So your advising consumers to ignore collection agencies and just let their debt slide out of control and live 7-10 years of their life with no credit????? Yea, good advice buddy. :(
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great review. nco is bottom feeders. if they weren't, they wouldn't have had to pay a huge fine for collections violations.
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At the end of the day, if you owe the money then you owe the money. To not pay it back on purpose is immoral. I don't care about fees and fines and collection tactics - if you owe the money, you have a moral obligation to pay it. Jumping off the grid doesn't change the morality of it.
I seriously doubt, however, that the people you are addressing could live without their credit. Over extending themselves is a lifestyle.
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Remind me NOT to loan Zeek any money...
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And where would you be as an HFC Manager if it weren't for collection agencies collecting for you? The first thing HFC does if you don't pay them, is turn you over to a collection agency...
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"To not pay it back on purpose is immoral"
That's the biggest load of hockey I've read on here in a long time and that's saying something. People buy into that train of thought and that's sad. Whether or not you pay your obligations is a business decision. Pure and simple. It's nothing personal, it's not illegal and it's certainly not immoral. When corporations go bankrupt leaving their stockholders and creditors holding the bag is that immoral? Of course not. It's business. Those investing or extending credit know or should have known the risk no different than when a company lends an individual money. I've seen good people get down to th... more >>
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By God...I hate admitting this but I like what Stew just said! I agree with it all! Stew is right...it's business decision..nothing more, nothing less.
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All about the $$$$
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Its all about the Benjamins baby!
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When you used to declare chapter 7 years ago, it was a fact that every financial vulture in the world would come out of no where and do their best to convince you to buy, buy and borrow, knowing full well that they had you by your short hairs, knowing that you couldn't re-declare bankruptcy for another 7 years...
I don't know how the system works now because of the new regs, but I'm sure that the loan companies got the best of the deal..
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Stew... I regard purposely not paying your debts back is a form of theft! pure and simple!
There are plenty of people who get behind the 8 ball and can't pay but that doesn't mean they shouldn't at least try before they declare bankruptcy...
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Remind me to never loan anything to zeek.
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35 years ago I declared bankruptcy because of the debt level I reached when I was a drunk... since then I've paid on or before the due date on everything I have which is why the last time I checked, my credit score it was 816...
Deliberately not paying your bills deliberately is illegal AND immoral...Zeeks advice is pure horsepuckey!
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Wally... you and I think alike...
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Stew... now do you still think that's it's OK to stiff your creditors..?
That's what Zeek is saying...
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M3C as I see it. Stew is not saying just stiff 'em. Just that it's a matter of business and $$$. Individuals, like businesses get in trouble. That's what we have the bankruptcy laws for. It's not necessarily an intentional thing. The loan companies and cc companies need to share some of the blame for accepting "high risk" loans. That being said, not paying should be a last resort. Ya want to complain about $$$ and morals, biatch at NoBama for bailing out GMC just to see them close the entire Saturn system down. Your tax $$$ at work.
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bankruptcy is a excellent tool, for those who sincerely cant afford to pay their debt back. in other ways its a tool for people to get out of taking responsibility for paying a debt.
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I have like $40,000 in medical debt and I refuse to file bk
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Time for a 'Debtor Prison' and I think Sheriff Joe is the perfect person to get one started.
Seriously, some people really do fall on hard times, loss of job, loss of spouse/income. But those who make a living out of stiffing companies out of their money, I have absolutely zero tolerance for. Those are known as 'Professional Debtors' and I say, off with their heads!
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As someone who pays her bills and has to suffer the rising costs of things due to people like you, thanks. Thanks ever so much. *add dripping sarcasm here* I was hugely in debt at one time and I paid every dime of it back with no exceptions and no credit counseling. It's called getting a second job and working my hiney off. I'm sick of people who can but won't sucking the life out of my paycheck.
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Agreed Sherdy...those are the kind of people who causes OUR (those of us who pay on time every month) fees to go up. So the credit card companies can make up for those who scams the system. They may thing they don't owe any debts because they ran away and hid like little cowards, but they will always be in debt to those of us who end up paying THEIR debts. Yeah...they owe US!
