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Old 04-08-2009, 05:39 PM
 
Location: San Jose, CA
7,688 posts, read 26,898,995 times
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Quote:
Originally Posted by Thatguywho View Post
With all these short sales, forgiven or diluted debt, selling off of millions of contracts to dozens of companies, and potential for lost, misplaced, or ignored payments and payoffs......

it might be time to think about how to protect yourself, if you can, from a criminal debt collector for the next 10 to 20 years (yes, decades.)

Although something falls off your report, it does not go away and there is no time limit for that old debt. They will come.
After 7 years all they can do is try. Nothing will wind up on your credit report if you don't acknowledge it.
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Old 04-10-2009, 03:52 AM
 
242 posts, read 686,837 times
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Quote:
Originally Posted by scuba steve View Post
You don't need to provide the evidence. Send the credit bureaus a request for validation letter (creditboards.com is your greatest resource here) and it'll be gone since there will be none. Do NOT under any circumstances communicate with the debt collector.
whether it is on your credit report or not makes no difference on whether you owe it or whether they can come after you.
Criminal debt collectors seldom use the report to scare you, they just want the money you do not even owe.
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Old 04-10-2009, 06:48 AM
 
5,765 posts, read 10,760,836 times
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One technique that seems to work for people is to say some version of the following as soon as you recognize the call as a debt collection demand:

Please note that this call is being digitally recorded, and may be used as evidence in a lawsuit against your company or you personally for violations under the Fair Debt Collection Practices Act and other federal and state acts, and may be forwarded to state or federal law enforcement agencies, media agencies, or republished on the internet or in other formats.

A lot of the phone-level debt collection folks get freaked out by that little monologue, and either back down or quit calling altogether.
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Old 04-10-2009, 11:10 AM
 
Location: Charleston, SC
5,615 posts, read 13,509,984 times
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Quote:
Originally Posted by Thatguywho View Post
whether it is on your credit report or not makes no difference on whether you owe it or whether they can come after you.
Criminal debt collectors seldom use the report to scare you, they just want the money you do not even owe.
If it's not legitimate, drag them in for violating the Fair Debt Collection Protection Act. They owe you $1,000 + any actual damages + attorney fees. The more people are educated, the less they can be bullied around.

http://www.ftc.gov/bcp/edu/pubs/cons...edit/cre27.pdf
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Old 04-10-2009, 11:48 AM
 
242 posts, read 686,837 times
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Quote:
Originally Posted by scuba steve View Post
If it's not legitimate, drag them in for violating the Fair Debt Collection Protection Act. They owe you $1,000 + any actual damages + attorney fees. The more people are educated, the less they can be bullied around.

http://www.ftc.gov/bcp/edu/pubs/cons...edit/cre27.pdf

good luck with that...and the LLC you spend all that time with will just go under or not pay...and their sisters will come after you.

Although there appears to be laws to protect consumers in debt, the reality is far from that and that has allowed these criminal debt collectors to thrive (as evidenced by the links provided earlier in this thread to news stories).
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Old 10-01-2009, 05:29 PM
 
242 posts, read 686,837 times
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update:

I know many dislike my writings, but I think it deserves a second look. This is just the beginning of bad debt collecting.....

Cuomo targets more debt collectors for threatening consumers
Legislative Gazette

Quote:
The debt collectors had allegedly coerced consumers to pay off debts by posing as law enforcement officials and threatening consumers.
Quote:
Boyland’s employees allegedly posed as law enforcement officials and threatened consumers with jail time, even though many of the debt claims were either nonexistent or already resolved. Many of the debts had passed the statute of limitations, were dissolved through bankruptcy or were already paid off. Yet consumers nationwide still paid thousands of un-owed dollars to Boyland’s companies.
Quote:
Boyland, along with three other individuals, ran four debt collection companies throughout Western New York. They operated under several names including Final Claims Asset Locators, Portfolio Asset Insurance and Central Resource Management.
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Old 10-01-2009, 05:48 PM
 
975 posts, read 1,630,937 times
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You might be onto something.

I know a lawyer who was talking to a bank (can't remember wich one, but a major bank) a few months ago about working out a deal to essentially start a collection company going after people who foreclosed on their house for the deficiency judgement. Apparently these judgents are automatically granted as part of the foreclouse process in many courts just as a matter of the process.

Normally banks don't persue these things because usually once a person gets to foreclosure they're broke from trying to save the house. However, with so many foreclosures and the presumption that a lot of people with assets have chosen to walk away I can see why this might actually become a decent business.
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Old 10-02-2009, 01:22 PM
 
Location: Tampa (by way of Omaha)
14,172 posts, read 20,503,842 times
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Anyone who smacks down debt collectors is a friend of mine.
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Old 10-07-2009, 11:03 AM
 
45 posts, read 85,756 times
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Solution: Debtors should clear out all debt and call it paid and start over again.
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Old 10-07-2009, 11:16 AM
 
14,256 posts, read 16,251,736 times
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Quote:
Originally Posted by Traderx View Post
You might be onto something.

I know a lawyer who was talking to a bank (can't remember wich one, but a major bank) a few months ago about working out a deal to essentially start a collection company going after people who foreclosed on their house for the deficiency judgement. Apparently these judgents are automatically granted as part of the foreclouse process in many courts just as a matter of the process.

Normally banks don't persue these things because usually once a person gets to foreclosure they're broke from trying to save the house. However, with so many foreclosures and the presumption that a lot of people with assets have chosen to walk away I can see why this might actually become a decent business.
Interesting. I wonder how many foreclosures were on second homes or investment properties where the owner has other assets which could be tapped.
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