your collection efforts. I'm sure someone who couldn't pay back their $100 pay-day loan from 5 years ago will jump at the chance to pay $250 today, but these are the dreams that built America. (I wonder how many of these are out of statute...).

I'm getting the impression that this is Mr. JDB's first foray into this business.
Nevertheless, I hope. for your sake, that either you refresh yourself on the FDCPA and the FCRA or that your soon-to-be debtors don't read this board or they'll know how to sue you and win for FDCPA and FCRA violations.

And an additional note to Mr. JDB's future clients. Remember that he probably paid no more than $5 for every $100 debt (probably more like $1) so when he asks for the full face value, deep down, he'd be happy to get 30%. Of course, he won't tell you that, but we will.

 

Yes, I see the violations already.

And, since he's going to have his recorder ready, I'm sure that means that he won't mind if you're recording, also.

So, all those nice violations like reaging and promising an action he can't take will be ripe for the picking.

 

The race is on. Many are running scared as consumer have figured out they can get away with not paying them, when a company charges 185% for a 2 week loan people should not pay them at all and they all will have to close the doors.

Many pay day scums are getting closed or closing.

I hope they all are closed, it should be illegal to steal peoples money like that.

From what I read CA's dont even want to help collect PDL bills anymore because they have found that consumers are gainign knowledge and fighting back. CA's have a hard time validating a PDL.

If you have a pay day loan reporting, DV the hell out of them and watch them go away. Along with filing with your AG, their AG and the BBB, many fold like a cheap shirt.

I am sure many people in the know would love to get paid thousands for violations by these thieves.

 

If enough people get paid several thousand dollars, the JDBs won't buy the paper any more, leaving the loan company holding the bag. They won't stay in business long, either.

 

I've read this thread several times and all I can surmise is this is some type of joke. Someone correct me . . .

 

Remember what P. T. Barnum said....

 

All I can say is that I hope Mr. JDB got a good deal on them or knows how to get summary judgements quickly because even over on the InsideArm board (for Collection agents) they were complaining about what a waste of time those were. I mean P.T. Barnum's observation about how often a fool is born aside, (and debts can correct me if I'm wrong), these sold debts don't usually come with sufficient documentation to stand up to much resistance by the consumer (a.k.a. debtor).

If they request Validation, that's difficult.

If they go to court, chances are, the debtor will probably be a no-show (90%), but the 10% that do can cost you more than you might ever collect from the 90% you managed to get a summary judgement against. For the target demographic (i.e. people who go to PayDay loan places in the first place) a negative line on their credit report is the least of their concerns.

So, that leaves force of persuasion (i.e. dunning phone calls and letters). That's pretty low-cost until you start adding $1000 (or more) for each of the FDCPA lawsuits that are filed for FDCPA violations.

Fortunately for Mr. JDB, he only has to collect on 10-20 to recoup his initial investment so if he can do that without racking up too much in legal costs, he might get some money back. Unfortunately, if any of his new contacts come to this board for advice, he can count on losing the collection (best case) or losing the law suit (worst case).

Happy collections!

 

Are you sure?

 

I just sent you a P.M.

 

Like I said, that and .50 will still barely get you a doughnut when you consider the target demo.