Just when I think I'm whistling in the dark...
http://www.businessinsider.com/unemployed-utah-man-hunted-2011-7
Here's an unemployed contractor who's been looking for work. After a year of no success, he offers to be HUNTED for $10,000. It may be a publicity stunt, maybe not. Certainly not legal. But, it makes a point.
The American consumer has been put through a significant shock. Suddenly, the land of plenty is the barren desert. Most of us are unprepared, never having wanted for anything up till now. Consumers scramble for any money they can find and wind up in loans they can't pay back. Good news for debt buyers, collectors, payday lenders. Up to a point.
As prices for portfolios increase, so does the need to liquidate to meet higher ROI. For some that means engaging in more and more unethical and illegal practices.
These illegal tactics bring AG inquiries, class action suits, and thousands of dollars paid out in settlements. The damage to lenders reputations may be beyond repair. The CFPB wasn't created because of happy consumers, it was a response to the public outcry for fair treatment.
Yes, folks should pay their bills. Yes, collection agencies serve a valuable, unrecognized service to the financial health of our country. Yes, we are allowed to get a reasonable return on investment in debt portfolios.
But, no, not at the cost of reducing our fellows to desperate acts like the above.
Anyone disagree? www.modernassetmanagement.com
If you want help getting better collection results while improving customer satisfaction and eliminating lawsuits, reach out. Consultation is free.
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