Complaint Review: Credit Card Reseller Bobbie Jo Diebold CreditCardReseller.com - Internet

I got to thinking when a collection agency sue you in court over a debt, and the claim that they paid 1000+ for the debt, and file an affidavit of ownership and sale of claim. showing that, this is what they paid for the debt. chance are there filing false document. Between 1-1-1990 amd 12-31-2003 asset acceptance purchased 653 consumer debt portolios with an original charge off face value of 14.8 BILLION DOLLARS, they only paid 271.9 million or 1.84% of face value. In a report filed with the SEC. assect states. Unlike many third party collection agency that typically attempt to collect the debt only for a period of three to six months, we generally take a long term approach, in excess of 5 years, to the collection effort as we are the OWNERS of the debt. In many cases, we conitnue to receive collections on individual portfolios beyond the tenth anniversary of its purchase. Since these receivables have been subject to multiple collection efforts, we are able to purchase them at a substantial discount to the face value. Unlike many of our competitors, we currently do not collect on a commission or contingent fee basic, we own the account. So you should make them prove how much they paid for the debt, when they really purchased the debt, almost all debts are not purchased from the original creditor as they claim, but are purchased from seller.

But this thread has opened some interesting dialogue regarding privacy issues, information security issues and collection agencies. Probably should be on a separate thread!! thanks for re-focusing!!

This report started about out of statute debts. Even "K" has quit defending the egregious practices of those who try to intimidate possible debtors into paying them. Now if "K" wants to buy legal, fully documented, in-statute debts and dot all "i" and cross all "t" while collecting them, more power to him/her. But don't play the morality card with words like "deadbeat." You buy these debts for a tiny fraction of face value and then play a numbers game hoping to actually get money out of a small percentage of them. It's like dropping a bunch of dimes into a slot machine and hoping one will pay out. You're a gambler, not an investor.

For those interested since this topic was discussed on this thread ... privacyrights has an excellent checklist available. It is a good read .... An excellent cut and paste ... Privacy Principles The major components of effective privacy policies are listed here, adapted from the fair information practices developed by the Organization for Economic Cooperation and Development (OECD). Although designed to guide the development of national privacy legislation (14), these principles are also appropriate for organizations. Openness. There should be a general practice of openness about practices and policies with respect to personal information. Means should be available to establish the existence and nature of personal information and the main purposes of its use. Purpose specification. The purpose for collecting personal information should be specified at the time of collection. Further uses should be limited to those purposes. Collection limitation. The collection of personal information should be obtained by lawful and fair means and with the knowledge and consent of the subject. Only that information necessary for the stated purpose should be collected, nothing more. Use limitation. Personal information should not be disclosed for secondary purposes without the consent of the subject or by authority of law. Individual participation. Individuals should be allowed to inspect and correct their personal information. Whenever possible, personal information should be collected directly from the individual. Quality. Personal information should be accurate, complete and timely, and be relevant to the purposes for which it is to be used. Security safeguards. Personal information should be protected by reasonable security safeguards against such risks as loss, unauthorized access, destruction, use, modification or disclosure. Access to personal information should be limited to only those within the organization with a specific need to see it. Accountability. Someone within the organization, such as the Chief Privacy Officer or an information manager, should be held accountable for complying with its privacy policy. Privacy audits to monitor organizational compliance should be conducted on a regular basis, as should employee training programs. There are many variations of fair information principles. The industry group Online Privacy Alliance, for example, has developed a set of principles for use on web sites. Industry-oriented policies often lack such key principles as purpose specification, use limitation, and accountability. See also web site seal programs: TRUSTe, BBBOnline, and WebTrust.

from privacyrights organization .. May I tape record calls from the collector? If the collector is verbally abusive when phoning you or engages in other practices in apparent violation of the law, you might want to gather evidence by taping the calls. Such evidence can be invaluable if you file a complaint with the authorities and if you sue the collector. Be aware that in a dozen states including California, you need to obtain consent before taping the call, with some exceptions. Check the web site of the Reporters Committee for Freedom of the Press for a 50-state compilation of laws regarding tape recording.(((ROR REDACTED LINK FOR SECURITY PURPOSES))) CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

