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Credit card debt collection

bitsaboutmoney.com

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Re: Credit card debt collection

#531

Post by incahoots »

rcxdude wrote: post #412
mrguyorama wrote: post #384

Earlier quoted context omitted.

> if there's any resistance put up they essentially just write it off as it's no longer worth the effort That's rarely the case. Debt collection agencies will absolutely hound you and your relatives, damn the laws, to try and milk value from you, for quite some time. They will then go to conferences and brag about how they have tricked people into claiming debts, the ways they have harassed people, and other atrociou…

I mean resistance in the sense of actually knowing your rights and pursuing them with the legal system

This, once you start parroting your rights as a consumer, they’re quick to back off.

Re: Credit card debt collection

#532

Post by incahoots »

wizerdrobe wrote: post #336
elteto wrote: post #325

Earlier quoted context omitted.

This seems like pedantry on the USAA part. They should add some small fraction of a point to your rate and move on. I understand you probably get extra benefits with USAA but this would be an automatic disqualification for me and I’d move kn to a different servicer. However, that is _painful_ in the middle of a closing.

Truth be told - we’re looking at ditching them but with banking, home, and auto we are likely stuck with them for the fact of inertia. Our mortgage was immediately sold to another firm, so there’s no nicety on the part of having a consistent firm there. The process was painful, our processor was impossible to get in touch with, often a 48 hour lag for a reply. Shortly before moving I was side-swiped by a man sufferin…

If you have Costco membership I highly suggest switching to them for all of your insurance needs, IF they have that service available in your area.

I’m in the Midwest and I pull quotes every 3 years, and Costco has always been a few hundred cheaper than the other cats with the same or better coverage.

Banking should be a credit union unless you require some weird need from USAA.

To be honest, I never bought into the USAA hype, their marketing is strong but their “benefits” aren’t anything more than what’s found at competing banks. Credit unions provide better services and benefits to their customers anyhow.

Re: Credit card debt collection

#533

Post by tomatocracy »

quietbritishjim wrote: post #255
didntcheck wrote: post #244

Earlier quoted context omitted.

[In the UK] despite the verbiage on most sites still saying "credit card", I've been using ordinary debit cards (from both Visa and MC) online for as long as I've shopped online, and never had a single issue related to them being debit. For many years I didn't even have a credit card Edit: it's possible that this is an issue of semantics. My cards have been debit cards in every sense of the term - they are labelled a…

I'm in the UK and my debit card literally says "VISA debit" in the lower right corner (with "debit" in much smaller text). In any case, there are a couple of important semantic differences between a debit card vs a credit card that you pay off immediately: * you automatically get insurance/protection for certain purchases in a credit card (so I read, I've never used it) * It's much worse if someone steals your debit…

The "automatic insurance" thing is called section 75 protection. Legally it's more limited than you might think - it only applies to purchases over £100 and under £30000 for example and I think there's a lack of clarity if eg PayPal purchases are covered or not even within those limits.

However, the debit card industry (as do some other oddities like Amex charge cards) largely voluntarily offer very similar protection to section 75 on debit card purchases and the credit card industry largely voluntarily offer the same protection on purchases under £100.

Re: Credit card debt collection

#534

Post by MerelyMortal »

pierat wrote: post #529
MerelyMortal wrote: post #496

Earlier quoted context omitted.

Yes, otherwise it sounds like you're changing the subject. No, it costs whatever the visas and transportation costs. I've never heard of anyone not being allowed to leave a country because of student debt.

No, getting rid of my citizenship costs $3500 plus all my student debt. Ive been told countless times "if you dont like it here, leave". And I cant.

You don't have to give up citizenship to leave.

Re: Credit card debt collection

#535

Post by jkaplowitz »

hiatus wrote: post #356
DoubleGlazing wrote: post #315

There was a case a few year back around the time of the 2008 recession where a man in debt used the Fair Debt Collection Practices Act to earn a decent living from their aggressive/dishonest practices. I did try Googling for the story, but I could find it. His process was to let them lie to him - he even encouraged it, all while he was recording the call. After the call ended he'd launch a legal claim for compensatio…

Seems like that might not be possible these days. > On June 25, 2021, the Supreme Court of the United States held that a plaintiff must suffer a concrete injury resulting from a defendant’s statutory violation to have Article III standing to pursue damages from that defendant in federal court. The Court also held that plaintiffs in a class action must prove that every class member has standing for each claim asserted…

That ruling only applies to federal courts. FDCPA claims can be, and sometimes are, filed in state courts, which are allowed to be more permissive about standing rules (to the extent permitted by state constitutions and laws) than federal courts.

