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Re: Scavenger Debt Collectors pt 2


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Posted by observer (205.188.208.41) on July 06, 2003 at 09:51:57:

In Reply to: Scavenger Debt Collectors pt 2 posted by A Tutorial on July 06, 2003 at 02:23:20:

Let me point out exactly what banks chargeoff. When you default, your interest is jacked to default levels 25% or higher and your account is accessed late fees and over the limit fees. All of this is money the banks capital was never at risk over yet, they writeoff the sum total. In other words, say you default over a $1000. By the time the bank chargesoff the debt, the amount is likely $1300 or more even though they never committed funds that allowed you to spend this additional amount. In other words, in this case the bank juiced the writeoff amount by 30% or so while never risking any additional capital.

BTW Why Chat, wasn't one of those terrorist arrested in Buffalo last year employed by a collection agency? That would be a tremendous way to gain info to manufacture false ID's.


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