CURRENTLY READS .. I again state I can guarantee you would pass any audit I performed on your operation. SHOULD READ I again state I can guarantee you would **NOT** pass any audit I performed on your operation. Guess my percentage is down to 99% : )

"K", My first question is that since you are a "business owner", what brought you here to Rip Off Report? Guilty conscience? Second, you challenge me to post my court cases on my 'wins" against debt collectors. Why should I? Do you really think I want all of my personal information posted on a public website? You must be an idiot. However, I don't see you posting your successful cases here either, so I guess that means you don't have any. I doubt very seriously you own any business at all, except maybe a paper route. You are obviously very young and naive as well as immature. Ego problems and delusions of grandeur are common among debt collectors. It is truly a pitiful existence. 7 years in business? I doubt it. MAYBE 7 weeks. Maybe. If you were truly in business, you would have no problem posting your legal business name here. But since you are not in business, that would be impossible. I have forgotten more about debt collections than you have ever known. This is obvious by all of the erroneous information you have posted. The fact is that we struck a nerve. You cannot stand to see educated "debtors". FYI..The maximum interest that can be charged after charge off is set by federal law. Each state may set its own rate under that amount, but not more. You get contract rate along with fees, etc as agreed upon until charge off. After that it is interest only as set by law. Another thing, I have seen many payday loan contracts, and every one has had a clause in it that allows for debit of any bank account the borrower has upon default. So why do you have to sue? I doubt you have ever sued anyone. Get a life.

I made the suggestion that Jose record the call, and if you will read the full posting, it says to advise that the call was recorded before terminating the call, therefore protecting him under any law. Sufficient notice was given to the other party that the call was recorded. Therefore, I made no error. >> I did read the entire posting and you clearly stated to record the call and before hanging up to THEN tell them you recorded it. Advising someone after the fact thereby not allowing the other party to "opt out" if the state requires consent of both parties is the same thing as not telling the other party. The other party cannot make an "informed decision" whether to participate in the call or not. Works something like someone sends to you certified letter and you refuse it. Just because you refused the certified letter you are still held accountable for the information contained therein in a legal sense. I have all the documents that the debtor signed/brought in to the loan place to get the loan. Since most loan companies, atleast that I have dealt with, take the applicants fingerprint, I have it. I never said I matched it up or did anything with it, I simply have it. >>> Why would you take someones fingerprint if you cannot use it? What is your "need to know" (military term) this information since you cannot do anything with it? Again my challenge to you is tell the readers of these posts how you protect their information once it is in your hands and I mean specifically from the time the creditor provides it to you until the time you no longer need it including electronically, written, while in electronic transit, stored, etc. Do any of your clients request that a "certification of destruction for the information" be provided to them after you work your magick and get your 100%? These are all critical issues that need to be addressed. You (and anyone handling someone elses sensitive information be it for collections, medical, etc) are held to a higher standard because you ARE handling this information. I again state I can guarantee you would pass any audit I performed on your operation. And if you assume name calling is calling a debtor who tries to find ways out of paying a legally owed debt, or child support, or any other obligation a deadbeat then I guess I'm guilty of that. Call you an idiot, however, is not. I posted the same thing that is on the FTC website. It's not my problem you didn't either read the WHOLE posting before commenting or didn't understand it. >> As I believe pointed out pay day loans are a different animal. Perhaps the only accounts you obtain to work are indeed "dead beats". As several other regular posters who are collections folks point out, sometimes people get into situations that are out of their control. K - You very clearly referred to me as an idiot. "You idiot" I believe were were exact words and I did read your post and thoroughly understood it. I am confused by your statement -- "I posted the same thing that is on the FTC website" what were you referring to? I reiterate my early statements: Those who continuously resort to name calling (dead beats - idiots) merely show their lack of command of the english language and inability to communicate in addition to finding people who resort to name calling suffering from either low self esteem (naming calling allows them to elevate themselves), they are extremely narcissistic or have both personality flaws. Hopefully the readers of these posts will quickly ascertain not advice provided by collectors of these boards is truly in their best interest. Consumers - we need to push our government to make laws forcing any organization that holds your privately held information accountable through vigourous and yearly audits in the wake of increasing identy theft cases.

