Listen Up Consumers

I just bought all the debts owned by debts . . . but I wrote a bad check for them.

 

OK, so he buys the debt for 5 cents, tries to collect $250 and gets sued for $1000.

Duuuhhhh....

 

Contingency fees . . . we do them all the time with rock solid counters such as you're about to serve up. Go ahead and give me the state your going to incorporate in and your company name. That way I can go ahead and get the Complaints ready for one of our guys there.

It's always good to think ahead . . .

 

So you're just buying these things yourself? I mean to ask are you not even a company . . .

Have you ever heard of a corporate veil? I think that would be advantageous in the debt purchasing industry.

In any event, I did re-read it and see that you'll be operating in California. You may wish to read up on the Rosenthal Act along with the FDCPA and FCRA.

In all seriousness, if you're planning on going after people as you suggest you should be aprised at the law which governs the industry. Going about it as reckless and breakneck as you're proposing is going to get you sued. Moreover, if you're not even a business rather, some type of DBA, your personal assets will be on the table.

Just food for thought . . .

 

Dont kid yourself, I know of at least a dozen consumers personally who would eat yu alive in any court.
You wouldnt stand a chance with 5 of the people who have posted in this thread. Fact is any of those 5 and add me to would welcome the chance to pad our pockets for the min. of 1k, but all 5 are smart enough to let you continue to get violations and collect a chunk from you.

I can tell you that NO pay day loan company I have ever read about has ever validated a debt.

Sure you will get money from the consumer who doesnt know any better but you better understand that consumers are getting smarter and they are forcing companies to follow the laws.

Just because you say someone owes it doesnt mean they do!
Ask Paragon Way out of Texas, they paid me 1k a few months back because they ran into someone who would not allow them to steal my money.

By your statement alone stating you will post it in the newspaper and could collect a default judgement just showed me what kind of person you really are, you would not follow through with any agreement you made and cannot be trusted.

Do you really think by posting on a forum like this you would get business, not a chance, I would put the 5 above against you anyday and you will lose.

You had better learn that consumers are taking back their lives with tons of knowledge and kicking collectors butts over and over again. Be prepared, you might get the wrong customer who will cost you all your profits.

 

I dont think this person has ever read the FDCRA or the FCRA and if they did, they wouldnt understand it.
Remember, consumers are becoming very aware of the laws, maybe the collectors should as well before you run into one of the consumers who just might break your bank.

 

Sweet . . . have fun with it.

Just out of curiosity I wanted to ask you whether or not you knew that service by publication doesn't wash in all states. And it is a sure fire way to see judgment after judgment vacated. In fact, most states won't give full faith and credit to any out-of-state default. So rack up some defaults and try to execute them.

But what do I know . . . I just have a JD.

 

Let's think rationally here . . . do you think someone that gets a payday loan, defaults it, and fails to oppose a civil action really cares about their credit?

Hell no they don't! Your judgment will just be another mark on an otherwise busted up report. I don't mean to catagorize people here but, lets call a spade a spade. People that obtain payday loans are in some fashion of financial turmoil. Folks don't get them unless they have no other recourse. This implies strongly that they're credit is already horrible or they would look elsewhere for money.

Moreover, you can't even execute it. It will be an out-of-state judgment obtained by the very shadiest method of service. No court will give a writ on that. Even if they did . . . what will you have gained at the end of the day, $20.00 bucks?

This is an awful business model but, do what you must.

 

One man's tragedy is another's profit.
That's the American dream in action

 

If only it worked that way. In reality those people will not change their financial management practices and just keep digging themselves deeper and deeper: Maxing out their credit cards, skipping out their payday loans, turning to selling drugs (if they aren't already), etc.

Back in the old days, if you couldn't pay the money back, you couldn't get a loan. Now the less likely you are to pay a loan, the more likely someone will lend you the money making you less likely to pay the loan...

 

Wait until a smart consumer ask for and gets a change of venue and you will have to fly to NY for 200.00 or they will win by default.....................

I am with apex, payday users could care less about the credit reports.

 

For many of the new and imnproved smarter consumers, all they would have to do is sue you in the place they are from, all it would take is a couple good violations and a no show by you and your profit goes out the door.

There are ways and I am not going to tell you how, but ways that force you to sue them in the county or state they live in, not where you are.

Borrow money again, tell the hundreds of people I personally know who have went from no credit and 350 scores to all the credit they need and 700 scores. Consumers are not as dumb as you may think.

For me I think your in a losing proposition, espcially if you run across a group of people like on this board, they will eat you alive and cost you a ton of money in the long run.

What you fail to understand is collectors want consumers to follow the laws, but collectors never follow the law, thus they become dog meat.

31 goners and counting for me plus a couple nice pay checks to boot.

 

I'm not a lawyer, but I thought you had to file suit in the jurisdiction of the defendant. In the case of an FDCPA suit, the plaintiff can file suit in their venue because that's where the action took place. I don't understand all the nuance (and I'm too busy doing other things to care, at the moment) but that's what I recall the last time a CA tried to play fast and loose with the FDCPA on me.

But, I'd guess that Mr. JDB is going on the assumption that his deadbeat debtors will be too busy indulging in substance [and credit] abuse to care if the venue or jurisdiction is correct.

I still can't help but wonder if it's worth all the effort. (It wouldn't be to me, anyway).

Ok, so you buy a boat load of debt for, let's say, .01/$. Just guessing, $500,000 probably = about 1,000 accounts that Mr. JDB buys for $5,000. then if he want's to take 90% to court, that's $22,500 in small claims filing fees. Then you get judgements for $450,000. But, if you couldn't collect the first time, why would you be able to collect this? So now you have more uncollectable accounts.

I guess, as long as you can collect from 50 of them, you've covered your costs, but if you have to litigate or some hungry lawyer latches on to the debtors and runs you through the ringer, there goes your margins. (remember in an FDCPA suit, the plaintiff can be awarded lawer fees on top of actual and statutory damages, but, I'm sure Mr. JDB already knows the laws that govern his enterprise.)

When I was researching my case, I found one FDCPA suit where the legal team was awarded over $35,000 on top of the $1,000 damages. Ouch! Then again, if you play by the rules, there's no worry of that happening.