Scavenger Debt Collectors pt 1
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Posted by A Tutorial
(68.106.16.82) on July 06, 2003 at 02:20:40:
Scavenger Debt Collectors A Tutorial http://www.nlex.com/html/mresults.html
http://www.buffalonews.com/editorial/20030629/1011861.asp Throwing back the curtain on the scavenger debt collectors. The above link is to a debt clearinghouse and gives the current market prices of charged off debt. When your credit card account charges off, it is often sold to a third party who then pursues you. They often tell you that they will settle for the fantastic “bargain” of only, say, 50 cents on the dollar. Big Deal! Fresh charge-offs from the Original Creditor sell for no more than 6.5 to 9.5 cents on the dollar. If it’s been a year or longer, they only paid 2, 3, or 4 cents on the dollar for this very same account! Check it out; it will enlighten you. Did you know that your 120 day late but not yet charged off account is only worth 15 cents on the dollar? Out of statute debts sell for less than a penny on the dollar. That’s right folks; they pay less than ten bucks for an account and act like you personally stiffed them for the $1000.00 they try to extort from you! The abject, utter depravity of this industry and its twisted mercenaries knows NO depths. They even offer for sale accounts of deceased people whose estates have already been closed! Seriously, they sell dead people’s accounts on CLOSED estates so that they may torment widows and orphans. They sell debts of accounts in bankruptcy so that they can continue the illegal harassment of folks who don’t know their rights. Avoid paying these parasitical sociopaths. Know your rights. Fight them.
By paying these leeches anything, you only encourage their socially repugnant behavior. If you owe the money and have morality concerns, donate the funds to your favorite charity. If you’re short money, donate what they paid for your account to your favorite charity, you know, basically 2 cents on the dollar. The original party you owed no longer has ANY interest in the debt, and any money paid to a scavenger just goes right into its pocket while further damaging your credit. They bought a rotten fish carcass and are trying to sell it back to you like it’s fresh from the sea; send them packing. Remember this whenever these sponges call acting like you’ve personally picked their pockets. You haven’t. They voluntarily bought your garbage. Don’t reward them for that. Scavenger - a : a garbage collector b : a junk collector
Parasite - something that resembles a biological parasite in dependence on something else for existence or support without making a useful or adequate return
Leech - a hanger-on who seeks advantage or gain
Sponge - stresses the parasitic laziness, dependence, and opportunism of the cadger .
Extort - : to obtain from a person by force, intimidation, or undue or illegal power Sounds like a typical 2 cent on the dollar debt collector to me. Examples of Scavengers-
Sherman Acquisitions
Collect America CACV
Asset Acceptance
CAMCO
Performance Recovery Associates
Part II -
i.Why your original creditor will sell your charge off to a scavenger receiving no more than Ten cents on the dollar MAX, but will never offer you a settlement of less than 35 cents on the dollar even if you’re calling from Bankruptcy Court ready to file.
ii. Why you have no moral obligation to pay a scavenger.
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