So - you mean to tell me that this person was given $6,000 from someone, then they didn't pay it back so it had to be charged off - and y'all are advising this person to NOT PAY the debts that they owe?! ======The CA didn't give him anything so he don't owe the CA anything:! A judgement also puts a lien on any property that you may own - so if you own property and then sell it - the judgement gets paid first - so the creditor gets their money back anyway.===============The creditor has already been paid and has no claim.
And if the CA wants to get their money===== Important point its not their money! I have to agree...dodging a $6K debt is not as easy as people sometimes make it sound===== The creditor was paid -now it's no longer a debt.
lbrown59 How was the original creditor paid? Are you assuming that all ca's "buy" these debts? Yes in some instances ca's buy debt for pennies on the dollar. However. of all the ca's that I have ever worked with in my company they only pay when the debtor makes a payment. They skim off their 28-40% and give the rest to the original creditor. The only other instance I could see it being in the interest of the ca to outright buy the debt is if they had leverage. Check verification services for instance usually have collections in the back. They have leverage because they won't clear your check if you're not clear with them. Unless you think creditors get a big welfare check from the government, that is not the case. They may get a tax break for taking a loss but they must pay taxes back if they collect on a charged-off account. We all have gotten some sort of tax break at one point or another and most of us would admit its not as good as cash. Aloha, PuuOoPaul
Paul, many collection agencies and law firms buy old, charged-off debts. It is an investment - pure speculation. There are even websites, now, where you can buy and sell debts. It is a big business! breeze
Breeze: Breeze, could you give me the URL for some of those? What you say is quite interesting and might possibly prove to be very useful information some day. One never knows.
In many cases the collection agencies are indeed under contract with the original creditor to collect on the debt and do not own it. This is why you often see a collection notice from one agency and when no payment is made hear from a different one later. I would still deal with only the original creditor in all cases.
HAL Hal, I just love it when they do that. I send each one a validation letter as I get them and watch them have to go back and ask the last one to validate his information
Here's a few with info - there is one site in particular that I can't find right now. I'll get it later - got company coming for Mom's 80th birthday party today!! http://www.capital-resources.com/other.html http://www.inovisioninc.com/ http://www.collectionsworld.com/08debt01.htm http://www.amsher.com/news21oct99.html http://www.amsher.com/catalog.html#2 Oh wait!! here it is http://www.assetacceptance.com/asset/markindex.htm This is the one. Enjoy! Gotta go! breeze
Breeze A Big Happy Birthday to your Mom!!!!! Have a really fun day today!!!! My Mother-in-Law will soon be 94, but gets around like she's 64, she's quite a lady!! Again, A Big Happy Birthday to your Mom!!!!!!! tml
Why thank you. Mom thanks you too! She is getting the works - decorations and all. No hats or noise-makers though, LOL. Her nerves couldn't handle it. My brother is on the way with the grands in tow. I just wish she could see her second great-grandchild. Her name is Jasmine, she's just about a month old and in Texas - too far for Mom to travel. She did get to see the first one - I flew Debbie (my niece, her grandchild) in from TX last year just so Mom could see the baby. We're having lasagne, hahaha. She has trouble chewing. She would kill me for writing this. breeze
Anybody who wants to send a card, Mom's email (yep, I got her one) is grammawade@yahoo.com. I print them out for her. She loves it. Animated ones, she has to sit at the puter to watch. breeze ps - she pays all her bills online too. hahaha.
I've had it happen several times in the past that even though the original creditor sold the debt to a collection agency, I wrote the C&D letter and paid the originating creditor instead. Yes, they took the money, ============When the Orig. creditor took your money didn't he get paid twice?Can't the CA still come after you B/C you never paid them?
Mr. Brown: Yes, Mr. Brown, they can and quite often do. It is however, usually a lost cause for them and unless the amount would be pretty big, they don't pursue it very hard because you never had a contract with them and you have a receipt showing that you paid the debt, so it would not get them far really getting very serious about it. That's my best guess
Asset Acceptance Corp is the sleazy CA that bought my Gantos debt (delinquency commenced in 1992 and it had fallen off my credit report). They reaged the debt and put a trade entry on my CR with a date of 12/99. I'm trying to dig up an old copy of my credit report --- hopefully the dealership that I bought my car from in 1995 will have it on file. I'm disputing with the CRAs right now and have asked the CA for a validation (via certified mail).