you sure do like to insult people. It must be great to be perfect, and make your living off the hardship off others. your no different then a drug pusher ruining the lives of others. if you ever took the time, in between your insults, you would of read, that many people that have received collection letters, don't owe the debt, that the collection agency is trying to intimidate them into paying a debt that is not there's. and your debtor and deadbeat comments, wow! where do you come up with stuff, your great. telling someone at the end of a conversation that your recorded it, is illegal and is in violation of Federal wire taping laws and state laws, unless you state allows one party consent. not everyone that has defaulted on loan, credit card, ect. is a deadbeat. I still don't believe you own your owe company and your the one that appears in court on every case. If your so proud of what you do, what's wrong of telling us the name of your company, so we can look at the great K in action.

This collector "K" is smoking crack! Hey dipshit, I walked away from $170k 5 years next month. And guess what? Not one judgement against me and I have not paid one dime. Collectors are impotent punks. Cant do squat. Even within the SOL. Sue me, and you STILL don't get paid. I protect my assets from punks like you. You have absolutely no idea what you are talking about. You are a punk.

P - Dallas, Texas I made the suggestion that Jose record the call, and if you will read the full posting, it says to advise that the call was recorded before terminating the call, therefore protecting him under any law. Sufficient notice was given to the other party that the call was recorded. Therefore, I made no error. I have all the documents that the debtor signed/brought in to the loan place to get the loan. Since most loan companies, atleast that I have dealt with, take the applicants fingerprint, I have it. I never said I matched it up or did anything with it, I simply have it. And if you assume name calling is calling a debtor who tries to find ways out of paying a legally owed debt, or child support, or any other obligation a deadbeat then I guess I'm guilty of that. Call you an idiot, however, is not. I posted the same thing that is on the FTC website. It's not my problem you didn't either read the WHOLE posting before commenting or didn't understand it. J - Lakewood, Ohio The interest that I was talking about goes to the contract, more on credit cards than on PDL, as they say in the contract what is allowed to be charged. On credit cards it's more difficult to get all the documents that were associated to it. So instead of charging 29.99% I find the state law for an interest rate on a LEGAL account. That I can legally charge before filing suit against the debtor. Maybe you should read the post in full before commenting on it. I said I always have the orginal documents, including the contract/loan agreement. Therefore, I always get the judgment because I am able to provide all documents, and the debtor either chooses not to show up in court, or is unable to convience the judge of their case. And it doesn't matter the name of the agency I own. The only information you will find is a partnership filed with the KS SOS, which will prove what?

That is food for thought

you claim, to buy defaulted payday loans and get a 100% judgement rate, well the only reason you can claim this is because most comsumers don't know or understand there rights, so allow me to assist them. courts are of 2 opinions on payday loans. some courts, have said payday loans should be treated as NSF, since a person uses a post dated check. and if there is a default, all the creditor is allowed is the statutory fine or fee, within the state law on bad checks. several courts across the country have said, that payday loans are credit transaction, therefor must follow the TILA requirements. this is the best part, that should piss you off. If a comsumer is delinquent in repaying his or her loan and DISCOVERS a VIOLATION of TILA in his or her credit document, reporting the violation to the leander may serve to forestall any collection activity action. In some cases, the total monetary damages in a lawsuit due to TILA violation may be equal to or exceed the amount still owed on a delinquent load, allowing the comsumer to, in effect, cancell the debt. the biggest violators of the TILA are payload businesses. It doesn't matter if you own this debt, you still need the original contract to obtain a judgemnt and if the contract is in violation of the law, void. another point of interest you stated, that if the contract doesn't have an amount, you will go all the way back to the charge off date and add the interest. do you forge documents to come up with the amount? What is the name of this company you claim to own? your just a employee of some collection company that gets off on intimidating people over the phone or interent

