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| Advanced Credit Repair - Dealing with Collection Agencies Collection Agencies Dunning you? Are they complying with the FDCPA and or the FCRA? IF they are not, they could be liable for up to $1000.00 to you! This is the forum to educate and protect the rights afforded to you under the FDCPA and the FCRA. Legal aspects of credit restoration will be found in this forum. MEMBERS CAN POST ANONYMOUS QUESTIONS... |
01-18-2008, 12:23 PM
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#1 (permalink)
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Elite Member
Join Date: Jul 2006
Posts: 1,114
Casino Cash: $428245
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.0175 cents!
Hey Guys
Maybe we should form a group and buy the debts... We then can collect a very small amount nicely and legally and still make money an help also : )
01/08/08
Contact Name
Ryan Evans
Company Name
PCM
Contact Email
RyanEvans@aol.com
Contact Phone
1 (800) 314-6408 Ext 112
Principal Value
$767,440.00
Number of Accounts
364
Average Account Balance
$2,108.00
Charge-off Date
2005
Offered By
Agency
Product Types
Other
Placement Level
3 Agencies
Location of Accounts
TX
Media Available
Yes
Comments:
This is a Student Credit Card Portfolio. All accounts are visa credit cards issued to college students. Since the cards were issued to "students" the debtors are generally young with an average age of around 22 yrs old. The accounts are very collectable. We are asking .0175 cents for quick sale. All of the accounts are located in TX. The chain of title is short, clean and provided on disc. First come first serve! Call us for more info: 1-800-314-6408 Ext 112 |
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01-19-2008, 09:46 PM
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#2 (permalink)
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Member
Join Date: Oct 2007
Posts: 63
Casino Cash: $340700
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How much are debts usually sold for. Anywhere to actually look this up. How can a collector charge the full amount, if they pay pennies on the dollar, Is this legal.
Ian
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01-19-2008, 09:59 PM
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#3 (permalink)
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Elite Member
Join Date: Jul 2006
Posts: 1,114
Casino Cash: $428245
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Quote:
Originally Posted by cprems
How much are debts usually sold for. Anywhere to actually look this up. How can a collector charge the full amount, if they pay pennies on the dollar, Is this legal.
Ian
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They usually pay cents on the dollar. The do this as they are gamblers and buy tons of accounts, some in SOL some not, some legit, some not.
That is why I will NEVER pay a JDB ,much if anything,,preferring to go to court. So far I have won all my cases, but I am sure there will be a first time.
A lawyer friend of mine who knows NOTHING about JDB's could not believe I settled with a JDB, that was suing me for 20K for 1K.He was floored.HAHAHHA
For me it was worth it as I had bigger fish to fry and just did not have the time to keep on with them.
As I am sure you know it takes a LOT of time going pro se. : ) |
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01-19-2008, 10:22 PM
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#4 (permalink)
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Elite Member
Join Date: Nov 2004
Location: The Republic of Texas
Posts: 2,928
Casino Cash: $381429
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Quote:
Originally Posted by cprems
How can a collector charge the full amount, if they pay pennies on the dollar, Is this legal.
Ian
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Absolutely legal. |
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01-19-2008, 10:25 PM
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#5 (permalink)
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Administrator
Join Date: May 2006
Posts: 2,198
Casino Cash: $901050
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Yes it is legal.
__________________
It is better to keep your mouth shut and appear stupid than to open it and remove all doubt. - Mark Twain
The information and materials in this document are provided for general information purposes only and are not intended to constitute legal, accounting or tax advice or opinions on any specific matters. Laws and regulations change frequently and their application can vary widely based upon the specific facts and circumstances involved. You are responsible for the applicability and accuracy of Information as it relates to your specific situation.
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01-19-2008, 10:28 PM
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#6 (permalink)
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Administrator
Join Date: May 2006
Posts: 2,198
Casino Cash: $901050
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Assuming all accounts are good, you would need to collect an average of $36/account to make your money back.
But being in TX I would not touch it.
__________________
It is better to keep your mouth shut and appear stupid than to open it and remove all doubt. - Mark Twain
The information and materials in this document are provided for general information purposes only and are not intended to constitute legal, accounting or tax advice or opinions on any specific matters. Laws and regulations change frequently and their application can vary widely based upon the specific facts and circumstances involved. You are responsible for the applicability and accuracy of Information as it relates to your specific situation.
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01-20-2008, 12:20 AM
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#7 (permalink)
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HONORED GUEST
Join Date: Nov 2006
Posts: 260
Casino Cash: $513700
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What I was thinking . . . you can't recoup anything in TX.
__________________
http://www.apexcreditservices.com
No part of the post above or anything posted by us herein is to be considered legal advice. If you seek legal advice, contact a licensed attorney within your jurisdiction. No part of our website link, including clicking upon it, constitutes an offer of any kind or an advertisement to seek an agreement of any kind. Its placement here is for informational purposes exclusively.
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01-20-2008, 01:08 AM
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#8 (permalink)
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Administrator
Join Date: Nov 2004
Location: Greater DC area
Posts: 7,216
Casino Cash: $1160789
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That's why it's so cheap. You may sucker a few people into paying, but most of it will never be collected.
__________________
The answer is 42!!
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01-20-2008, 10:28 AM
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#9 (permalink)
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Member
Join Date: Oct 2007
Posts: 63
Casino Cash: $340700
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Quote:
Originally Posted by apexcrsrvc
What I was thinking . . . you can't recoup anything in TX.
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Ok you have my curiosity, why can you not collect in TX. Is there a law of some sort in place. I live in Texas and am just curious. I so far have read ALL the threads going back to page 21 and am learning as I read. This site is by FAR the best site I have found that is truly consumer friendly and offers very good information. I wish I would have known about this site 18 months ago, when we were being verbally abused by Citifinancial.
Ian |
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01-20-2008, 11:52 AM
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#10 (permalink)
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Elite Member
Join Date: Nov 2004
Location: The Republic of Texas
Posts: 2,928
Casino Cash: $381429
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Quote:
Originally Posted by cprems
Ok you have my curiosity, why can you not collect in TX. Is there a law of some sort in place. I live in Texas and am just curious.
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Texas version of FDCPA treats collectors and original creditors the same in some cases.
You can dispute at any time and they have to follow certain rules.
No wage garnishment, although they can go after your bank account if they can find it.
Personal property exemptions are very good.
4 year SOL on all debts.
Collector cannot sue in small claims court.
Collector must be bonded to collect.
I'm probably forgetting some, but overall consumer friendly compare to some other states.
Last edited by Pale Rider; 01-20-2008 at 11:55 AM.
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01-20-2008, 11:54 AM
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#11 (permalink)
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Elite Member
Join Date: Nov 2004
Location: The Republic of Texas
Posts: 2,928
Casino Cash: $381429
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