Post: #1

At some point ,you may be faced with dealing with a scum of the earth debt collector. Rather than being harangued via mail and phone calls , there are some simple things you can do to reduce the debt, or ,get out of the debt all together. If your credit is of no use to you , then none of the intel below would be effective.

Statute of limitations: There are some myths and truths about the statute of limitations , so it's crucial to know the lender's legal claim to sue you in each state.

1. Each state has different laws as to their statute limitations to collect on any particular type of account given to you . Some, are more than 7, some are less ,so it is important that you don't make the mistake of going to court with that in your head. The statute starts when the account is charged off . Each bank has different guidelines as to when to charge off an account, but it's usually between 180-240 days, some do it in as little as 90 days.

Let's say that the statute is 7 years(everyone seems to quote 7 ,as the fixed number)and it has expired, how do you deal with this? Well, if all else fails and you cant settle the debt, you go to court. Here's how this works for you:
If you are being sued by a lender or collection company,(which you still can be even if the statute has run out) and you don't show up to court, then an automatic default judgment is issued, you lose. Now, if you showed up ,and the statute indeed had expired, that would be called a dismissal. You are released from the debt. Give em a courtesy call to say "fuck you".

2. Dealing with the collection agency: There are two types of collection agencies: those that are contracted,(in-house,outsourced) and those that buy debt in the secondary market(Great business at one time).

Here is how this works in your favor:

Once the debt is charged off, you really do have more options. When a lender contracts with a slum-shop, there is always a 25-30% fee that the bank has to eat when the account is collected. That fee is passed on to you. There is also interest that is still accruing on the account. Plus, there are phantom charges that you would never get anyone to explain to you. You have to work backwards as opposed to the current balance to get the right amount you want to pay. The common rule is to figure out how much the account was when it was charged off by the original lender. Eg: you owed 1000(charged off amount)+250(placement fee)+8% (accrued interest)+ Phantom fees such as late fees, administrations fees, office party fees, you name it. You want to focus on the charged off amount per the date of charge off, plus the interest. This is where you negotiate from. This is where they will negotiate as well. Now most contracted agencies will take 40-70% on the dollar to settle . You are essentially trying to settle on the amount that was charged off as opposed to the amount after it was placed. The reason the bank will settle with you is tricky. Lets say they settle with you for 500.00 on your 1000.00 charge off. The remaining 500+interest is then sent to the IRS as a write off, that you are responsible for. Smart fucks. They really didn't lose anything. Make sure you get the interest waived in writing. This is why they never want to talk to you , and would rather have you deal with the agency instead.

Outside agency(third party collections) :

Believe it or not, this is even better. Here is how:

When a collection buys paper from a lender or collection market pool, they pay pennies on the dollar for your account. Most people don't know this and think that a 5,000 dollar charge off, is really 5000.00.

Here is the inside stuff:The facts are that the highest amount that was paid for you account was maybe 10 cents on the dollar and that is high. You would only expect that if your account was a fresh charge off(180-240). This is called prime paper. If your account is old, (3-5 years) and nearing the statute ,it may be as low as 2-3 cents on the dollar. This is called secondary paper ,and may have been placed 2-3 times with agencies. So at tops (10 cents on the dollar),you're account is really worth 500.00 , so anything over that, is profit for the agency. This is worth knowing because the idea of taking you to court is not really what they want, since that would eat up the profits. Imagine if you only paid 1000 on a 5 k account. That is a handsome profit for the agency and they know it. This is heavy info that they would prefer the general public not having any knowledge of. Let's say you didn't have the 1k to pay in full, well that would sound like the deal would be a non -starter. Not true. Most of them will break it up into 2 payments or so, maybe 3 if you are lucky.

Get it in writing: So you have struck the deal but what does that mean?

Here ares some things you absolutely have to have from the agency prior to sending funds via certified mail, return receipt requested. A letter confirming the debt, and the amount agreed to, for settlement. A letter stating that all three credit reporting agencies will receive a correction (no later than 30 days after paying the account)on your credit the correction should read :paid charge off/settle in full. All communications will cease and information will be reported to original creditor. This is important in case the account has been recalled , or sold to another slum fuck.

