Re: Re :KELLY

Posted by Paul (216.127.82.98) on May 12, 2004 at 15:55:47:

In Reply to: Re: Re :KELLY posted by JKelly on May 12, 2004 at 11:30:03:

Hey JK, some information on First Resolution Management Corporation and their shell US subsidiary First Resolution Investment (actually just a P.O box and phone number in Seattle.)
http://www.firstresolution.com/

They are a garbage debt buying collection agency just like Asset Acceptance. If you read the information posted about Asset Acceptance, then you’ll see they pay around 2 cents on the dollar for their accounts. Even accounts within SOL sell for only 2 cents on the dollar when they are over 2 years old. So if they sued you for a $5000 loss from the Original Creditor 4 years later, then they paid $100 for that account, no matter what they claim the loss was on the legal papers. $5000 is the amount the account charged off at, NOT what they paid for it no matter what they might say. Then they add $5000 in bogus interest and come trying to shake you down for $10,000 on an account they paid $100 for! That is how the junk debt buying business works.

I know it is hard to believe that accounts still within SOL only sell for 2 cents on the dollar, but they do because they are 90+% uncollectible. Nobody pays these people. (or nearly close to nobody, maybe 5 or 6 percent.) Anybody facing a $10,000 lawsuit immediately goes to a lawyer who wipes it out in a BK or fights them in court knowing they have no documentation to win the case. They only ever win default judgments on these garbage accounts. Garbage accounts are defined as any accounts sold to the pennies on the dollar junk debt buyers whether sold immediately at charge off for around 10 cents on the dollar, 2 years after charge off for around 2-3 cents on the dollar, or after the SOL has run when they sell for less than a penny on the dollar.

First Resolution is STILL in business and is advertising in the Help Wanted. Posted April 22, 2004. Contact Namrata Chopra at nchopra@firstresolution.com if interested in a job in collections in British Columbia for First Resolution. http://www.bccallcentre.com/jobsdynamic.cfm

An overview of First Resolution is here http://www.comtronic.com/newsletter/archived_newsletters/2002_09.asp
First Resolution Management Corporation (FRMC) is a privately owned corporation located in Vancouver B.C. and has been in business since 1997. FRMC collects only on U.S. consumer loans and credit card debts. In the greater Vancouver area (approximately 2 million residents), FRMC has access to a wide range of well-trained personnel. FRMC’s extensive FDCPA training of its employees makes it an attractive employment choice in the U.S. debt collection realm. This strategy has worked well for FRMC. … states “over the past five years, they have experienced a growth rate greater than 50% annually and that the Paymaster feature in Debtmaster has greatly increased their ability to expedite payments from debtors”.
One of their addresses
4190 LOUGHEED HWY STE 401
BURNBY BC CANADA V5C 6A8
http://www.dfi.utah.gov/reglistf.htm

But their yellow pages list them at
First Resolution Management Corp
604-878-4000
New Westminster, BC V3L 1A1

That’s a Canadian phone number. These companies routinely move from storefront to storefront, P.O Box to another, and Suite numbers to others. That’s the nature of the business. So we’ve tracked them to Vancouver, Burnby, and New Westminister, British Columbia but be assured they are still out there buying trash accounts for 2 cents on the dollar and funneling funds out of the US to whatever foreign interests they’re involved with.

And they are still suing people in the United States under their First Resolution Investment nomenclature. In this example as an assignee of an assignee. They buy second hand garbage too.
http://www.cobbstatecourtclerk.com/glover.htm

My last bit of information to the poster is that ALL accounts over 2 years old sell for NO more than 2 cents on the dollar even if within SOL. If you make it out of the first 2 year window without being sued, then you should commit yourself to fight vigorously any lawsuits from any of the 2+ year old charge off, 2 cents on the dollar garbage debt buyers. They don’t get much documentation, these accounts are sold repeatedly like children trading baseball cards, and in the absence of your admitting the accounts, they shouldn’t prevail in court if you fight them.
http://nlex.com/html/mresults.html

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