An ironic twist for debt collectors

  Buffalo is a center for debt collection companies, something that was supposed to work in its favor.

   The area has been called a good place to ride out the economic downturn, partly because of its many collection firms.

   It's true that maxed-out consumers have more debts than ever, but debt collectors aren't seeing good times.

   One Amherst-based company has filed Chapter 11 bankruptcy, and other firms in the region say they're also feeling a squeeze.

   The reason is that the repayment rate of older debts is slowing down sharply. Households are forced to put off repayment as they face more pressing problems meeting their current bills.

   There may not be much sympathy for collectors … no one's talking about a bailout for this industry. But the debt collector's woes are an indication of the depth of the economic downturn.

   --- Fred O. Williams

Comments

[JM]

How ironic, should we all call them

[Mark]

We should call them 18 times a day and say we are going to send the police and put them in jail. They are legalized con artists. Congress is obsessed with regulation, they should regulate these sharks.

[Ladyofthelake]

I say lets bug the heck out of them. Calling hours are mon - sat 8 am to 9 pm.

[Don H]

There would not be any debt collectors if everyone bought only what they could afford to pay for and paid their bills as agreed.

[Stan]

Don, get real. The largest debtor in the world is the United States of America. That's you, I, and all of us. Wait till you see the debt collector program for any of you who have assets.

[CJ]

Check out what these guys are really about at

http://budhibbs.com/debtcollectorpages/first_american.html

[CJ]

Immoral and Illegal Offices should be the name of this company

[Cynical Consumer]

It's actually a good lesson for us all to live within our means and be accountable for what we acquire...including business.

[Liesa Buffalo NY]

I work for one of the biggest bankruptcy attorneys here in the WNY area. I find it very funny when someone who works for Great Lakes, Capital Managment, or NAFS calls our office seeking help to file a bankruptcy and they complain about the creditors harrassing them.

They do not like it went they are in the position of being harrassed for money owed.

With thier illegal, harrassing tactics I strongly believe that these companys are getting what they deserve.

[Observer]

Finding a lawyer with a name that begins with Lie(sa) seems amusing to me. I suppose all the lawyers don't mind giving their services for free, just like the merchants who have to sacrifice payment in full due to nonpayors due to bankruptcy. No my bet is that the lawyers get their cut first and if they don't they too file for judgements and/or garnishments. Its a matter of public record too if I am not mistaken. Yep, people having hard times is abound but the lawyers persumably are ok. Bottom line, everyone wants something for nothing. Or so it seems.

[Jim]

These companies are the bottom-feeding scum of the Earth. A lot of the debt that they're trying to collect is old, and I mean really, really old, like more than ten years old, and they've got no legal claim to one red cent of any of that money.

The debt collection business is a racket, run by people who have all the ethics and principles of a serial rapist. For pennies on the dollar, they buy charged off or previously-settled debt accounts, many of which are well past the statute of limitations, and then illegally harass the debtors and their families into paying that which is not legally owed to anyone anymore. They'll attempt to seize bank accounts, again, illegally, and they'll illegally damage people's credit ratings, making it difficult for people who are finally getting back on their feet to buy a home or car.

If we're going to have financial reform in the USA, one of the things we need to do is identify the handful of people who set up these crooked operations and shut them down permanently. These debt collectors are not businessmen, they are scam artists, criminals who prey on people who don't know their rights. Even if you do pay the ransom, they'll turn right around and sell that account to another debt collector, who will demand that it be paid all over again. Tell me that's not criminal behavior.

[Observer]

Debt. Money owed for services or goods not paid for. Funny how the loudest complainers and name callers are the ones stealing from those who are only asking what is owed to them. I guess if you distract enough people as to who is the thief by calling the collectors names then you deserve whatever guilt you have if any.

[Stan]

The illustration is to point out the depths of the economic downturn. Dumping on the debt collectors is your entertainment. But they can't do the damage corporate executives and government officials have. Save it. You better start praying. The storm is just getting started.