You can even deal with student loans that have fallen into deep default, the same way. One catch though, Student loans that are federal have no statutes. Don't call them , volunteering information unless you are ready to do a deal. You will be garnished, and your tax refund confiscated.

FICO : Paying off a charged off account really doesn't help your FICO score, but what it will do is allow other lenders to see that you are willing to do the right thing.

For the forum brothers.

Post: #2

Good info.

I used Lexington Law Firm to clean my shit up.

It was $99 or something to sign up, and then $50 a month.

They have an automated system that sends out dispute letters.

Cleaned my credit up nicely.

Post: #3

You know, this is all interesting information and stuff, but here's the thing.

Why put yourself in this position to begin with? Live within your means. Don't go into debt (unless it is to buy a house).

And then there's the moral issue. If you borrow money, shouldn't you pay it back? In full? Or is all about gaming the system?

I run a business. Clients owe me money for work I have done. I expect to be paid in full. I also expect to pay others in full.

This set of mutual expectations keeps an economy going efficiently.

Bankruptcy should be a last resort for people whose circumstances have changed dramatically, and those changes have been out of their control. It should be rare.

But not in today's consumer driven society. Buy now pay later. Or don't pay at all. It's another thread pulled on the social fabric to slowly tear it apart.

Post: #4

(11-19-2011 12:15 PM)tenderman100 Wrote:  You know, this is all interesting information and stuff, but here's the thing.

Why put yourself in this position to begin with? Live within your means. Don't go into debt (unless it is to buy a house).

And then there's the moral issue. If you borrow money, shouldn't you pay it back? In full? Or is all about gaming the system?

Not everyone lives in a perfect world. We can't all be Tenderman 100. The post is meant for people to know how to deal with paying their debt, not whether or not they are irresponsible. I could care less who lives within their means. We have enough pontiffs in the world as it is.

Post: #5

(11-19-2011 12:54 PM)Pusscrook Wrote:  Not everyone lives in a perfect world. We can't all be Tenderman 100. The post is meant for people to know how to deal with paying their debt, not whether or not they are irresponsible. I could care less who lives within their means. We have enough pontiffs in the world as it is.

It's not about a perfect world...it's about a principled world.

The fact that you don't care who lives within their means (or, presumably, not) speaks volumes.

Post: #6

(11-19-2011 01:00 PM)tenderman100 Wrote:  

(11-19-2011 12:54 PM)Pusscrook Wrote:  Not everyone lives in a perfect world. We can't all be Tenderman 100. The post is meant for people to know how to deal with paying their debt, not whether or not they are irresponsible. I could care less who lives within their means. We have enough pontiffs in the world as it is.

It's not about a perfect world...it's about a principled world.

The fact that you don't care who lives within their means (or, presumably, not) speaks volumes.

I understand how you feel. Every loop hole I can find that is legal and save any person in here some money, I will post each and every day, and you can heave until you spit up your lungs or any other organ that decides to come up while you try to justify it in your head.. I don't care. Keep checking in.

Post: #7

(11-19-2011 01:08 PM)Pusscrook Wrote:  I understand how you feel. Every loop hole I can find that is legal and save any person in here some money, I will post each and every day, and you can heave until you spit up your lungs or any other organ that decides to come up while you try to justify it in your head.. I don't care. Keep checking in.

I look forward to the thread you start here that day when someone who owes YOU money has found a legal loophole to avoid paying YOU back and leaves YOU in the lurch.

Post: #8

(11-19-2011 01:22 PM)tenderman100 Wrote:  

(11-19-2011 01:08 PM)Pusscrook Wrote:  I understand how you feel. Every loop hole I can find that is legal and save any person in here some money, I will post each and every day, and you can heave until you spit up your lungs or any other organ that decides to come up while you try to justify it in your head.. I don't care. Keep checking in.

I look forward to the thread you start here that day when someone who owes YOU money has found a legal loophole to avoid paying YOU back and leaves YOU in the lurch.

Heheheh.."YOU" , "YOU", "YOU", don't tense up just yet. There is more to come. Maybe you will write your congressman/woman and tell them someone with the moniker" Pusscrook" is passing information to fellow forum members as to how to deal with debt. After that, get a bucket ,come back to this thread, (you might feel like a dog that returns to vomit), and eat more of this, that I will post. That you can look forward to.

