How do collectors sleep at night???

[bigun]

What is the name of your state?

Poached from another site:
{Our Billcollector excluded of course!}




"**************I wonder how they sleep at night?...... "

That's an easy one IronMaiden, they do it hanging from the rafters by their little claws.

[Ladynred]

ROFL ! Good one Bigun

Hanging by 'rafters' implies an environment unsuited to their kind. Hanging from the roof of a dank cave would be more like it !!

Actually I am gonna sleep really good tonite. Got trained on Lexis Nexis database. Boy it is sweet! Lets you search almost everything from DMV record to friends/families. Now I can tell debtors : "Sir I can see that brand new green chevy with XYZ license plate in your driveway and you are telling me you can't pay this debt!"

Other than that, once we leave our office, we are just like regular folks. Love those debtors. They are our job security.

[Ladynred]

Hey, Billcollector - I need to locate a person in OK rather urgently ... got a few extra minutes on that L-N system ??

I don't have a login/password yet. Yeah, sure I'd locate that for you. However, to disclose any info to you, that I'm not sure. We have to respect people's privacy, you know.

[Ladynred]

yeah.. well.. I'm not snooping for the sake of snooping, its a real issue. I already have quite a bit of info, just not enough to find this person's new location (moved in the last 6 months). Its amazing what $20 will get you, but new location hasn't been part of it !

[smorr]

Billcollector - really, how DO you sleep at night? Regular guy? I don't buy it - it takes a special kind of person to be a really good bill collector - the same goes for those who work for the collection department of the IRS. And, what do you tell the poor slob who REALLY can't pay the bill? Are you at least somewhat civil? A bit of advice please - I've worked with bill collectors in the past - some have been very nice and willing to work out whatever I could afford - others didn't care how badly I was hurting. The ones who cared gladly got paid off over time, because they gave me the break and the benefit of the doubt.

The others eventually ended up on my bankruptcy petition!

[bigun]

Smorr,

I've known BC from a couple of sites and he really is an OK guy. He gives good advice on how to negoiate your debt with a collection agency and I've never seen him post anything hurtful or, disrespectful.
He was just giving me and Ladyred a parting shot!

[smorr]

Ahh--ha .... oops - sorry about that - sometimes I wonder if people are being honestly nasty on this site. Some are unfortunately. Well, I guess I can count him in as one of those collectors I had dealt with that had a heart! I wished all collectors could have been that way! Thank you for the info!

Just got back from work. Collections is not that bad once you consider it just like a regular job. Regarding my approach, I can usually tell if someone is lying or telling me the honest truth right away. Sometimes it is tricky though. One debtor's credit was so bad she kept telling me her stories. But during the discussion she revealed she has just gotten inheritance. Once I found that out, collecting was a easy game.

I usually ask debtors what they want me to do about the debt. If they tell me they really don't think they can do better in next couple of years, then I just wish them good luck. Some are honestly in such a bad financial & emotional shape, it is not even funny. Not fun when debtors start crying over the phone about their lost dreams etc.

However, once I sense people have means to pay and they are just stalling, I do have to use some "intimidation + scare tactics" to make them pay. Only payment in full is asked from them. Being a poor debtor myself, its absolutely sickening to see them making $600/month on their jaguars and defaulting on credit card payments.

Yeah, and once in a while I do make some condescending remarks to debtors; same way debtors make to collectors. I just hope they don't take it personally, although, sometimes it escalates to supervisor level.

Once you start working for collection agency, your perspective will totally change. At the least you'll realize how corporations are really screwing consumers. Creditors' goal is making you not pay your debt or extend it for years so they can make more money from you. They make more money from few rich debtors than those who are truly broke. It is just a game.

[bigun]

Just curious BC but how are collection agencies coping with escalting bk levels. They just announced another 12 month record in filings today. SOmething like over 1.6 million for the 12 months ended June 30th. Are you seeing more people threathening bk and actually following through.
BTW, that story getting the debtor to talk about an inheritance ought to be rule #1 of why all this stuff should be done my mail. Damn, you're good!

About BK, usually most debtors I talk to for the current portfolio, they are so broke they can't even pay retainer fees. And some have already filed BK couple of years ago. BK affects creditors but at the same time consumers have more to lose by filing it. And that's what I tell my debtors.