K - Wow I must have really struck a nerve ("You idiot") or your ability to deal with knowledgeable consumers strikes you the wrong way. Empowering the consumer is never easy to take when your livelihood depends upon an unknowledgable consumer... (That WAS catty ..) Refering people who go into collections as "deadbeats" (some are some aren't - some may actually be ... JUST DEAD.) Actually, I did read that statement and several others you have made. I am sure the other posters and regulars of this board found your naming calling of me entertaining. I certainly did!! Those who continuously resort to name calling ("dead beats - idiots") merely show their lack of command of the english language and inability to communicate in addition to finding people who resort to name calling suffering from either low self esteem (naming calling allows them to elevate themselves), they are extremely narcissistic or have both personality flaws. In no way were my comments / challenges to you meant to be degrading to you. They were to be thought provoking and present a challenge for you to prove your statements. Regular posters know we challenge each other and even disagree. however, we try to respect each others opinions and life experiences and only on occasion get a little terse in our response. You stated ("Has Steve cited any of his "court cases" that he has "won" against an agency that he is so proud of? Didn't think so"). Actually he has on many many postings as well as shared his personal circumstance. He has provided readers with an incredible knowledge base from the beginning of the collection process to end as has Don and "J". Again, the regulars may not always agree, but we agree to disagree on some issues. This is the respect we have for each others life experiences. You held yourself up (in essence) as an SME (Subject matter expert) in a response to Steve ("Steve - you, and the advice you give, is the reason I have my job and do so well at it. After 7 years of doing this I have never had a complaint against me from a debtor's attorney, FTC, AG, or BBB.") Since we do not know the name of your independent agency none of us can validate your claim. With this, I question why you would offer advice to Jose in fort Carson, CO advising him to record a phone call? You should have advised as others have repeatedly done to look at the state they are currently living to assure they are within Federal, State and local laws. This (in my humble opinon) was fool hearted advise to this individual without qualifying it. You as an industry specialist and SME must be aware that the people who are looking for advice, counsel and education are the main readers of this board. It appears to me to be totally irresponsible to offer up advice which may very well violate Federal, State and local laws. You made the statement ("As for the rest of you people, I cannot answer the questions because I have not made those errors.") Quite frankly, I find this exceedingly difficult to believe especially in 7 years in the industry. You made an error in advising Jose fort Collins by NOT qualifying that in his state one way conversations were permissible. Your next statement was -- interesting ("I buy/collect on payday loans and some credit cards, and before I start the collections I have ALL the documents available to me to ensure I have the right debtor, i.e. driver license, finger print, application, signatures. I always verify all information before I send out any notice or make contact. And it doesnt matter how many times the debt has been sold, you, the debtor, signed a contract agreeing to pay all the interest that is added on the account. ") Since you do not meet your debtors face to face, how do you get their finger prints to validate the "true" debtor from your "target" debtor? With that said and knowing that you have access to privacy helf information on people, let me ask. Tell me about your information security technical controls and policies and procedures. since you have this information on individuals that is covered Federal, State and local privacy laws, tell me how you are securing this - AND YES I WANT SPECIFICS. Are you SAS compliant? When was you last information security audit and who performed it? What were the results? I bring this topic up based upon your attitudes towards those you are attempting to from, your attitude towards posters who disagree with you, your flawed / incomplete advise to posters, your boasting regarding NO ERRORS, and finger prints. K - I can guarantee you without hestitation you would not pass any of my audits .... none of them and I would probably recommend (as I have some companies) your operation be shut down until technical controls can be implemented to assure the privacy information you hold on others is secure. : )

Every judgment but 1 is a default. It's not my problem the debtor was properly served and decided not to appear in court. I wonder why they didn't? Maybe because I'm right and they are wrong. All these lawsuits were in small claims/magistrate court, so attorneys are not permitted. I showed up, they didn't. I won, I garnished, they lost. NEXT.........