Post: #9

(11-19-2011 01:30 PM)Pusscrook Wrote:  Heheheh.."YOU" , "YOU", "YOU", don't tense up just yet. There is more to come. Maybe you will write your congressman/woman and tell them someone with the moniker" Pusscrook" is passing information to fellow forum members as to how to deal with debt. After that, get a bucket ,come back to this thread, (you might feel like a dog that returns to vomit), and eat more of this, that I will post. That you can look forward to.

Dog returns to its vomit. Nice.

Just so we're clear, I don't snitch to anybody with real power, except to Roosh, which I am about to do right now.

Post away, be my guest.

Post: #10

(11-19-2011 01:22 PM)tenderman100 Wrote:  I look forward to the thread you start here that day when someone who owes YOU money has found a legal loophole to avoid paying YOU back and leaves YOU in the lurch.

It's part of doing business. I don't see why this is getting personal. You don't think these companies are not making a shit load of money?

I lose money from people that claim their credit card was stolen. No reason to get upset. I just continue to take my business in the direction it needs to be taken.

Besides, some of these debt collection companies are some of the shadiest assholes on the planet.

Post: #11

Pusscrock is helping and tenderman is hating. No one needs your santimonious bullshit.

Post: #12

(11-19-2011 07:03 PM)worldwidetraveler Wrote:  It's part of doing business. I don't see why this is getting personal. You don't think these companies are not making a shit load of money?

I lose money from people that claim their credit card was stolen. No reason to get upset. I just continue to take my business in the direction it needs to be taken.

Besides, some of these debt collection companies are some of the shadiest assholes on the planet.

Absolutely that's part of doing business. And just so we're clear, I am not upset, even if I am likened to a dog eating its own vomit. I've been called worse things, especially by lizards.

I just find it distasteful that people run up their debts, spend wildly, and then try to use the system to avoid their obligations. And the idea that "hey these companies make a shitload of money" is a rationalization pure and simple, and you know it.

Of course, a person wouldn't be facing the sleazoid debt collection agencies if they hadn't engaged in uncontrolled spending in the first place (assuming, again, they aren't in a tough spot due to circumstances beyond their control).

To continue the animal metaphors, if you throw shit at monkeys, they are going to throw shit right back at ya.

Post: #13

(11-19-2011 06:55 PM)tenderman100 Wrote:  

(11-19-2011 01:30 PM)Pusscrook Wrote:  Heheheh.."YOU" , "YOU", "YOU", don't tense up just yet. There is more to come. Maybe you will write your congressman/woman and tell them someone with the moniker" Pusscrook" is passing information to fellow forum members as to how to deal with debt. After that, get a bucket ,come back to this thread, (you might feel like a dog that returns to vomit), and eat more of this, that I will post. That you can look forward to.

Dog returns to its vomit. Nice.

Just so we're clear, I don't snitch to anybody with real power, except to Roosh, which I am about to do right now.

Post away, be my guest.

Well you did say to post away. Your wish is my command, so sit back and read even more ways to deal with debt. While you plead your case , tape your eyeballs back so they don't fall out of your skull, Sir.

Student loan secret.....

Let's say you went into default from that truck driving/welding school loan you got......

After several years, the original lender will sell your loan, or contract your loan out to agencies for collection. Here is the trick......... Most of these agencies do not have a license to collect on Federal Student loans. When a loan leaves it's place of origination and is sold in the secondary market, it loses it government guarantee, and it becomes a personal debt, as opposed to a federal debt. You can settle on the basis that the loan is no longer a federally insured loan and you cant be sued on the basis of such. If the transfer is sent to an agency that operates under a government guarantee program , the agency must present proof to you that states that the loan has not lost its government guarantee insurance. If they can't , guess what.., you get to settle for pennies on the dollar. These loans are sold day in and day out....

So much more to come so don't pick up your marbles just yet. I'm warming up to your request.

Post: #14

(11-19-2011 08:02 PM)MikeCF Wrote:  Pusscrock is helping and tenderman is hating. No one needs your santimonious bullshit.

Boy, I've really struck a nerve, eh?

