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Thread: Debt Collectors Have Figured Out A Way To Seize Your Wages And Savings

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    Debt Collectors Have Figured Out A Way To Seize Your Wages And Savings

    Debt Collectors Have Figured Out A Way To Seize Your Wages And Savings

    So...if a debt collector says you owe them 2500 bucks on a mastercard you don't own, they can take your house that is worth 60,000? Is that the new thang going on?

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    The Dude
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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    Debt collectors are allowed to do all sorts of shady crap. And the laws are written heavily in their favor, even when they're in error.
    Freedom of speech is not freedom from criticism.

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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    Kinda lopsided they can take something 100 times valued more than what is owed.

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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    In many cases that law allows the case to be "advertised" in a local newspaper of record when the address of the party is "not known". Your debt may be held in South Dakota yet you reside in New York making it very unlikely that you get wind of an ad in a SD newspaper.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    The lopsidedness of the credit system really ticks me off. Credit reporting agencies should be sued for libel when they spread false information about someone. You should have to be fairly certain that something is true before you spread it around and damage a person's reputation. So many people simply pay off debts they do not owe, just to get credit reporting agencies to stop spreading lies about them.
    You can never be safe from a government that can keep you completely safe from each other and the world. You must choose.

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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    Quote Originally Posted by Dezaad View Post
    The lopsidedness of the credit system really ticks me off. Credit reporting agencies should be sued for libel when they spread false information about someone. You should have to be fairly certain that something is true before you spread it around and damage a person's reputation. So many people simply pay off debts they do not owe, just to get credit reporting agencies to stop spreading lies about them.
    Much worse is that the three credit reporting agencies keep their rating methods confidential, resulting in everybody going off an understanding of the methodology that is ultimately inaccurate in so many ways. This includes what is counted against your credit score right down to how often and how quickly actions are reported to them. We mere mortals attempting to understand their system is little different than ancient Mesopotamians understanding the weather through trial and error. Sometime we get it right, but a lot of times we don't. I can't believe this crap is legal.

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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    Quote Originally Posted by Enola View Post
    Debt Collectors Have Figured Out A Way To Seize Your Wages And Savings

    So...if a debt collector says you owe them 2500 bucks on a mastercard you don't own, they can take your house that is worth 60,000? Is that the new thang going on?
    Debts should be paid, I would have thought. If you take more debt than you can handle from cash flow, you have to sell assets. If you are unwilling, then a court does it.
    Where is the problem?

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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    Quote Originally Posted by joG View Post
    Debts should be paid, I would have thought. If you take more debt than you can handle from cash flow, you have to sell assets. If you are unwilling, then a court does it.
    Where is the problem?
    Of course they should be paid. But when you can be sued without notification; when you can be sued and judged against without the chance to defend yourself; when you can be erroneously sued without notification and be held liable for the money you don't owe; and when you can have wages and/or property taken without due process, THERE'S A BIG ****ING PROBLEM.
    Freedom of speech is not freedom from criticism.

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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    I daresay this should be an issue that would be bipartisan ... I don't think anyone, left or right, thinks this is OK. But there's always gotta be THAT GUY.
    Freedom of speech is not freedom from criticism.

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    Re: Yeowch! Scarey stuff! Debt collectors new methods.

    Quote Originally Posted by Kobie View Post
    Of course they should be paid. But when you can be sued without notification; when you can be sued and judged against without the chance to defend yourself; when you can be erroneously sued without notification and be held liable for the money you don't owe; and when you can have wages and/or property taken without due process, THERE'S A BIG ****ING PROBLEM.
    It does seem like undue process for the court not to require proof of prior demands made to and received by the debtor.

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