Complaint Review: CAMCO

Jenny from SENECA had me laughing when she talked about the morality of paying back a debt. First of all the morality in paying back a debt is only applicable if it was a lawful debt to start with. Just becuase a person signs a piece of paper does not make something lawful. If there was coercion, if there was misrepresentation of material facts (The dealer quotes you a rate upon signing the papers and it turns out there is a different finance rate for one). Before you sign the papers, the dealer and the finance company are supposed to inform consumer of the finance rate. If a consumer is quoted at signing a finance rate of 7% but is instead given a finance rate of 17%, then you have fraud and an invalid contract.

Secondly, a contract is morally obligated as long as there is a presumption of good faith on both sides. If a consumer sends in payments by check and the company consistently raids her back account for additional payments above the amount authorized or two or three payments in one mouth, one side loses faith and you are not dealing with an honest business man, but a loan shark.

Now for collection agencies. THe morality of them. The Bible tells us that no one should charge interest above and beyond the loan. Did you know that. The state maintains that a person or a business is entitled to a reasonable profit, a return on investment. The state says anything above a reasonable return of interest on a loan is usurious and makes it impossible for people to pay. The typical collection company buys a loan for 2 to 3 cents on the dollar and expects to turn over a 98-150% profit on that loan. If a bank did that, it would be called illegal and usurious. If a private individual did that and used the tactics that many collection agencies use, it would be called loan sharking and extortion.

From a moral standpoint, no one is required to honor a contract with with a loan shark or an individual or company who makes it impossible for a person to honor that loan.

Your attitude is appalling to me. Living in the North Country, there are hundreds of people who are going belly up and losing their homes, their livelihoods and their life savings because businesses are closing up here and they cannot find work. I see families who once were making good money now having to stand in food lines. This is all over the country. Times are hard all ove. These are ordinary people who have always paid their bills and have always done what is right but only to come upon hard times. It is humiliating for them to lose everything. Their pride and self esteem are already at an all time low and then they get stuck having to deal with nasty bill collectors who threaten them, call them dead beats, look their noses down on them because they for the first time in their life cannot pay their bills. And it is certainly not for a lack of trying, nor for a lack of integrity. The number of consumers who are true deadbeats, who simply will not pay the bills is very low. The majority of people who default on their mortgages and loans are ordinary families who get laid off from work or who encounter medical problems. It is called life.

Then when the bank forecloses on their homes, charge off the debt and sell this debt to the scavengers (hence, you) who purchase the shattered dreams and hopes of other peoples life for pennies on the dollars, then the person is hounded into credit hell by the carpetbaggers.

Please loan sharker, don't talk to me about morality.

Call your bank and have them put an ACH lock on your checking account. I believe CAMCO will put those 2 ACH transactions through as they have nothing to lose by doing so. If they somehow manage to get them processed then you must have your bank reverse them. You actually have up to 60 days to do this but I wouldn't wait at all. The bank must be able to provide a written authorization or a legitimate voice recording of your authorization. I doubt they have either.

Dear Jenny,

Apparently you must not have a life yourself if you state time is spent on the internet instead of meeting obligations. Well you may want to take the time out to actually go to school and read. Because as I stated previously, my husband did not acknowledge this debt because he did not know of such a debt, he was advised first it was GE Capital, then some type of funiture account. If they are collecting on a true debt they would know the orginal debt itself. Secondly I do work in collections but I do not handle credit cards anymore or any other type of revolving debt. I instead work for a vehicle finance company so thing are just a little different but all you need to do is apply some common knowledge and common sense to know your rights. So Jenny, I hope that you do take the time to get an education.

P.S. I also forgot to mention to you that I am currently studying to be a lawyer and if you knew anything about what it takes to become a lawyer and the courses that are needed Business Law, Contracts and Torts, and there are several other classes that one must take in order to fufill the requirements for the degree, and I have YET to encounter any cases that you speak of. This is not to say that I know all but it is just to give you a little bit of a background you uneducated backwoods girl.

Jenny from Senic, Ca. You state that there have been court cases that have proved debt does not expire. Perhaps you can englighten us by providing these cases. In a sense, you are correct saying debt doesn't expire, it will always be there, but the fact of the matter is, the debt had been written off. I anxiously await your samples of court cases which prove your point.

I would like say that debt does not go away. I will not go away until the debt is paid. It is extemely sad that the way that people believe that because it is no longer showing on a credit report or they cant be sued they dont have to pay. It all comes down to we have a moral obligation to pay our debts from yesterday or from 100years ago. There have been several court cases that have proved debt does not expire its not a piece of meat that goes bad after awhile so you have to throw it away. Furthermore every person should pull a credit report on the person they are going to marry because bottom line you marry someone,you marry there debts. Whats a cease and desist letter going to do? Only stop the calls and letters from this one company they're just going to sell it to the next agency who will start calling to only differnce will be at that time it might be larger because of interest. It ridiculous that we spend more time on the internet complaining about our responsibilities that we didn't take care of than we did spending the money.