Post: #15

(11-19-2011 08:35 PM)Pusscrook Wrote:  Well you did say to post away. Your wish is my command, so sit back and read even more ways to deal with debt. While you plead your case , tape your eyeballs back so they don't fall out of your skull, Sir.

Student loan secret.....

Let's say you went into default from that truck driving/welding school loan you got......

After several years, the original lender will sell your loan, or contract your loan out to agencies for collection. Here is the trick......... Most of these agencies do not have a license to collect on Federal Student loans. When a loan leaves it's place of origination and is sold in the secondary market, it loses it government guarantee, and it becomes a personal debt, as opposed to a federal debt. You can settle on the basis that the loan is no longer a federally insured loan and you cant be sued on the basis of such. If the transfer is sent to an agency that operates under a government guarantee program , the agency must present proof to you that states that the loan has not lost its government guarantee insurance. If they can't , guess what.., you get to settle for pennies on the dollar. These loans are sold day in and day out....

So much more to come so don't pick up your marbles just yet. I'm warming up to your request.

Curious...when you do this -- default, wait for the loan to go into the secondary market -- and then you try and go buy a car...

What happens then?

Post: #16

(11-19-2011 08:35 PM)Pusscrook Wrote:  Well you did say to post away. Your wish is my command, so sit back and read even more ways to deal with debt. While you plead your case , tape your eyeballs back so they don't fall out of your skull, Sir.

Student loan secret.....

Let's say you went into default from that truck driving/welding school loan you got......

After several years, the original lender will sell your loan, or contract your loan out to agencies for collection. Here is the trick......... Most of these agencies do not have a license to collect on Federal Student loans. When a loan leaves it's place of origination and is sold in the secondary market, it loses it government guarantee, and it becomes a personal debt, as opposed to a federal debt. You can settle on the basis that the loan is no longer a federally insured loan and you cant be sued on the basis of such. If the transfer is sent to an agency that operates under a government guarantee program , the agency must present proof to you that states that the loan has not lost its government guarantee insurance. If they can't , guess what.., you get to settle for pennies on the dollar. These loans are sold day in and day out....

So much more to come so don't pick up your marbles just yet. I'm warming up to your request.

Another question. Suppose everybody decides to do this. Walk away from their loans.

What then?

Post: #17

(11-19-2011 08:33 PM)tenderman100 Wrote:  Absolutely that's part of doing business. And just so we're clear, I am not upset, even if I am likened to a dog eating its own vomit. I've been called worse things, especially by lizards.

I just find it distasteful that people run up their debts, spend wildly, and then try to use the system to avoid their obligations. And the idea that "hey these companies make a shitload of money" is a rationalization pure and simple, and you know it.

Of course, a person wouldn't be facing the sleazoid debt collection agencies if they hadn't engaged in uncontrolled spending in the first place (assuming, again, they aren't in a tough spot due to circumstances beyond their control).

To continue the animal metaphors, if you throw shit at monkeys, they are going to throw shit right back at ya.

No more rationalization then fucking another man's wife and saying it is part of the game.

I guess it is easy from some to be a saint about certain aspects in life while rationalizing their behavior, which would make many cringe, in other aspects...

By the way, I have had affairs with wives and in no way judge you for doing the same nor am I going to spout off nonsense about how morally wrong beating debt collection is.

Post: #18

(11-19-2011 08:44 PM)worldwidetraveler Wrote:  No more rationalization then fucking another man's wife and saying it is part of the game.

I guess it is easy from some to be a saint about certain aspects in life while rationalizing their behavior, which would make many cringe, in other aspects...

By the way, I have had affairs with wives and in no way judge you for doing the same nor am I going to spout off nonsense about how morally wrong beating debt collection is.

Nope this is different. Failure to live up to financial obligations affects the entire society. The cost of doing so gets passed off to everyone.

Cuckolding some beta only affects him, and he is a chump.

Post: #19

(11-19-2011 08:51 PM)tenderman100 Wrote:  Nope this is different. Failure to live up to financial obligations affects the entire society. The cost of doing so gets passed off to everyone.

Cuckolding some beta only affects him, and he is a chump.

Maybe some of the companies making loans and giving out credit cards should start doing business more ethically to avoid default. Then again, I am sure most of these institutions have no problem with a particular default percentage and chalks it up to doing business. They end up making more money by pushing the boundaries.

