Collection Agencies - Hey Jaimedude0000001 - Canada

a good place to talk about links

RE: Hey Jaimedude0000001

Postby gillian25 » Fri Feb 15, 2008 08:12:45 AM

Sounds like something I saw on Urban Legends :D
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RE: Hey Jaimedude0000001

Postby ranzzzz » Thu Feb 14, 2008 10:16:12 PM

Very interesting discussion.

Killgore, are you serious about the "hands"? It sounds really shocking and traumatic to you if it's for real.
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RE: Hey Jaimedude0000001

Postby Raymond » Thu Feb 14, 2008 09:23:35 PM

http://collectionsworld.com/pagedisplay.html?pagename=2006topdebtbuyers

We've been over this debt buying matter many times in previous posts.

Many of the primary and tertiary debt portfolios being purchased are contained in articles of trade publications like collectionsworld.com. The above link gives all the top debt buyers and collection agencies in the US, though sometimes they have Canadian stuff too.

7 cents on the dollar is way too much for old stats barred debt that companies like PMS and ARO buy. Some of it goes for .1 cents on the dollar. One of my earlier posts contains details of a hospital bad debt portfolio that was proudly advertised in the above publication for .07 cents on the dollar .

As well, it's simply not true that, collection attorneys will not bluff you by sending out misleading threat letters. If that were the case, Deanna Natale would have been out of business a long time ago. So would her sometime partner Mark Silverman (Global and Various), Joel Miskin (of MJR fame), and Ian A. Daley (from iQor, Inc formerly CBCL - Canadian Bonded Credit Limited - Now Iqor Collection Agency ). The way the phoney drafts are worded is as follows

"A draft Statement of Claim indicating that you are scheduled to be sued by ABC company has been prepared in my office in connection with the above noted matter. Please find enclosed a copy of this Statement of Claim that will be issued and served on you within 15 business days from the date of this letter. You can restrain this action by .[...]..If your payment is not received in this office by (blah blah)...your next communication from me will be service on you of a Statement of Claim.."

The way PMS looks at it, as I told a poster last month who was dealing with that buyer over his Home Depot account, is that they know they're going to strike it rich on only a small percentage of accounts. Still, while it might appear that they don't spend a whole lot of time on any one given account, that doesn't mean they have necessarily forgotten you. They are constantly doing credit and asset searches on people looking to see if their financial circumstances have changed and if an opportune time to strike has come.

That's why I tell people: You may have forgotten about them, but they haven't forgotten about you. A check of the hard inquiries on your credit file will confirm that.

In fact, one blogger I corresponded with last month in several private emails ignored a judgment that had been obtained against her husband 12 years previously. The creditor had sold the debt to a collection agency in Barrie, Ontario, I think. I suggested she have her husband pull his TransUnion credit file and see what, if any, inquiries the debt buyer had made on it. Sure enough, there was a very recent one on her husband. That means they were getting itchy to strike. They wanted over $12,000 on an original $2600 debt that was accumulating interest at almost 20%. I told her not to leave her cars parked in the driveway at night and make sure the home ownership was in her name until the matter was settled.

This above anecdote illustrates that debt buyers will sue or collect on a judgement that's already been obtained. So, if you get a call from a debt buyer, don't assume you are safe unless the the debt is stats barred.

In many states of the U.S., even if a debt is stats barred, an action will still be allowed and so the person still has to show up for court to defend himself or risk a default judgment. However, he can use the limitation period as a defence to have the case dismissed. Fortunately, it doesn't work quite the same way in Canada.

Cases like the above illustrate why buying up outstanding judgments has become a lucrative business in the U.S.

Ray
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RE: Hey Jaimedude0000001

Postby killgore » Thu Feb 14, 2008 08:36:49 PM

See I like jamiedude00 because it reinforces what I do.

You see unlike in Canada, I can come after people like you in the USA, it takes time and some effort but I trace your kind back to where you live, and I get you.

You sound like you’re a kid jamiedude, you have a wife and kids? You know the next time you cross the border to come over here in the States, be careful you might have a warrant out on you if you had any cross border collection dealings. Oh yes they’ll arrest you, stick you in a hole somewhere until you can be transferred back to the proper jurisdiction.

You know what I find funny, is that your employers don’t tell you about these stories, guess they would be out of business. Do you know why I do this, I’ll tell you why. I used to work for an investment company, i.e.: collection company. Made a lot of money doing what I did, bringing bad people to court seizing there property, wages you name it I did it. Made a ton of money. Last year, in January I got a present, a box from one of my bad debt beats, it was their hand. He told me all he had was his hand and if I wanted it I could have it, so he mailed it to me. I took time off and then I quite, moved from Cali to NJ. The rest is history as they say.
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RE: Hey Jaimedude0000001

Postby killgore » Thu Feb 14, 2008 08:07:34 PM

I don't live in Quebec my clients are in Quebec and the USA.

There is a new investment opportunity and it isn't real estate ladies and gents. It is debt collecting. Groups of investors are forming companies and purchasing old debt from original creditors for literally pennies on the dollar and are going after old, written off credit card debt with a vengeance. Hummmm sound familiar to anyone? The industry is so lucrative that two of these investment companies have made the Fortune 500 list. Really they did!

