My guess is these "debt buyer's" are scum that find out they can buy someones $5,000 of debt for, $5. Now your debt collector is named Bruce who was just let out of jail for armed robbery, looking to knock on your door and intimidate you for $5,000.
John Oliver Debt Buyer
- Thread starter isufbcurt
- Start date
I just see so many avenues for abuse with this, here is just a few:
1. Identify theft - is a huge one
2. What prevents a bank worker from setting up an LLC buying the debt from the bank for little or nothing and collecting it himself.
3. Is there a way to ensure that a bank, hospital etc. isn't selling the debt to multiple debt buyers?
I could go on and on.
1. Identify theft - is a huge one
2. What prevents a bank worker from setting up an LLC buying the debt from the bank for little or nothing and collecting it himself.
3. Is there a way to ensure that a bank, hospital etc. isn't selling the debt to multiple debt buyers?
I could go on and on.
I didn't think I'd watch the whole 20 minutes, but here I am! And it was fascinating, awesome, and scary.
I agree with all of his criticisms except for one -- when he said something like "trying to collect on the debt of a deceased person is the scummiest thing there is."
Well, it depends on the circumstances. Is it a valid debt?
In my job I often work with people who are eligible for some kind of assistance benefit (social security, life insurance, disability, etc.). We had a guy who we had been trying to get ahold of for about a year, never returned calls, never replied to letters.
Eventually find out he died. After his death, his daughter calls and tells us essentially that her dad was an irresponsible jerk who had been intentionally withholding information from us for 10 or so months that caused us to overpay him.
I don't think in a situation like that there's anything wrong with trying to make things right by collecting a debt. I do understand that might be the exception rather than the rule, though.
I agree with all of his criticisms except for one -- when he said something like "trying to collect on the debt of a deceased person is the scummiest thing there is."
Well, it depends on the circumstances. Is it a valid debt?
In my job I often work with people who are eligible for some kind of assistance benefit (social security, life insurance, disability, etc.). We had a guy who we had been trying to get ahold of for about a year, never returned calls, never replied to letters.
Eventually find out he died. After his death, his daughter calls and tells us essentially that her dad was an irresponsible jerk who had been intentionally withholding information from us for 10 or so months that caused us to overpay him.
I don't think in a situation like that there's anything wrong with trying to make things right by collecting a debt. I do understand that might be the exception rather than the rule, though.