I dont purchase OOS accounts. I purchase regular accounts fresh-2 years old. And I will have a judgment on every account well before the SOL runs. So it doens't matter to me one way or another wether the deadbeats pay their OOS account. K - Wichita, Kansas >>> If it doesn't matter to you then why do you continue to post to justify yourself and actions? I still would like to see the proof that you win EVERYONE you get a judgement on - how many are default judgements? .. To the consumers that read this .... this is why YOU NEED TO IMMEDIATELY REQUEST VALIDATION WHEN A COLLECTION AGENCY CONTACTS YOU ... TO UPHOLD YOUR RIGHTS AND NOT ALLOW DEFAULT JUDGEMENTS

P - Dallas, Texas Collecting Time-Barred Debts Most courts that have addressed the issue have ruled that the FDCPA does not prohibit debt collectors from trying to collect time-barred debts, as long as they do not sue or threaten to sue you for the debt. >> I would really like to see cases where collection agencies have been awarded monies where the SOL has expired. You idiot why dont you read the statement again, "...AS LONG AS THEY DO NOT SUE OR THREATEN TO SUE YOU FOR THE DEBT" That statement came from the FTC, who of course governs the FDCPA. Steve - you, and the advice you give, is the reason I have my job and do so well at it. After 7 years of doing this I have never had a complaint against me from a debtor's attorney, FTC, AG, or BBB. >> Thats nice to know but since you have not disclosed your creditials readers have no way to ***VALIDATE**** your statement :0 Has Steve cited any of his "court cases" that he has "won" against an agency that he is so proud of? Didn't think so............... http://www.ftc.gov/bcp/conline/pubs/alerts/timebaralrt.htm

P - Dallas, Texas Collecting Time-Barred Debts Most courts that have addressed the issue have ruled that the FDCPA does not prohibit debt collectors from trying to collect time-barred debts, as long as they do not sue or threaten to sue you for the debt. >> I would really like to see cases where collection agencies have been awarded monies where the SOL has expired. You idiot why dont you read the statement again, "...AS LONG AS THEY DO NOT SUE OR THREATEN TO SUE YOU FOR THE DEBT" That statement came from the FTC, who of course governs the FDCPA. Steve - you, and the advice you give, is the reason I have my job and do so well at it. After 7 years of doing this I have never had a complaint against me from a debtor's attorney, FTC, AG, or BBB. >> Thats nice to know but since you have not disclosed your creditials readers have no way to ***VALIDATE**** your statement :0 Has Steve cited any of his "court cases" that he has "won" against an agency that he is so proud of? Didn't think so............... http://www.ftc.gov/bcp/conline/pubs/alerts/timebaralrt.htm

P - Dallas, Texas Collecting Time-Barred Debts Most courts that have addressed the issue have ruled that the FDCPA does not prohibit debt collectors from trying to collect time-barred debts, as long as they do not sue or threaten to sue you for the debt. >> I would really like to see cases where collection agencies have been awarded monies where the SOL has expired. You idiot why dont you read the statement again, "...AS LONG AS THEY DO NOT SUE OR THREATEN TO SUE YOU FOR THE DEBT" That statement came from the FTC, who of course governs the FDCPA. Steve - you, and the advice you give, is the reason I have my job and do so well at it. After 7 years of doing this I have never had a complaint against me from a debtor's attorney, FTC, AG, or BBB. >> Thats nice to know but since you have not disclosed your creditials readers have no way to ***VALIDATE**** your statement :0 Has Steve cited any of his "court cases" that he has "won" against an agency that he is so proud of? Didn't think so............... http://www.ftc.gov/bcp/conline/pubs/alerts/timebaralrt.htm

P - Dallas, Texas Collecting Time-Barred Debts Most courts that have addressed the issue have ruled that the FDCPA does not prohibit debt collectors from trying to collect time-barred debts, as long as they do not sue or threaten to sue you for the debt. >> I would really like to see cases where collection agencies have been awarded monies where the SOL has expired. You idiot why dont you read the statement again, "...AS LONG AS THEY DO NOT SUE OR THREATEN TO SUE YOU FOR THE DEBT" That statement came from the FTC, who of course governs the FDCPA. Steve - you, and the advice you give, is the reason I have my job and do so well at it. After 7 years of doing this I have never had a complaint against me from a debtor's attorney, FTC, AG, or BBB. >> Thats nice to know but since you have not disclosed your creditials readers have no way to ***VALIDATE**** your statement :0 Has Steve cited any of his "court cases" that he has "won" against an agency that he is so proud of? Didn't think so............... http://www.ftc.gov/bcp/conline/pubs/alerts/timebaralrt.htm

