Collections

There is a new thing going around where collection agencies are buying debts not collected by the original agency. where is this generated from, how are they doing it, and do i have an obligation to pay although they are not a party to the original debt?

its legal as the contract is in default the parties have broken faith and now the debt is subject to any collection methoed available under the law but charge cards can sell debts also and outside the home state that way the judgements can be gotten against you where you cant fight them and garnisnments and liens also so thats nasty

The bill itself is student overdraft which I took out in January 2003 the bank sold this to this collection agency (according to them) in 2006. I have so far made no contact, received the letter this morning. I’ve heard some people write on envelope that they’ve moved to get rid off them. Has anyone any experience with these companies and having debts? What would you do?

You will not get rid of them. Took out in 2003, not paid since then sold in 2006, contacted you in 2008, statute of limitations most likely is up and they are trying to collect. First yes read what they wrote, the new thing to do is buy old debts take them to court to see if the consumer is unaware of their rights, or do not show up then get a judgment against them for no show.No be proactive, call and ask for proof that this is owed. Next tell them hey even if it was which it is not what are you doing the statute of limitations has expired, and if they take you to court show up with the same defense. The SOL can only be reset if you make a payment, and the debt can only be listed by the original debtor. Unless you make a payment to the scabs. It will only be on your credit report for 2 more years, and even as it is on there is listed as an old debt. If the collection agency adds it to it they are in violation of the laws.

Even the very rich and famous are struggling to pay their bills in todays awful economy. Both Dr. Phil and Arnold Schwarzenegger get calls from collection agencies due to them not paying their bills, but Dr. Phil thinks that his expertise in the field of psychology could get him out of paying his debt and Arnold believes that since Indian casinos dont pay taxes then neither should he.

Duration : 0:8:30

Read the rest of this entry »

my ratio is 77% over 33%

Step 1 — Add up your total net monthly income. This includes your monthly wages and any overtime, commissions or bonuses that are guaranteed; plus alimony payment received, if applicable. If your income varies, figure the monthly average for the past two years. Include any monies earned from rentals or any other additional income.
Step 2 — Add up your monthly debt obligations. This includes all of your credit card bills, loan and mortgage payments. Make sure to include your monthly rent payments if you rent.
Step 3 — Divide your total monthly debt obligations by your total monthly income. This is your total debt-to-income ratio.
Step 4 — Take action if your ratio is higher than 0.36, which industry professionals would call a score of 36. The lower the better. Any score higher than 36 may cause an increase in the interest rate or the down payment on a loan you apply for.

Hope this helps!

Sorry - I sent this to another section a couple of minutes ago, but I found this one after that seems more relavent…

If a debt agency takes over my debt from another company - do I have the right to say I have no debt with them as I haven’t spoken to them and definately not signed a contract with them? I had a debt with a bank - now an agency seems to have ‘bought it’ from them. Do they legally have the right to claim it from me?
Sorry, forgot to mention… UK law

Unfortunately YES they can .

They purchase the debt(s) from the other company and your debt transfers over to them .

It’s a filthy business to run , IE Buying Debts to make money , But it is completely legal .

http://www.nzdebtcollection.co.nz/free-online-debt-collection-training Free multi-media online debt collection course reveals how to recover your own accounts quickly, painlessly and affordably. Sign up for the free course at http://www.nzdebtcollection.co.nz/free-online-debt-collection-training

Duration : 0:7:36

Read the rest of this entry »

And debt repayment monitored by the courts rather than by debt collection agencies who often use threats and intimidation to recover debts? I have had experience of bailiffs and debt collection agencies due to previous tenants of properties I have lived in and they don’t care who is responsible for the debt as long as they can throw their weight around.

Should there be part of the Council services down to debt collection for all business in the local area, so that innocent people are not targeted?
Filya - I got harassed (including a visit from bailiffs) over a debt from a previous tenant who had nothing to do with me. It’s not my fault either that some people end up in debt, but it was me that got harassed for it

when i had my florist shop i was terrorised by a debt collection agency who said i owed money to yellow pages. as i had an ad in yellow pages i phoned them and checked all was paid up to date. they said yes, everything is fine. they said to ignore the agency. i told the agency this 100 times. i was bombarded with calls and letters until i was scared to go to my shop. i was falling to bits. i gave up the shop eventually because of the stress. but i never ever owed anyone a penny. so yes . debt collection agencies should be stopped.they are legalised terrorists in my opinion

Btonbadger’s quest continues, as he wonders what would happen if he treats the debt collection agency in exactly the way they’ve treated him.

If they can harrass without any legal proof of a debt, then surely he can too?
Maybe they’ll be intimidated enough to pay the non-existant debt… after all that’s how debt collection works isn’t it?

Duration : 0:1:25

Read the rest of this entry »

What’s the difference between me getting a debt collection agency to chase a debt and me doing it myself? Do they have more power (in the UK)?

They have no more power (i’m fairly sure of this), they are just used to doing it day in day out & probably know more about it than you. As in how far to go, etc, sending someone round to the door, this kind of thing. They take a lot of the stress out of it for you. BUT, I know of one friend who had numerous agencies after her for a lot of problems - they did not get one penny from her, CCJ’s from them are the same as from you.
sorry, but depending on the debt size, possibly be prepared to not get a penny. i’ve used them & not got anything even after a ccj was successful!!

hope that helps, & good luck.

Letter from student loan debt collection agency states they will be investigating the person’s financial resources to find the funds to pay the debt. Can they take the money out of the person’s bank account via garnishment in the state of North Carolina, with no court order? What about future social security income-can they take that? thank you

Here’s a list of banks in North Carolina that can help. http://www.banksintheusa.com/North-Carolina-Banks.html