Re: Credit card debt collection

#536

Post by LorenPechtel »

Broken_Hippo wrote: post #522
LorenPechtel wrote: post #435

Earlier quoted context omitted.

Disagree. There's no intent to keep poor people out. Someone who has little but doesn't spend too much will generally have good credit. Creditors these days tend to treat medical debt separately--someone who has only medical debt probably is someone who is responsible but something happened to them. Likewise, back in the era of the housing collapse and strategic default creditors would look at someone who had a forec…

Someone who has little but doesn't spend too much will generally have good credit. No. Living within your means makes you wind up with no credit. Utilities and landlords rarely report your on-time payments, after all. You have no history, and you need to prove yourself instead of the lenders assuming you are responsible. And I'll mention here that different places hound folks with a recent bankruptcy, despite a varie…

Get a store card, use it for things you would have bought anyway. You can build from there. Note that your credit report doesn't really care about how much you borrowed, but how good you were about paying it back.

Re: Credit card debt collection

#537

Post by jkaplowitz »

JumpCrisscross wrote: post #394
hiatus wrote: post #356

Earlier quoted context omitted.

Seems like that might not be possible these days. > On June 25, 2021, the Supreme Court of the United States held that a plaintiff must suffer a concrete injury resulting from a defendant’s statutory violation to have Article III standing to pursue damages from that defendant in federal court. The Court also held that plaintiffs in a class action must prove that every class member has standing for each claim asserted…

> that might not be possible these days You’re most likely making these claims in state courts. Federal cases start at $25k.

$75k if you mean the usual amount in controversy requirement for diversity jurisdiction, no? Anyway, the FDCPA specifically gives federal courts jurisdiction over FDCPA violations “regardless of the amount in controversy”, so there’s no minimum.

Still, the FDCPA jurisdiction provision is non-exclusive, meaning state courts also remain a viable option.

Re: Credit card debt collection

#538

Post by LorenPechtel »

kelnos wrote: post #464
LorenPechtel wrote: post #431

Earlier quoted context omitted.

The reality is that credit rating has a strong correlation with responsibility. Thus, for example, in places where it's legal to do so insurance rates will be different. This does end up sweeping up a few who were hit by unavoidable circumstances but most people who get in credit trouble were skating too close to the edge.

The fact that in some (many?) places it's illegal to set insurance rates based on credit reports should tell us something: that at best they're an unreliable measure, and at worst they're (ab)used to discriminate.

No, it indicates that politicians are pandering to the voters who don't like it being used. If it wasn't useful insurance companies wouldn't do it.

Re: Credit card debt collection

#539

Post by standardUser »

jiofj wrote: post #256
krapp wrote: post #221

Earlier quoted context omitted.

Someone with poor credit may be assumed more likely to commit fraud or steal from the company. Someone with poor credit might also be assumed to be personally irresponsible and lazy, and more likely to slack off, ignore necessary details or cut corners. It isn't fair but in the US money carries moral weight, and many people assume the less of it you have, the worse of a person you are.

>It isn't fair but in the US money carries moral weight, and many people assume the less of it you have, the worse of a person you are. This isn't about money, this is about debt. Owing money around really does sound like something a bad person would do.

Every corner of our economy is dependent on debt. Even the wealthy have debt. Almost anyone who starts a business takes on debt.

Re: Credit card debt collection

#540

Post by jkaplowitz »

Tijdreiziger wrote: post #471
nbadg wrote: post #268

Earlier quoted context omitted.

In my experience (~31yrs US, ~2yrs Germany): USA: debit cards and credit cards are both offered through banks. They operate on the same payment infrastructure (Visa, Mastercard, etc). They are all equally accepted. The only difference between them from a consumer standpoint is that a debit card immediately withdraws the money from your account and typically requires a PIN for purchases, whereas a credit card operates…

The Netherlands: the terms "debit card" (typically “pinpas”) and "credit card" ("creditcard") are used exclusively to describe the payment infrastructure, and only the payment infrastructure. In everyday language, ‘pinpas’ always refers to Maestro/VPay, which are networks run by resp. MasterCard/Visa but are nonetheless incompatible*, and are accepted almost everywhere, while ‘creditcard’ always refers to MasterCard/…

> Most payment terminals now accept MasterCard/Visa as well as Maestro/VPay, though due to EU/EEA legislation, some may only accept debit cards as well as credit cards issued outside the EU/EEA (but not credit cards issued inside the EU/EEA).

Why is this? If this is about the fee-capping rules, I would have expected that they’d disallow foreign credit cards and allow EU/EEA credit cards, since the foreign credit cards are not subject to the fee cap even when used within the EU.

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