you claim that you collect payday loads. and that if you don't have an amount on the contract you will retro back to the charge off date and apply the state approved interest, what do you do just make up an amount. what's good for the comsumer, but bad for you(collector) is several courts across the country have said, that payday loans are credit transaction, therefor must follow the TILA requirement. and payday loan are the biggest violators of the TILA. If a comsumer is delinquent in repaying his or her loan and discovers a violation of the TILA in his are her credit dociment, reporting the violation to the lender may serve to forestall any collection action, in some cases the total of monetary damages in a lawsuit due to TILA violation may be equal to or exceed the amount still owed on a delinquent loan, allowing the consumer to in effect, cancel the debt. some court are even treating these as nsf, since a post dated check is written, with the fee already included, and only extra amount that can be awarded is the statutory law for passing a bad check. i guess you 100% judgement will go down now, as people become aware these fall under the TILA and that you make up amounts as you go. have a nice day

I dont purchase OOS accounts. I purchase regular accounts fresh-2 years old. And I will have a judgment on every account well before the SOL runs. So it doens't matter to me one way or another wether the deadbeats pay their OOS account.

Collecting Time-Barred Debts Most courts that have addressed the issue have ruled that the FDCPA does not prohibit debt collectors from trying to collect time-barred debts, as long as they do not sue or threaten to sue you for the debt. >> I would really like to see cases where collection agencies have been awarded monies where the SOL has expired. Every state has a SOL for each type of debt. >> And these limitations prohibit collection of SOL collections. Steve - you, and the advice you give, is the reason I have my job and do so well at it. After 7 years of doing this I have never had a complaint against me from a debtor's attorney, FTC, AG, or BBB. >> Thats nice to know but since you have not disclosed your creditials readers have no way to ***VALIDATE**** your statement :0

You're a rip off collector, you stated if I don't have the amount, that was on the contract. I'll recto back to the charge off date and add interest. Do you just make up an amount then apply interest, if there's none on the contract, what can you come up with. Payday loans are a scam and they will soon be outlawed, just like those, title loans. in some states payday loans should be treated as a NSF check, you put up a check that is post dated, against the money that is barrowed and they charge you a fee, depending upon the amount barrowed some courts have ruled this way. BUT, several courts across the country said, that payday loans are credit transaction, therefor must follow the TILA requirement. and we all know these places are the biggest violators of this act. what's good for the comsumer, but bad for you (collector): If a comsumer is delinquent in repaying his or her loan and DISCOVERS a VIOLATION of the TILA in his or her credit documents, reporting the violation to the lender may serve to forstall any collection activity. In some cases, the total of monetary damages in a lawsuit due to TILA violatiom may be equal to or exceed the amount still owed on the delinquent loan, allowing the comsumer to, in effect cancel the debt. since the tila, requires a lender to place the full APR on the documents, even these short term loans(payday) and disclose all fee's. maybe people reading this will look into it, how' your smug attitude now. I really don't care about your opinion of me, you act like I willfully walk away for an debt (deadbeat, debtor), your wrong your posts have been what people have come to expect from a collector(not don) even one that claims (SURE) to owe his own collection company. not having any complaints for the 7 years you own this company, well we only have your word on that collector. and you already stated you would lie (make up an amount) I bet your mama and daddy and the rest of your family are real proud that you make a living of the hardship of other.

Every post by Steve takes a little of K's business away. An informed debtor (deadbeat or not) knows that a time-barred debt doesn't have to be paid. A collector has none of the usual legal means to coerce a payment. Lawsuit? No, it'd get dismissed instantly with a simple mention of SOL. Bad credit (not that paying a debt, even an in-statute one, will improve your credit)? No, when it's more than seven years old, it has to be removed from all credit reports. Constant phone calls? No, the debtor can use their rights under FDCPA to stop them. There's no need for a debtor to even bother with the FTC, AG, BBB, etc to shut you up. It's not necessary. The collector has nothing unless they break the law, or the debtor doesn't know their rights.

