Re: Re: Re: wonder what % chargeoffs sell for I have a feeling the CSR would ask "a letter pertaining to what?" If I was lucky enough to actually get this VPs name, should I send a CRRR letter, restricted to that person only? (i forgot what the post office calls it--identity-restricted delivery or something?)
Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for This CO issue has always mystified me in terms of reporting and collecting. 1*If an OC sues a consumer for a charged off amount, 2*shouldn't any mitigating factors like sale of the debt and tax benefits be considered in the final amount owed to the OC? kickman --==============------- ========== 1*In the first place the OC can't sue for a sold debt. 2*No-because there is no final amount owed to the OC AFTER THE SALE! THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""''' http://member.compuserve.com/autos/package.jsp?name=autos/ticket_economics1 THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""''' http://member.compuserve.com/autos/package.jsp?name=autos/ticket_economics
Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for You're right about the sale. It shouldn't be a presumption that an OC always sells the charged off debt (I'm paying back a charged off debt after the OC sued). But when an OC does charge off a debt, I would think that there would be some kind of tax benefit. It may be minimal, but I don't see a problem with it offsetting the amount of the debt that the OC reports and seeks to collect.
Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for There is money to be made in buying CO debt for pennies on the $, especially if you can get a judgment with 10% interest. They may not collect for years but if they can place a lien on the debtorâ??s property and years later they sell or refinance 10% per annum is a nice investment. There was a guy that sold over priced vacuums got down payment to cover his cost and financed the balance thru another company when they didnâ??t pay he got a judgment placed a lien on the debtors property and is probably still collecting interest today. Now I am sure itâ??s an odds game you canâ??t possibly collect from all but if there is money to be made...Well someone will do it.
Re: Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for OC's get a writeoff for the amount of the debt that is declared uncollectable. If they collect it later, all that happens is that it has to be declared as current income (rather than as a return of capital, which is what they would have called it if it had been paid back while it was still on their books as a current account receivable). Whatever they collect after a charge-off is income.
Re: Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for I understand this topic has been discussed before but, how about this for a business idea. It's been proven, that for one reason or another, OC's and CA's are very reluctant to delete for payment. What if someone were to buy in bulk, these charged off accounts at deep discounts, then offer deletion for payment, plus a premium for the deletion? I think a lot of people on this board wouldn't mind paying a fair premium to a business that would delete the negative from their reports. Just and idea.......
Re: Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for Money is a poor man's credit card. - Marshall McLuhan THE MAN IS POOR BECAUSE CASH COSTS SO MUCH TO GET AND USE...
Re: Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for I think Marshall was referring to the fact that banks don't lend you money, unless you don't need it. Not always the case, but I think that's what he was getting at.
Re: Re: Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for CASH COSTS TOO MUCH TO GET AND USE IS ONE ONE MY STATEMENTS...
Re: Re: wonder what % chargeoffs sell for But when an OC does charge off a debt, I would think that there would be some kind of tax benefit. It may be minimal, but *I don't see a problem with it offsetting the amount of the debt that the OC reports and seeks to collect.kickman ********************* *Neither do I! Anyone else. http://member.compuserve.com/autos/package.jsp?name=autos/ticket_economics1 THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""''' http://member.compuserve.com/autos/package.jsp?name=autos/ticket_economics1 THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
What if someone were to buy in bulk, these charged off accounts at deep discounts, then offer deletion for payment, plus a premium for the deletion? I think a lot of people on this board wouldn't mind paying a fair premium to a business that would delete the negative from their reports. jrjr37 ================= I don't feel the consumer should have to pay to have paid Negs removed. He has already paid the debt so get it off his report. Jenz was ranting in a thread the other day about how a consumer should forgive a creditor for violating his rights once the creditor makes it right, but where is our forgiveness of the 7 years when we make a debt right with a creditor???????????? Also paying a creditor to remove a TL could encourage more neg. reporting as a way for creditors to generate more profits. THE END ** *** ** LB 59 http://member.compuserve.com/autos/package.jsp?name=autos/ticket_economics1 THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""''' http://member.compuserve.com/autos/package.jsp?name=autos/ticket_economics1 """"```--~~~~~~~~~--```'""''' THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for Deleting correct information from the CR is against the agreement CAs sign with the CRAs. Can it happen occasionally with a motivated CA? Sure. Could a company do it routinely and advertise such? NO!
================= I love this quote from LB "Jenz was ranting in a thread the other day about how a consumer should forgive a creditor for violating his rights once the creditor makes it right, but where is our forgiveness of the 7 years when we make a debt right with a creditor????????????" boy, lb, i come back looking for a link and find you just can't stop talking about me you gave me a warm fuzzy feeling. i hate to tell you this, but my "rant" was about "people" who won't pay their bills and then sue because a CA/OC did something wrong - doesn't matter if it was on accident or on purpose. i said nothing about those who don't pay/don't sue or those who do pay - only about those who stiff & sue. *IF YOU MAKE IT RIGHT W/A CREDITOR YOU ARE ENTITLED TO SUE* please make sure to quote me correctly when bashing me, so that those i described know i'm talkin' about them
Re: Re: Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for man, jr. you just gave me goosebumps, lol. you had me thinking....if i just had a few extra thousand bucks laying around... but then, DH snapped me back to reality. He said that not everyone would jump at the chance to pay (even a minimal fee) for deletion, because a lot (probably most) of these people have no idea about credit repair, or the benefit of having even one neg TL removed. Most of these people probably have multiple collections too, so offering to delete one (out of say, 15 or 20) wouldnt sound like that great of a deal. but heck, if I had a collector call me and offer to settle for 50% and deletion, I'd be ALL OVER IT. Well, after I haggled him down to about 30%, lol. darn you. you almost had me thinking i wanted to be a collector. ewww.
Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: wonder what % chargeoffs sell for So is this why EQISUX wont delete a paid collection even tho the OC tells them to?
: Re: wonder what % chargeoffs sell for not everyone would jump at the chance to pay (even a minimal fee) for deletion, because a lot (probably most) of these people have no idea about credit repair, or the benefit of having even one neg TL removed. Most of these people probably have multiple collections too, so offering to delete one (out of say, 15 or 20) wouldnt sound like that great of a deal. crowmom ================ There outta be a law requiring deletion of paid negs. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