And, BTW, the highest dollar collected in our agency was about $10 K back in the days when we used to collect prime accounts. I am looking to move on to be a pre-chargeoff collector. Third party collections comes with too much regulations. Nothing is exciting to be able to "dun" someone over the phone for balance in full than to accept $200/month payment.

[smorr]

Thank you BC - you've made me see the collection business in a different light. And I have to admit most of those that I dealt with were very nice. The attorneys were the ones that didn't make any bones about their requests. I got good at sending out cease and desist letters. At first it was to just stall so I could work out a payment into my budget. Then I'd make an offer to pay monthly. Most of these were very small debts (under $800) and were paid off within a few months. But I was doing about three at a time for $50 each. Plus I had an attorney on me for $100/mo on a $2500 crdt crd debt and a second one for the same monthly amount on a $5600 debt. That's $350 monthly. Others had to wait until I could finish paying the little ones, then I'd tackle those. It was working for a while, but this one acquisition company bought a CitiBank acct that my ex-boyfriend had run up on me within the first month he had it - all $5000 of it - (my own fault for giving him an extra card....idiot that I am...Mistake #2). He never worked so could never pay - I was supporting him, and his alcohol habit while trying to make payments on the cards I was losing one after another, and an added headache from the ex-husband and his transferred debt to me from the IRS for $12K - (Mistake #1) - - - - - well, lets just say I wasn't doing well. I got rid of the boyfriend, but the damage had been done by now.

CitiBank wrote off the debt in '96 - the acquisition company bought it in 2000, but never told me they purchased the account. Then in 2002, I get a letter from an attorney who was representing them, telling me I now owe them nearly $11,000! I thought it was a mistake, but found out differently. Rather than fight it I claimed bankruptcy. And it was the best thing I could have done, even though I felt lousy about doing it. I would never have been able to afford it since two weeks of my pay go to my rent as it is. Being a single mom didn't help either. The hardest part was, that after the boyfriend went, I was getting my life in order and making my credit better - I still had three good accounts with Capital One - and all of them had to go to the BK.


The IRS debt was paid in '98 and I recovered the money from the ex-husband that I paid to the debt through the divorce agreement he signed through monthly payments. It was how I was able to make the payments I did on most of the cards that had been closed.

A hard lesson learned - believe me. One thing's for sure - it won't EVER happen again! Now, if I can't afford it - I just don't buy it! P.S. Sorry this is so long!!!

Mista Billcollector, question for you.

How can you/do you generally tell when a person is being honest about their situation, and when they're hiding something?

I have gotten quite good at dealing with collectors, largely through my knowledge of the processes they follow. One thing I do NOT want to do is give any of these collectors the impression that I have anything when in reality I do not. Basically, I am completely willing to pay off my debts IN FULL when I am able to, but that would naturally be AFTER I find work.

I'm not going to rise to the level of sending them bank statements or anything like that - that information is none of their business. What methods would you recommend to debtors on this board who are TRULY between a rock and a hard place?

[smorr]

Kevinss - you'll never be TRULY more between a rock and hard place until you have an IRS representative tell you what they say your going to afford to pay them on a debt that wasn't even created by you (I was just stupid enough to sign my name on a joint 1040A and trust a spouse to be honest about my liability before coercing me to sign - dummy me!!!). Believe me, your real debts and their "allowance" for your debts are definitely different amounts! Their "allowance" is how they base your ability to pay - i.e. you really pay $1500 for rent, but they only 'allow' $800. Where do you find the money to pay the rest- HA! - sorry Charlie, that's your problem. And don't try getting a second job to make up the money - they'll hit that income too - and child support that no one else can touch? - Oh-h-h yeah - they can include that as income also! Yeah, it was a blast dealing with them - and you can't send them cease and desist letters like with collectors - that just makes 'em laugh harder! Credit card debts? They don't recognize those as debts (I'm serious - that's what the IRS rep told me... I was floored, baby! Floored!)

I have another three letters for IRS - GOD! Because you see him after you've dealt with them. And it's the best way to prematurely grey your hair!

But it's glad to hear you're paying what you can, when you can. I think you're going about it the right way - and they can't get blood out of a stone.

I am not a lawyer. The information offered is based on my personal experiences and opinion only. No warranties are expressed or implied.