Collecting Time-Barred Debts Most courts that have addressed the issue have ruled that the FDCPA does not prohibit debt collectors from trying to collect time-barred debts, as long as they do not sue or threaten to sue you for the debt. Every state has a SOL for each type of debt. Steve - you, and the advice you give, is the reason I have my job and do so well at it. After 7 years of doing this I have never had a complaint against me from a debtor's attorney, FTC, AG, or BBB.

Just curious ... and why are so many lawsuits lost by collection agencies in court because of SOL?

A debt is only "owed" if it is LEGALLY COLLECTABLE. If it was legally "owed" and "payable" a court would allow you to collect it. Very simple concept, even for a lowlife debt collector. Once a collector is notified in writing that a debt is past SOL and is legally uncollectable, any further collection attempts can be treated as fraud. you CAN be prosecuted in some states. AND, you can be sued in some states for a frivolous collection action. I have done this and won. YOU [the collector] are the entire reason for the CEASE COMMUNICATION request.

The Fair Debt Collection Practices Act (FDCPA) does not place any limits on how long a collection agency may attempt to collect on a debt; it does prevent a debt collector from threatening to sue you to collect the debt if the statute of limitations has run. THE DEBT IS ALWAYS OWED! As for the rest of you people, I cannot answer the questions because I have not made those errors. I buy/collect on payday loans and some credit cards, and before I start the collections I have ALL the documents available to me to ensure I have the right debtor, i.e. driver license, finger print, application, signatures. I always verify all information before I send out any notice or make contact. And it doesnt matter how many times the debt has been sold, you, the debtor, signed a contract agreeing to pay all the interest that is added on the account. If I dont have the actualy amount that was on the contract I retro back the chargeoff date and add in the debtors state of legal interest allowed. Dont like it? Then the bill should have been paid before hand. I agreed and understand and can empathize will all the situations, but it amazes me when debtors can go buy new cards and get more credit after the account I'm calling on is charged off, yet the dont have the money to pay? Get a better excuse. And if you want to pay the original creditor after I get a judgment on you, go right ahead and in 90 days when they forward me the FULL payment, I'll let the court know you paid. It's called a remit, the original creditor doesnt get any of the money once they sell it off. Nice try debtor.

good come back, just what a stupid collector would say. Most people, will pay there bills, if given the opportunity to do so, just because someone's fallen on hard times doesn't make them a deadbeat. why should anyone pay you a collector, 1000.00 for an INVESTMENT you paid at most 70.00? why should someone continue to pay interest on a charged off account that's been sold a few times why do collection agency lie when they validate a debt? or intimidate a person over there debt, use the courts to collecte on there investment? even when you collector list the original creditor, on your court papers, they are not getting any money, you only list them to show chain of evidences? more then half the debts you buy, have little or no information, so you go after anyone who's name is close. so before you go calling me or anyone else a deadbeat, the biggest loser is looking back at you in the mirror. not all debts you try to collect on, belong to the people you claim they do. maybe you never had a death that cause a hardship, laid off, illness, wife or husband that had to leave work to care for there children, victim of I.D theft , have your credit card company raise your interest rate, because they could or the many other reasons that cause money troubles. If I owe a debt and a judgement is placed against me, I'll be sure to send it to the original creditor, just so you low lives don't get it

The problem is that these companies are passing around alleged debts that lack the proper information for validation. Thus they end up wasting alot of innnocent people's times on skip trace crap which should n't be. And, even if they hit one on the mark, they are in a very vulnerable position with the OOS purchase that they should be even more than willing to make payment arrangements rather than belittle people and force them to seek retribution be becoming informed about the way they can try to avoid it. What would it hurt them if they paid $50 on a $1500 charged off account, found the debtor, worked out even a $50-100 month payment, and the debtor upheld their end due to being treated civily? How could they lose? Even if the debtor went deadbeat again after 5-10 payments-they still came out ahead. They are way too greedy-especially when it comes to adding exorbitant mystery fees on top of it all.

