All these 3rd party collection agencies are making tons of money.Since banks are greedy by nature you would think they would get involved too.Why do they sell their default accounts to ca? I would think it would be easier for a original creditor to collect than some 3rd party ca. Dont tell me they dont want to tarnish their image,credit card companies and banks can be just as ruthless as ca when it comes to money.They charge 31% default rates,overlimit fees up to 39.00, late payments up to 39.00 even if your one day late with no grace period.I have a 90,000 mortgage i get a grace period of 15 days before im charged a 12.00 late fee I have a 10,000 car loan that gives me 10 days grace period before i am charged a 5.00 late fee i have a credit card with a minimum payment of 15.00 dollors no grace period and a 39.00 late fee.So what if the credit card is not secured.Banks lose tons of money on secured loans too even after they sell off the secured interest.They force people into not paying by not willing to budge an inch on some of these fees, making minimum payments skyrocket to 400.00 ,500.00 and even higher when they know people will never be able to pay that much in one month.Dont tell me people should not borrow money if they cant pay it back.No one can see into the future and predict that 5 years down the road there going to become victim to a cruel twist of faith.Remember bill collectors are debtors too only difference is today they can pay their bills.
The difference between a bank and a CA is that at some point you chose the bank, regardless of how eggregious their policies later turned out to be. Repeat business does matter, especially with profits from outrageous fees. The transactions are repeated, and the relationship at least partly "symbiotic", even if also partly "parasitic". In contrast, you never chose the CA, so they have no interest whatsoever in your future business. The transaction is "one-off", and the relationship purely "predator-prey".
Do you think capital one, chase, mbna really give a crap about your repeat business ,if they did they would not treat their customers the way they do .It is true you do get a chance to pick a bank, the trouble is thats like saying you get to pick your seat on the titanic.People default many times because banks get greedy they kick you when your down then throw you into the ca pool.Most people want to pay their bills but the banks see your unexpected and unfortunate setback as an oppotunity to make a huge profit and it does not matter how long you were a loyal customer.They spend millions of dollors trying to get new customers, keeping the ones they have is secondary.
C1 is in the CA Business... C1 has a subsidiary, Westmoreland Agency... It gets even better, one of WA's classic tricks (which they do on their own, and on behalf of other CAs) is to get super-SOL account debtors to re-affirm the debt as a 'new' Capital One account to 'improve' their credit... And a lot of the time, the original debt isn't legally able to be reported, because its well beyond the 7 year time limit. So, the consumer has a new debt which they can get sued on, if bad things happen, to replace an account which was covered under the SOL. Do a search on Capital One Scam and you should see a whole lot of posts on this 'trick'...
