Looks like we are about to see some deadbeat debt collectors. That's what they often call consumers who lose their jobs for whatever reason and can't pay their bills. Debt collectors are famous for calling people deadbeats. Now the shoe is starting to get put on other foot. We will soon see how they like being deadbeats. Here is the commentary on how debt collectors are now going broke and losing their jobs. 12/11/2008 01:40 PM Author Icon Tornado Member Posts: 26 Joined Forum: 10/24/2005 This morning Elite Recovery suddenly shut down, 70 people were told to leave the premises. No warning, no notice. Collections have been thin, but this was unexpected. Earlier this week, CSGA in Columbus folded, Bronson & Migliaccio are ready to file for bankruptcy. Redline Recovery and LHR are laying off large numbers. I dont know if I can make it through the season at this rate. Does this clear up with the new administration or do I make the smart move and look for work in another industry? I hate to throw away 4 years experience, but man, this is scary. I had a friend at Unistates/First American got laid off last month. It seems like that started the ball rolling. Who's next on the list of failed agencies? 12/11/2008 01:45 PM User is offline View Users Profile Author Icon PaythePiper Junior Member Posts: 7 Joined Forum: 03/28/2008 Everyone in WNY is nervous right now Tornado, the First American/Unistates bankruptcy filing sent a shockwave throughout the area. NCO and Creditors Interchange are pink slipping this week, expect to see a lot of small players gone by the new year. This is like Wall Street dejavoo, a domino effect on the area. Who wudda thunk it just six months ago? 12/11/2008 01:49 PM User is offline View Users Profile Author Icon Tornado Member Posts: 26 Joined Forum: 10/24/2005 Yeah I know - six months ago I was hitting bonus and walking the floor part time instead of having to spend 8 hours on the phone - it was great. The paper got awful thin around October and management started suggesting stronger tactics on the phone. I wouldn't have given some of these accounts to my worst enemy, (lots of OOS stuff, a bunch we decided had been culled by at least one other team in Buffalo). I think our situation at RLC had to do with inability to finance new paper, but who knows for sure. 12/11/2008 01:59 PM User is offline View Users Profile Author Icon Dr Tax Senior Member Posts: 894 Joined Forum: 08/01/2003 I guess it's time for the Collections Industry to plead its case for a multi-Billion dollar bailout. ------------------------- 12/11/2008 06:35 PM User is offline View Users Profile Author Icon ~Fleppie~ Senior Member Posts: 231 Joined Forum: 06/11/2008 Ugh.......... Tax........ THWAP!!!!! Just the thought of that gave me an instant headache ------------------------- If you want Moral or Ethical review of your debt, take the debtor to a church. ~ Dr. Tax 12/11/2008 08:37 PM User is offline View Users Profile Author Icon gfg Senior Member Posts: 1036 Joined Forum: 06/19/2006 Originally posted by: Dr Tax I guess it's time for the Collections Industry to plead its case for a multi-Billion dollar bailout. Or we can all sit around and laugh about it, huh Tax? Maybe we just need more agressive techniques to pursuade payment.... ------------------------- they obviously employ an ******* scrub of some sort ? Average Joe, responding to Tax's claim that AFNI gave up 8-21-08 Edited: 12/11/2008 at 08:37 PM by gfg 12/12/2008 06:39 AM User is offline View Users Profile Author Icon Dr Tax Senior Member Posts: 894 Joined Forum: 08/01/2003 Originally posted by: gfg Originally posted by: Dr Tax I guess it's time for the Collections Industry to plead its case for a multi-Billion dollar bailout. Or we can all sit around and laugh about it, huh Tax? Maybe we just need more agressive techniques to pursuade payment.... Ten trillion dollars of individual wealth just evaporated into thin air in the last 12 months. Since those were the dollars you were trying to collect, maybe you just need a bigger butterfly net. ------------------------- 12/12/2008 06:58 AM Author Icon TX Debt Atty Senior Member Posts: 1248 Joined Forum: 06/23/2006 Darn . . . that's what I've been missing all this time . . . a butterfly net!!! ------------------------- Actually, every one of my posts on this board have been uncalled for. - Spy Boy (8/2/07)
They will be dropping like flies morning after the first hard freeze before this economic mess gets straightened out. I guess it just goes to prove that there is indeed a silver lining to every dark cloud.