Of course, you can argue all you want but those businesses seem to be doing pretty well. I mean, after a lot of them were bailed out for unethical practices.

Cuckholding also affects the children. I am sure they are acceptable victims as well. It may also lead to divorce where the guy will get raped in divorce court. At that time he will have to default because he can't keep up with all the debt and the spousal support. See, you are adding to the problem more than Pusscrook. Our whole society will crumble because of your cock.

Post: #20

(11-19-2011 08:58 PM)worldwidetraveler Wrote:  See, you are adding to the problem more than Pusscrook. Our whole society will crumble because of your cock.

I knew my cock has some power but not THAT much power.

I'll have to have a talk with it.

Post: #21

(11-19-2011 08:40 PM)tenderman100 Wrote:  

(11-19-2011 08:35 PM)Pusscrook Wrote:  Well you did say to post away. Your wish is my command, so sit back and read even more ways to deal with debt. While you plead your case , tape your eyeballs back so they don't fall out of your skull, Sir.

Student loan secret.....

Let's say you went into default from that truck driving/welding school loan you got......

After several years, the original lender will sell your loan, or contract your loan out to agencies for collection. Here is the trick......... Most of these agencies do not have a license to collect on Federal Student loans. When a loan leaves it's place of origination and is sold in the secondary market, it loses it government guarantee, and it becomes a personal debt, as opposed to a federal debt. You can settle on the basis that the loan is no longer a federally insured loan and you cant be sued on the basis of such. If the transfer is sent to an agency that operates under a government guarantee program , the agency must present proof to you that states that the loan has not lost its government guarantee insurance. If they can't , guess what.., you get to settle for pennies on the dollar. These loans are sold day in and day out....

So much more to come so don't pick up your marbles just yet. I'm warming up to your request.

Curious...when you do this -- default, wait for the loan to go into the secondary market -- and then you try and go buy a car...

What happens then?

As omniscient as you profess to be about finance, and business, pry open your skull and find the answer. It's lodged in their somewhere. Better yet, just walk around in your city. It just might give you a clue.

Post: #22

Just in case you fellas don't think that knowing how to deal with these fuck wads is extremely important, take a look at this article/video just posted today. You probably don't think this exist anymore, but knowledge is power, so don't listen to garbage. Figure out this shit so that it doesn't affect your life.




http://www.huffingtonpost.com/2011/11/22...07524.html

Post: #23

(11-19-2011 08:51 PM)tenderman100 Wrote:  Nope this is different. Failure to live up to financial obligations affects the entire society. The cost of doing so gets passed off to everyone.

Stop shitting on the thread.

If you want to start a morals thread, go ahead. Quote the Ten Commandments. Do your thing.

Just get the fuck off of this one, which is about defeating debt collectors.

Post: #24

Fuck society. Fuck principle. This is business.

Corporations skip out on debts all day long and they'd happily stand by and watch me any my entire family die without lifting a finger if it did not directly benefit them. As a previous poster said, look at the US student loan racket let alone the health care racket. I particularly enjoy it when people talk about waste in health care. Waste? There is no waste. There are only profits for middlemen. What a beautiful racket.

Personally, the only considerations "society" possibly derives from me are illustrated by the answers to the two eternal questions: (1) why should I give a fuck? ; (2) what's in it for me?

I don't know about you but as a white heterosexual male without even the good taste to be gay I feel zero responsibility for either of these nebulous entities called society and principle. So by all means be principled and take it up the shitter if it pleases you or take everything you can and skip while the skipping is good. I'm not going that route but if you can figure out a way to grift the system then good on you.

Like the old Marine said in his "Advice to Young Men from an Old Man," from craigslist in 2007: "If something has a direct benefit to an individual or a class of people, and a theoretical, abstract, or amorphous benefit to everybody else, realize that the proponent's intentions are to benefit the former, not the latter, no matter what bullshit they try to feed you."

Post: #25

Tenderman 100 there are times when people are living within their means and get in to trouble. The majority of bankruptcies are do to illness. So, it is good for people to know how to deal with their debt and how to erase it. While others live beyond their means. Other times life changes, loss of job, birth of a child, getting ill. It is not a wise thing to pass judgement on other people when you don't understand their life circumstances.