We can get loads of info from there for instance: XXXXXXX wrote: ------------------------------- As a debt buyer, what states need you not be license in? No one seems to have the answer to this question! XXXXXXX, The following is a list of states that require licensing for debt buyers. There are several factors that would determine any list of this sort. First, many states may not require licensing if the debt was not in default at the time of purchase. Some additional states will require licensing if the debt has recourse (the original creditor may repurchase the accounts). States that require licensing for debt buyers: CT, DE, FL, HI, IL, IN, IA, MD, MA, MN, NJ, New York City, Buffalo, TN, TX, UT, WV, WI, WY States that require licensing only if the accounts were in default at the time of purchase: AR, CO, ID, LA, ME, NC, NM States that require licensing if there is recourse on the accounts: AZ, WA States that do not require licensing for debt buyers: AK, MI, NE, ND, OR States that do not issue collection agency licenses: AL, CA, DC, GA, KS, KY, MS, MO, MT, NH, OH, OK, PA, RI, SC, SD, VT, VA This list should not be taken as legal advise. I am not an attorney. This list is the result of research by Cornerstone Support (www.CornerstoneSupport.com) and other industry professionals including attorneys familiar with the interpretation of state statutes in regards to third party collections and debt buyer activities. Please consult your attorney to make sure this list is consistent with your legal interpretation. Some states such as NC and WI offer exemptions to agencies and debt buyers. --------------- -Peace, Dave
I am really amaze in the software& website(debtmaster, skiptracing)they are using to track the consumer...anyone know how it works to make our life miserable?
Creditman, man ol' man, I just read that site for 15 minutes, and after 15 minutes of reading some of the threads. I'm definately not intimidated by CA's anymore. thanks for the great info!!!!! kathy
Some more: Dear XXXXX, A "dunning notice" would fairly describe a collection letter sent by an agency. A retail agency typically will work an account at least daily or every other day for the first 7-10 days it is placed with their firm. During this time they will send an initial notice. Notices will typically follow anywhere from every 7-20 days depending on the agressiveness of the agency and/or client work standards. Telephone calls can range anywhere from once a week in a manual environment to daily in a call center which utilizes a predictive dialer. Other factors which can influence telephone contact is the individual collector work standards and file size. Letters are influenced by whether the series is automated or collector generated. ----- -Peace, Dave
And another site, I read from the collectionindustry.com site: www.collector.com for instance found this there: http://www.collector.com//content/Legislation/fdcpa/HR2544Sum.html -Peace, Dave
Found a great statute page from that site: http://www.olddebts.com/state_list.html Complete with state bonding and license requirements for collection agencies. Adding to the FAQ. ON the thread I was reading it appears the collection agencies are as confused about the SOL and licensing issues as we are (type of debt/SOL/etc...) ----From the thread--- My experience is that while some states allow a creditor to collect others do not. It seems to depend on the person you talk with in some licensing departments. For instance in Washington State I have had them tell me both ways; yes, you need to be licensed as a debt collector and no, you don't -------------------------- -Peace, Dave
This is also from that site. It's a thread about "they say, you say..." Note the "you want him to give up valuable information in case of a lawsuit later on" If there is ever a reason NOT to talk to a CA on the phone, this is it: It's all in your message, you have to convince the debtor why it is his best interest to pay you first. You have to sell the value of him paying you. Don't resort to idle threats and don't argue, you lose the focus of your call. you have to investigate with open ended questions and tact to determine what your leverage will be before the debtor becomes defensive. By making him believe you truly want to help him resolve his credit problems he will freely give up valuable information that you will need in the event legal action later becomes necessary. Being a professional collector is a skill that you must hone with each call. If you work in a shop with experienced collector pick a few that are successful and listen to them, build your delivery from a variety of different approaches, learn to overcome objections with positive repsonse that will re enforce your focus because each call is different and a canned speech will not work.
I like this one, from the "collections call model" thread: At my previous job we had a call model developed by an consultant. It was amazing and worked wonders. The skelton of the call model was as follows: Opening of the Call- Stating the customer's name, the purpose of the call, professional, concise, identify the customer State the Facts- "Mr. Smith I am showing that there is a Now Due of $400 on your account and I am calling to take care of that today with a free check by phone." Acknowledge the Emotion- The premise here is that without overcoming the emotion you will not be able to progress with the call, they won't be listening and they won't think you are listening to them. Listen to what they are saying and acknowledge it. APT- Acknowledge Pause Transition never say but or however though always pause. "Mr. Smith, I can understand that these calls are upsetting.....I want to stop these calls for you and end that frustration tonight." Never just say you understand because that will open another can of worms. Acknowledge the specific emotion. Negotiations- Personalized by your company. Bridging- This where the customer is getting upset or has retreated to the emotional side again. You need to APT again and again until they transition with you otherwise they won't be HEARING you. Close- URGENCY, Committment, and the arrangements. Last thing they here is the last thing they remember. -Peace, Dave
woooooooooooo hoooooooooo, I'm taking off my trenchcoat and dark glasses now. Enlightening that site was to read through, with tons of little juicy nuggets! One thing, they seem to pay little attention to the laws they are bound by, little focus anyway and more how to manipulate and talk a person into a paying corner. Interesting I thought, rule #1 should be, don't talk to them ever. I didn't cut and paste it, but there's one thread saying that accounts past the state's SOL can't be pursued by either creditor or CA -- there was little discussion, it's all been discussed here, interesting it is that they don't seem to know for sure one way or another. Their focus is on MAKING contact. Sassy
Forgot to list this poached link: http://www.porcupinecomputers.com/USA.html Has links to each state's collection statutes. Sassy
Does anyone know what a phone bill would be considered as. STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: Reduced to writing-4 Open Acct.: No writing-2 Written Contract: 4
Anyone want to go buy some of this debt? One post on that board said that $10K would get you about $190K in bad debt/charge offs... Don't know how many "accounts" that is, but lets say we buy it for 10K, and then make deals with some of these folks for about 10% of what they owe...I figure we can clear 20K easy and a whole lot of people would have less debt to worry about! It would be like Christmas in July...R1s and Never Lates for everybody!!!! Now if I can just win the lottery...
Hurricane, that would be a good idea except for one thing: most people who skip their debts are NOT interested in repairing their credit and could care less if Equifax lists an R1 or an R-infinity on any particular account. Note: The people on this board do not represent that norm. Most people with unpaid debts are uneducated to the credit reporting system and simply happy to have such debts recede into history. You would have to buy a whole lot of bad paper to find the half-of-one-percent (or probably even less) who are concerned about the issues which are discussed here on Creditnet. For that reason, you would probably lose your hiney if you bought $100k in bad debt. There's a reason debt collectors resort to manipulative and coercive interactions -- it's because collecting that money is difficult and -- often -- even impossible. Doc
Dear Hurricane, I like the way you think. Fact of it is all you need to do is clear $1.50 for every dollar invested, a ratio of 1.5 to 1. And do that within 30 days. Should be easy on $190,000 portfolio. If we can do that we WILL be millaionaires in 18 months. Let me know, I have money.