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How can anyone that has read this complaint actually consider it a great review? :: shaking head in amazement ::
Anyone that has read this review in its entirety and comprehends what is being said knows that this is not a complaint about NCO. The OP has not listed any specifics about their issues with NCO. This review is about about a deadbeat attempting to instruct others on how to be a deadbeat and get away with it.
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AMEN John...following this turkey's advice is a dead sure gateway to financial ruin...
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John, when people like Stewart condone such behavior. It gives the op and others extra incentive to be a deadbeat.
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Did anyone notice the "other comments" notation in blue on this thread... that's new to me..
admin separated the 2 comments from the body of the thread which is between Mundo and Stew...
Veeery interesting!
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I hear you Wally but I am not reading Stews comments as supporting the behavior of the OP. I am reading his comments as addressing the comments posted by another member as to the morality of not paying a debt.
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I think you should pay what you owe. There was a time your word was your bond. How many people do you trudt today top repay a loan that you give them?
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Pay your bills so the rest of us won't have to...
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Agreed Lady. There are very few people I would trust to pay back a loan. If I can't afford to lose whatever it is they need to borrow, I don't loan it out.
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Good policy John. Can you spot me a couple of hundred bucks? Miss Marple will co-sign for me.
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Moved From Other Review: If they continue to call you contact Dept, Consumer affairs...FTC...BBB...by phone and written statement..or Just do not answer phone..I had a collection call one time and the woman on pho. said we will garnish your wages...file Judgement...after arbitration etc. I replied my state NO Garnishment..also be glad to arbitrate in my county..for you that do not know The National Arbitration Forum is owned by a collection company...and the NAF has many law suits filed against. Just Google National Arbitration Forum. This is a non solicited opinion.....
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Wow, I can't believe some of the comments on this board. Bankruptcy Is a wonderful tool for those that get in too deep and cant get out on their own. It should be a last resort, but a life saver. Just ignoring your debt is something entirely different, which is what the OP was refering to. I do not consider paying off your debt a "business decision". PLEASE. When you borrow you sign agreeing to pay back the amount borrowed under the terms and conditions. It's an obligation. And suggesting that individuals should ignore their financial obligations is just plain ridiculous. Why don't you just grab yourself a shovel, dig yourself a hole, and lay... more >>
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This specific company may be one of the worse ones, but PLEASE do not ignore your personal debts, or treat them like a "business decision". Sheesh
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Exactly Fufu! You are spot on!
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Agreed, FuFu is the voice of reason and knowledge. BA!
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Fufu, If 'paying off debt' is not a business decision then what is it?
Indeed when you borrow money you agree to pay it back. That's a business agreement, right? I'm not saying one shouldn't pay their bills but what I am saying is one shouldn't elevate business agreements to a moral imperative. Because it's not. It's not even a legal imperative because there is no law that says you must pay back your loans. Paying back loans is a voluntary choice until the courts get involved. And what kind of choice would that be? A business choice.
The OP presents a business option that conforms with the law whether one agrees with it or not. When ... more >>
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Corporations are fictional entities created by law. While the people in them may, they themselves have no morality, integrity, or honor. Their sole function is to make money. The people lending money to them know that and price the loan accordingly - that is a business decision.
People have morality, integrity and honor, whether good or bad. If someone is willing to lend me money to make my life better now, I am not going to kick them in the nutts by refusing to pay it back because it is not "convenient." Morality and character are about keeping our word and doing the right thing, even when it is not "convenient."
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Agreed JR!! I believe in paying back the entities that helped me out during tough times. I have no intention of adding to the ongoing problem of banks having to be more strict with loans, due to risk.
And Stew, as much as I usually totally respect your opinion, and completely and utterly disagree. I believe you and I have seperate definitions of morality.
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Well I can see both sides actually. If you charge or borrow it, you need to pay it back. On the other hand, its people with zeeks "rational thinking" that keep collectors in their jobs!
