Ever wonder what makes a debt collector good at getting people to pay debts? In the below video, I interview Jared Strauss, a former debt collector. In the video below, he talks about his methods for collecting debt that made him such a success. What he has to share will likely surprise many viewers. What […]
debt collection
Stress about overwhelming debt, or fear?
I generally begin any debt relief consultation I do with people who reach out to my company in search of help with credit card debt with this question: “What has you reaching out to a perfect stranger? What is going on with you financially”? Then, I shut up and listen. I am sometimes the first person […]
FDCPA Wants to put an End to Dead Debt, Bogus Collection Fees, and Lawsuits
The Consumers Union, a long standing consumer advocate and watch group, in partnership with East Bay Community Law Center, weighed in with their recommendations for amending the Fair Debt Collection Practices Act (FDCPA). Read the report here: Why Debt Collection Practices and the Debt Buying Industry Need Reform Now. In their “PAST DUE” report, I […]
Debt Collection Industry Insider Starts Petition to Reign in Collection Abuse
Collection industry insider, Bill Bartmann, has started an electronic petition he will submit to Congress where he suggests the following amendments to the Fair Debt Collection Practices Act (FDCPA): We hereby petition Congress to amend the current debt-collection rules by adding the following provisions: Increase the penalty for violations of debt-collection rules from the current […]
When to Request Debt Validation From a Debt Collector
The debt validation and verification topic is deserving of much more time than I am going to give it in this post. I am covering this briefly due to the question I received yesterday after publishing part of our charge off series. where one of the bullet items states: “Avoid some of the nut job […]
Why Debt Collectors are Calling after Your Account Charged Off
This post is part of our “Charge Off” series and discusses what typically happens with your unpaid accounts after they are charged off and when the loan or credit card balance is assigned to an outside debt collector. In order to have reached charge off, you will have survived the many collection attempts from your […]
What to Expect in the First Six Months of Not Paying Your Credit Card
This post is part of the Debt Bytes “Charge Off” series and discusses what happens in “pre Charge Off” – when you’re not paying your credit card, and (s) are late between one and 180 days. Credit card debts that go unpaid follow a relatively predictable pattern. When first missing a payment, the phone rings… […]
Credit Card Debts and Charge Off – What it Means to You
The term charge off describes an accounting function followed by your lenders. When speaking of revolving consumer credit card accounts, a charge off occurs when the credit issuer either chooses to, or must, recognize an unpaid loan balance as a loss. Losses are bad news for lenders. The bad news gets reported and can affect […]
Dealing with Capital One in Collections
My experience working with financially-challenged consumers and their creditors nationwide since the economic downturn reflects that virtually every national issuer of credit cards, even larger regional credit unions, have gone as far as they can to assist their struggling account holders. Capital One is an exception to this. How Capital One goes about settling a […]
How Do I Sue A Debt Collector for Collection Abuse?
With debt collection abuse on the rise, debt collectors have been increasingly whiny lately. For the past year, I have seen weekly reports that provide a breakdown of how many consumers have filed suit against debt collectors for violations of the Fair Debt Collection Practices Act (FDCPA). I have also seen an increase of people […]