HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Why Occupy's Plan To Canc... » Reply #52

Response to xchrom (Original post)

Mon Nov 12, 2012, 11:28 AM

52. this works because the debt is worthless

Here is how debt selling works
1) orignal debt company calculates the risk vs reward of trying to collect from a person. Its a very superficial process and they give debt to a collection agency.
2) Collection agency works harder to collect money by running better searches for people, negotiating steeper discounts, etc. The debt they cant collect goes into a "trash pile"
3) the "trash pile" is sold to another agency who refines it even more. They run more data mining (checking person's income, job status, other debt, etc) and the filter for the possible payments to not worth the money.
4) the not worth it is sold for pennies on the dollar and some hard core/ borderline illegal debt collection practices come in. Heck these practices might even come in at step 3 in the trash pile.

The point is that those who forgot they had a last phone bill when the moved, missed a payment on a credit card, or overlooked something or other but have income will pay. Because the threat of bad credit and not getting the next car, next credit card, next vacation time share is real.

Those who sincerely don't have the money are the victims of a much wider problem--the will not be able to pay, their debt will be sold and resold to worse and worse collection agencies, and they will be hounded and abused by those credit agencies.

That is the debt OWS will buy-not because they have some amazing filtering system but because the SYSTEM has already filter for the probability that these debts will take more "work" to collect and will be less likely to pay.

OWS is stopping the scum of the debt collection world from their continued harassment of those already down from debt, loss, hunger, etc. They are not buying debt from the worker earning $250k and deciding he is too good to bay on his lexus.

So those of you who think this is going to ruin the credit industry, nope (that has already been done by these bottom feeders). THose of you who think "these deadbeats should have paid" well yes 4 years ago. But these debts are 4-5 years old and the original loaner is no longer in the picture or getting any money for it. They already took their corporate loss and obtained a tax break but the debtor is being harassed (most times illegally) for something years old that the person cannot pay.

its an amazing thing once you get out of the mindset that the collection agencies are the "good guys" because once you get past the first level (and sometimes even at the first level) collections is a sick twisted game of say what you can to get the money.

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 71 replies Author Time Post
xchrom Nov 2012 OP
Live and Learn Nov 2012 #1
SickOfTheOnePct Nov 2012 #3
djean111 Nov 2012 #6
SickOfTheOnePct Nov 2012 #8
Live and Learn Nov 2012 #12
SickOfTheOnePct Nov 2012 #14
Live and Learn Nov 2012 #16
wickerwoman Nov 2012 #65
liberal N proud Nov 2012 #2
closeupready Nov 2012 #27
litlbilly Nov 2012 #54
99Forever Nov 2012 #4
xchrom Nov 2012 #5
Live and Learn Nov 2012 #7
99Forever Nov 2012 #9
randome Nov 2012 #15
Live and Learn Nov 2012 #17
randome Nov 2012 #20
Live and Learn Nov 2012 #21
randome Nov 2012 #22
Live and Learn Nov 2012 #23
randome Nov 2012 #24
99Forever Nov 2012 #26
randome Nov 2012 #28
Live and Learn Nov 2012 #33
randome Nov 2012 #36
99Forever Nov 2012 #37
Hissyspit Nov 2012 #44
tama Nov 2012 #48
Le Taz Hot Nov 2012 #19
blackspade Nov 2012 #46
marmar Nov 2012 #10
xchrom Nov 2012 #11
WorseBeforeBetter Nov 2012 #34
aikoaiko Nov 2012 #13
Coyotl Nov 2012 #18
Live and Learn Nov 2012 #25
Coyotl Nov 2012 #56
Live and Learn Nov 2012 #58
starroute Nov 2012 #29
randome Nov 2012 #30
xchrom Nov 2012 #32
randome Nov 2012 #35
Live and Learn Nov 2012 #38
Hissyspit Nov 2012 #45
randome Nov 2012 #55
vanlassie Nov 2012 #60
randome Nov 2012 #62
tama Nov 2012 #51
Live and Learn Nov 2012 #39
Live and Learn Nov 2012 #40
blackspade Nov 2012 #49
WaitWut Nov 2012 #31
Live and Learn Nov 2012 #41
4th law of robotics Nov 2012 #42
caraher Nov 2012 #43
Howler Nov 2012 #47
DaveJ Nov 2012 #50
LineReply this works because the debt is worthless
MsUnderstood Nov 2012 #52
DaveJ Nov 2012 #61
CaptJasHook Nov 2012 #53
savannah43 Nov 2012 #57
Live and Learn Nov 2012 #59
BlueMan Votes Nov 2012 #63
DaveJ Nov 2012 #64
jtuck004 Nov 2012 #66
Hell Hath No Fury Nov 2012 #67
jtuck004 Nov 2012 #68
DaveJ Nov 2012 #69
jtuck004 Nov 2012 #71
Blue_Tires Nov 2012 #70
Please login to view edit histories.