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The Truth Hurts doesn.t boys...I guess you think excessive over the limit fees and late payment fees are fare. Take a balance of 2000 which was at 8.0 fixed rate changed to 29.00% variable rate is fair. A person wpuld be better off going to small finance company and borrow at 60.00 APR and pay it in 4 years than revolving credit.. You take a payment of 110.00 with a 39,00 late fee and 39.00 over limit fee on credit card along with interest and will see about 6.00 going to principal.'If you want to spend 25 years paying off debt then go for it. Call your credit card company and ask them how long it would take to pay off 2000 at 29.00 AP... more >>
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Zeek, how do people escape from having their wages garnished?? Isn't this what eventually happens to a person who just says, freak it, I'm not paying anything back?
Come on, people need to be responsible, and most are. Telling someone not to pay back loans, credit car balances, etc, is just like telling them, its ok, you stole it, now keep it.
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Thats why Im trying to pay off my $7,000 balance every payday. The interest is a killer. If you recall, that was my 2009 New Years resolution and it looks like it will carry on to the 2010 resolution.
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Who knew a $50 grocery turns out to be $100.
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When I was 22, and graduated from College, I got into lots of trouble with credit cards. I owed so much. I finally told my parents. They paid off my debt, I paid them back, and learned a valuable lesson.
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Skye, I wish I had a nice clean slate like yours, but that'll happen in 6 years from now, that is if I dont use the card at all.
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Zeek, I've enjoyed this. You basically have told us just don't answer the telephone if it's one of those pesky bill collectors. Sounds like sound advice to me. You draw retirement from HFC and Associates? It's a business decision on their part to just quit paying retirement benefits. Forget the agreement when you were first employed there and signed up for the plan. Perhaps they will ignore your telephone calls as well.
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Hey no-handle You have a right to your opinion...One day you may be on this board with a complaint about one of these collection companies.. But I see you are doing well so best of luck....
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MRM, like I said, I learned my lesson. I was fortunate my parents helped me.
That's why my husband proposed, I was debt free, lol :)
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Thank you, zeek, for being the wonderful role model you are.
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I just don't understand Zeeks way of thinking. People are supposed to be responsible for their own actions.
I guess I should of just blown off my credit card balances when I was 22. Stupid me, lol.
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Zeek, I've complained about these companies in the past. They had the wrong telephone number, aggravated the rip out of me and it took about a year to stop the calls. Yes, get on a cash basis if you cannot manage your finances. A credit card is not meant to suppliment the family income. Just don't tell others to ignore their "financial obligations" if they are unable to repay the loan. Most companies will attempt to work out something with you if your intentions are to repay them.
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CC companies total combined losses due to all events (identity theft, defaulting customers, etc.) in a good economy, only represents about 2-4% of their gross, a very acceptable loss for any business. Lets say that figure went down to zero, do any of you honestly believe that the CC companies would reduce your rates? Your dreaming if you do. Did it dawn on anybody that the CC companies rate increases of up to 20% (ten times the rate of inflation) that this act alone is causing thousands of new defaults every day that your going to pay for through reduced credit lines and higher interest? Loyalty and morality should only be reserved when those... more >>
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I have a suspicion that Zeek and his message is a pure put on , designed to rile the M3C users... no one can be that careless or just plain ignorant of financial facts and the penalties one can incur by following his advice....
Zeek is a logical target for a block!
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I think your on to something OF.
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If that's true, OF, the fact that this thread has been going on for three days now is quite interesting in and of itself. Some have found a hero in zeek, while others have not.
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Mundo... there is nothing "heroic" about stiffing your creditors and I sincerely hope no one takes this clown's advice seriously..
My guess is that he never worked for a finance company except for owing them his soul in unpaid loans and garnishments...
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OF, Mundo was being sarcastic.
Zeek lives in a world of his own.
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Believe you, me Old Fart, I would like my credit history prestine just like your colon, by paying off my balance every payday.
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MRM, you are a responsible adult. Most are.
OF, you sure have one mighty, fine, popular colon :)
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Believe it or not, I have never owned a credit card in my life or ever taken out a loan. I don’t buy things I can not afford plain and simple.
