Re:How to Become a Debt Buyer
by lcnPylGDnU4H9OF on Wednesday May 17, 2023 @04:12PM
(#35980636)
> non-shitbags to get into the industry and replace them
I don't think this really works in this case. Much of the debt being purchased by the shitbags is unlikely to be affordable by the debtor and the collector usually ends up unsympathetically ignoring the financial situation of the debtor to shotgun-harass (contact 20 people and hope 2 answer) them in an effort to make a profit. The non-shitbags realize that this is the only winning strategy and choose to do something else.
Re:How to Become a Debt Buyer
by omginternets on Wednesday May 17, 2023 @04:16PM
(#35980703)
>Is there anything inherently shitbag about collecting debts?
What's practically involved in collecting debt? I don't actually know.
Lots of sending out letters and making phone calls. I spent a lot of time and energy trying to automate the process but the industry refuses to modernize.
Re:How to Become a Debt Buyer
by omginternets on Wednesday May 17, 2023 @04:42PM
(#35981023)
>Lots of sending out letters and making phone calls.
Can you elaborate? Who are these letters to? What do they contain? What happens if someone doesn't pay after you serve notice? What's the whole process like?
Re:How to Become a Debt Buyer
by juliusdavies on Wednesday May 17, 2023 @04:59PM
(#35981201)
If no letter has been sent about the debt in 2 or 3 years, the owner of the debt loses the right to collect the debt.
(I can’t remember exact duration- probably depends on jurisdiction).
There are obviously a load of shitbags in the debt collection industry, but the only way to change that is for non-shitbags to get into the industry and replace them.