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Re: Do I have a leg to stand on?


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Posted by jon (130.158.65.240) on March 11, 2004 at 23:44:40:

In Reply to: Do I have a leg to stand on? posted by mes1 on March 11, 2004 at 19:56:20:

The problem is that you settled with one CA. When you do this type thing you can’t settle with anyone. You really have to be firm and not pay anybody and fight them all totally in court or just BK it all. If they see you settling with anyone, their greed overwhelms them and they’ll sue.

The entire process has many elements of “Game Theory.” It’s partly Tragedy of the Commons, and partly Prisoner’s Dilemma. Unless you are able to reach a settlement figure with all agencies simultaneously, there will always be a Greedy agency that wants it all and refuses to settle for a discount. Their own greed makes it imperative to NEVER settle with any of them unless you can settle with all at the same time. And that’s just about impossible, so they all have to get nothing or else someone’s going to sue.

For example, you have the money to settle with everyone for 50%. Guess what? Some of them are always going to get greedy and want it all. You have to give everyone nothing. It’s just collectors’ natures to be greedy, so that is the only way to deal with collection agencies. Pay them nothing ever.

As a side note, the fact that Citibank sold your within SOL account to a debt buyer for under 5 cents on the dollar is evidence that they never thought they would collect anything by suing you or that you would BK it all along.

Best bet in court if you can’t get a lawyer is to make them come up with all charges and accounting for the balance as well as your original signed contract with the terms clearly stated that they could assign this account with documentation from Citibank showing that this pennies on the dollar debt buyer has legal standing to sue. You’d hate to see them get a $6000 judgment on an account these ciphers paid around $200 for.



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