The term that has been coined for companies who purchase uncollectible, written-off debt is "scavenger debt collectors" but few of them will admit they are collection agencies. They usually call themselves litigation firms to scare the hell out of you, and they use very aggressive collection techniques that often violate the provisions of the Fair Debt Collection Practices Act. Or whatever you call it in Canada. Many of them claim that they are not bound by the Fair Debt Collection Practices Act, but they most certainly are. Whether in Canada or the USA. I read some of the threads in this forum from some individuals, shame on you.

Scavenger debt collectors buy old debt for just pennies on the dollar and try to collect the whole amount due plus interest. For example, suppose you owed CIBC exactly $1,000. CIBC wrote off the account when they couldn't collect from you, turned it over to a debt collection agency, which also couldn't collect from you. They didn’t sell or “share it” as of yet! It’s still belongs to the CIBC. In other words CIBC still owns the debt. Now, CIBC has sold it or “Shared it” to a scavenger debt collection firm for about let say $70.00. And the scavenger debt collector is going to come after you for the entire $1,000 plus interest. Pretty lucrative, wouldn’t you say?

Of course, the scavenger debt collectors know that most of what they have purchased is uncollectible, “that’s why they bought it for just pennies on the dollar folks”. It’s business! But they are going to use intimidation tactics to collect as much as they can. Most of what they say is bluffing to get you to send them as much as you can as quickly as you can to avoid being sued

They can’t! The scavenger debt collectors know that most of what they have purchased is uncollectible that's why they bought it for just pennies on the dollar! RING A BELL!

First of all, they will let you know that they are a "litigation firm" who is preparing the papers to sue you, but they wanted to contact you and perhaps work out some sort of settlement or pay off agreement. They will lead you to believe that if you don't pay, you will be sued in the next few days or weeks. RING ANOTHER BELL!

The person on the phone is just a regular debt collector, but he or she will lead you to believe he is an attorney or a paralegal who works for a law firm or some other crap like credit counselor or adviser, when in fact; they are just regular dumbass debt collectors, morons, as%&oles, low life rats!

The scavenger debt collector won't tell you that they purchased the debt for .07 to .10 cents or even as little as .03 cents on the dollar, the collector might tell you he has to consult with his or her supervisors and find out if he or she can offer you a really good deal. He or she calls you back and says they were able to convince them to accept 50% as payment in full provided you can get it to them in the next five days. Preferably by Western Union!

If you refuse to pay, they will turn your account over to a real attorney, who will send you a threatening letter in yet another effort to intimidate you into paying. Note that attorneys are forbidden from sending letters claiming they will sue when they won't or can't, so if you receive such a letter from a real attorney, pay attention to what it says to determine if you are really going to be sued. Does the letter say they are exploring their legal options or that papers are being prepared for suit? If it says the latter, you are probably getting sued for real since attorneys can't say it if it isn't true. DO you get the picture here?

In any event, they will not actually sue you, because it’s a numbers game. Money!
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RE: Hey Jaimedude0000001

Postby cadude » Thu Feb 14, 2008 06:40:15 PM

An american lawyer living in Quebec, I still don't think he answered that one yet.

1) Depending on the client. It can range from 90 days to 365+

2) At least where I work, everything is on computers

3) I have never recommended an account for litigation. That's not to say my agency hasn't.

4) Nope

5) All agencies "share" clients. For example, CIBC has the largest number of delinquent accounts of all major Canadian banks, so most agencies carry CIBC as a client.

6) I don't call clients, I call debtors. My client is the bank or the utility company. The banks client is the debtor. My job is to call. Nothing really depends on the age of the debt, if someone is new into collections they may ignore the calls as they may be scared just as often as someone with a student loan in collections for 10 years. Factors on how often a call is made is determined upon ministry guidelines and weather or not I've already spoken to a debtor and made arrangements.

7) All agencies calculate different commission rates. I won't discuss mine, but as an example, your commission would start after collecting 4 times what you make in salary and then you could make 20% on the rest.

You get paid $2500/mth salary you need to collect $10,000 and then anything after the $10k you get 20% of it.

So, if this was my commission deal, and I collected $25,000 for the month, I would get my $2500 salary for the month plus $3,000 in commission.
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RE: Hey Jaimedude0000001

Postby Raymond » Thu Feb 14, 2008 06:24:39 PM

Boy, are you guys still going at it?

I don't know what Kilgore is, but his strange rhetoric and questions make it very hard to believe he's a lawyer.

Ray
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RE: Hey Jaimedude0000001

Postby gillian25 » Thu Feb 14, 2008 04:27:28 PM

Why would I be able to answer those questions? I just asked them and they haven't been answered yet. Ask Jaime.. he's the collection agent .. god I'm about as opposite of a collection agent as you can get.
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RE: Hey Jaimedude0000001

Postby killgore » Thu Feb 14, 2008 03:57:04 PM

Gillian25_

Could you answer these questions for me, please.

How long does an agency hold on to an account?
Are you assigned a particular number of clients or does the company share clients?
what is the percent of commission that agents make on a case?
How do you determine how often to call a client? Does this depend on age of the debt? what are some factors?
Can third party agencies sue anyone and be sucessful?

Thanks.
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RE: Hey Jaimedude0000001

Postby gillian25 » Thu Feb 14, 2008 03:46:21 PM

you probably are jaimedude.
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