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Re: Harold Scherr / Collect America
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Posted by Will
(68.106.21.79) on November 20, 2003 at 19:39:00:
In Reply to: Harold Scherr / Collect America posted by jlypntn on November 20, 2003 at 08:59:49:
Collect America buys recent charge offs from credit card companies. Most of these accounts have been bankruptcy scored to show little chance of “legal” collection. That’s why MBNA doesn’t send them out to Wolpoff and Abramson or sue directly themselves on these accounts. Their models which work like fico scores are used to predict bankruptcies. These are the only accounts they sell to the likes of Collect America for ten or twelve cents on the dollar. Nearly all of these accounts were offered a last chance settlement of 35 cents on the dollar directly from MBNA prior to charge off. Most of Collect America’s collections are due to continuous harassment and “threats” of lawsuits. They make sure that they are the ones people pay first when the end of the month comes around by their scare tactics. If you were worth suing, MBNA would have sued you themselves, rather than take ten cents on the dollar for the account. If a prime card like MBNA, Chase, or Discover sells your account immediately to a debt buyer like Collect America, then they’ve analyzed your finances and determined that a dime from Collect America is better than nothing! And nothing is exactly what you should give Collect America.
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