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Zeek, you agreed to the terms of your loan when you borrowed the money and now you seem mad about it, adament you won't pay it back. You say you started with a low interest rate and it shot up, probably because you were late with a payment. Essentially, what you are mad about is the fact you agreed to do something, the bank held you to it, and you didn't hold up your end of it, so now it's stomp your foot like a brat pick up your toy and go home time. No offense, but I hope no one else is stupid enough to give you credit.
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Wally... that's the only way to live....
I have a debit card that would be hard to live without but I keep ALL my receipts until they are entered in the checkbook and I balance it EVERYDAT!
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Even on Saturdat and Sundat?
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wally, I agree with you. That's the best way to live--if you can. I do have a credit card that I use when purchasing on-line or traveling. But, it gets paid in full at the end of the month.
You do need to establish credit if you want to buy a house at some point. But, you are smart not to buy things you can't afford. Many people your age don't understand that concept and, unfortunately, they have to learn the hard way.
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I live by myself, so I really don’t need allot of things. If I want to purchase something out of my price range, I save up for months cut back on luxuries and sell some stuff on sites like ebay or Amazon. that’s just me I’m a penny pincher lol
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wally, no one needs a lot of stuff. They just think they do. The happiest people are the ones that aren't in debt!
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So true KIA...those who brag about having everything, really has nothing but debts and problems. I'd rather do without 'bragging rights' and have peace of mind.
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Before the economy tanked, I used to wonder how everyone was affording the huges houses, huge vehicles and all the other things stuffed in their homes. Well, now we all know not what to do. The best thing to do is save all the money you can and think about your needs before making those unnecessary purchases.
No one needs a 3-5 thousand square foot home--unless you have 10 kids. And, really, most of the people living in these homes are either retirement age or have 1-2 kids. What a waste of resources.
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You guys are starting to convince me to hold off buying a car and build my bank account up some more. That IS an option for me, since my Dad has a car we can use until maybe after the New Year.
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DB, thats what Im trying to do, saving up for my new Jeep!
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Yep, db, do your research first. I know you want American, but a lot of the foreign carmakers have factories in the US that employ many Americans and have pumped large amounts of money into failing cities/towns. KIA Motors is a good example. They gave a town in Georgia a new life and the people that live there are prospering. A Hyundai factory is close by. Hyundai actually has the best warranty. My daughter bought one a few years ago and has had absolutely no problems with it at all. You should check out ALL your options.
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Why wait to buy your new car? You could get all the car you want, and then some, right now! FOR FREE! Just strike a deal with the lender to pay for it, then refuse to pay it. Afterall, it IS a wise business decision, isn't it? That's the new definition of "honor" and "integrity," isn't it?
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Mundo... that's Zeeks definition of "honor and integrity isn't it! LOL
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You're absolutely right Mundo! Buy the car and don't answer my phone...why didn't I think of that! Heck, I'll buy you a new car too!
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Has any one been offered to settle their debt. with CC companies...You can settle for 40 cents on dollar but that will not improve your credit score because all the previous rating on that particular acct. will remain..Debt Collectors will tell you that your CB will only show ACCT. Settled for less than balance..They will not inform you that all orecvious ratings prior to settlement will remain.I going into a short retirement boys but I will jump in again shortly.. I know you all will cry but try and get over it..Seriously I have enjoyed this discussion. Zeek
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As collectors, it is not our responsibility to educate debtors in detail about their credit reports. Yes, we tell them if they settle an account, it will show "settled" on their Credit report. We also explain that 'settled' would show they attempted to take care of their bill but it would be looked at more negatively than if it was "Paid in full" but not as bad as showing it unpaid. That's all we explain to them because there are laws we have to follow as far as what information we give out about a person's credit report. With that information, it is up the the debtor to check further into the details. But with debtors like YOU, some of them ... more >>
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Db is right! Of course its better to settle than to ignore. No your credit score doesnt get reversed. You still missed the payments. Your score will still be less than ideal, but it wont get worse.....It's better to patch an injury and aid it's healing, than to leave it unnoticed. Unless you enjoy really ugly scars.........
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Well, that's a good way to put it, FuFu...LOL!
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