The problem is that these companies are passing around alleged debts that lack the proper information for validation. Thus they end up wasting alot of innnocent people's times on skip trace crap which should n't be. And, even if they hit one on the mark, they are in a very vulnerable position with the OOS purchase that they should be even more than willing to make payment arrangements rather than belittle people and force them to seek retribution be becoming informed about the way they can try to avoid it. What would it hurt them if they paid $50 on a $1500 charged off account, found the debtor, worked out even a $50-100 month payment, and the debtor upheld their end due to being treated civily? How could they lose? Even if the debtor went deadbeat again after 5-10 payments-they still came out ahead. They are way too greedy-especially when it comes to adding exorbitant mystery fees on top of it all.

The problem is that these companies are passing around alleged debts that lack the proper information for validation. Thus they end up wasting alot of innnocent people's times on skip trace crap which should n't be. And, even if they hit one on the mark, they are in a very vulnerable position with the OOS purchase that they should be even more than willing to make payment arrangements rather than belittle people and force them to seek retribution be becoming informed about the way they can try to avoid it. What would it hurt them if they paid $50 on a $1500 charged off account, found the debtor, worked out even a $50-100 month payment, and the debtor upheld their end due to being treated civily? How could they lose? Even if the debtor went deadbeat again after 5-10 payments-they still came out ahead. They are way too greedy-especially when it comes to adding exorbitant mystery fees on top of it all.

The problem is that these companies are passing around alleged debts that lack the proper information for validation. Thus they end up wasting alot of innnocent people's times on skip trace crap which should n't be. And, even if they hit one on the mark, they are in a very vulnerable position with the OOS purchase that they should be even more than willing to make payment arrangements rather than belittle people and force them to seek retribution be becoming informed about the way they can try to avoid it. What would it hurt them if they paid $50 on a $1500 charged off account, found the debtor, worked out even a $50-100 month payment, and the debtor upheld their end due to being treated civily? How could they lose? Even if the debtor went deadbeat again after 5-10 payments-they still came out ahead. They are way too greedy-especially when it comes to adding exorbitant mystery fees on top of it all.

Maybe the purchaser of the debtor .... just ... as Steve says .... MADE A BAD INVESTMENT ....

K - Wichita, Kansas- "Out of stat" means legally UNCOLLECTABLE. Therefore NOTHING is owed or payable! NOTHING!! Past statute of limitations means no action can be taken, therefore the harassment and threats and thew like are all illegal, as they are fraud. That debt is legally DEAD when SOL expires. Get it? You must be a debt collector.

They need to escalate the accountability factor for this pond scum as they did with MCI and Enron .. Regarding more state should be like Texas? In what respect? I've lived in several states and Texas has the worst enforcement of privacy laws I have seen. Although their "hot check roundup" several times a year is always a winner ....

They need to escalate the accountability factor for this pond scum as they did with MCI and Enron .. Regarding more state should be like Texas? In what respect? I've lived in several states and Texas has the worst enforcement of privacy laws I have seen. Although their "hot check roundup" several times a year is always a winner ....

They need to escalate the accountability factor for this pond scum as they did with MCI and Enron .. Regarding more state should be like Texas? In what respect? I've lived in several states and Texas has the worst enforcement of privacy laws I have seen. Although their "hot check roundup" several times a year is always a winner ....

Just because this company is reselling old debts doesn't make it illegal. OOS simply means the owner of the debt can't SUE you for the balance. It is still legally owed and collectable.

J, You have it especially tough in Ohio with the 15 year statute of limitations there. Debt buyers and debt collectors love Ohio. More states should be like TX. Thanks again, and you're welcome. I like exposing these freaks, and helping people beat them at thier own game.

Steve, your right these people should be place in a Federal Jail. The reason they can make money is people don't know there rights, or there trying to buy something and are forced to pay the pond scum, so they can get a house, ect. Another problem is most of these company are big business and they can and will throw money around to the right party. The laws should be enforced more or changed to better the interest of the people and if the people we put in office can't or won't then we need to get them out also. Most of the courts are a joke, at least in Ohio if your a pro-se you held to a higher standard the the attorney. I for one like to thank you Stve, Mark and the others who place good advice on this site to help people deal with a mostly one sided system

Sorry for the typo. Should have read out of stat debts, meaning out of statute for legal collections.