Re: OK...need some advice here

Posted by Collection Queens (172.130.15.110) on February 29, 2004 at 20:48:14:

In Reply to: OK...need some advice here posted by AKCSpaniels on February 29, 2004 at 18:08:43:

Yes, you've paraphrased the collection industry quite accurately.

Since your accounts are out of SOL, they don't even sell for the few pennies on the dollar that in statute debt sells for. Out of SOL is about a half cent on the dollar. Why pay? I don't have a good answer for that. Some people pay to get a mortgage. Some people pay because they don't know any better. Some people pay out of some convoluted moral ideal that they created a debt, therefore it must be paid even if it is not paid to the entity they owed. Some people pay just to stop the harassing phone calls.

The reason the accounts sell so cheaply is that not a whole lot of people do pay at this point for the sound economic and financial reasons that you've mentioned. It doesn't do you any good to pay, and your original creditors have long since written the account off and walked away from it. Original creditors have no patience for bad debt. They'd rather take the tax write-off and sweep the accounts out the door for a few pennies on the dollar if they can't immediately collect, and there is no prospect of getting anything in a lawsuit. The collection industry simply exists as a gigantic welfare agency feeding the collection industry. Some people promote the notion that you shouldn't support these welfare clients so as to force them to get off the phones and get productive jobs. In other words, you'd actually help the economy by NOT paying these collection queens and spending the money on goods and services that give productive Americans jobs.

And this doesn't even begin to touch on the foreign ownership interests and connections that collection agencies have. We could spend days discussing the tangled interwoven subsidiaries of subsidiaries leading the money out of the country. I will state flat out that it is the patriotic duty of all good Americans to NOT pay collection agencies.

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