21–30 of 269 posts
Earlier quoted context omitted.
Then why would anyone pay their bills if they can buy their debt back for 1/10th of what they owe?
Well, at a bare minimum, credit scores.
I think that borrowers should have the right of first refusal when their debt is sold. For example, if you're about to sell $1.00 worth of my debt to someone for $0.10, first you must offer it to me at the same cost: $0.10.
Then why would anyone pay their bills if they can buy their debt back for 1/10th of what they owe?
Earlier quoted context omitted.
In the USA: Yes, the alleged debtor can insist on proof. The bad news: If collector mails the debtor, and the debtor doesn't respond for 30 days, the collector can report the debt to the credit reporting agencies. And we all know what a pain it is to get anything corrected on a credit report.
I don't understand why people freak out so much about their credit reports. I have no idea what my credit score is and don't care. I guess it's poor people who need credit to scrape by on a regular basis? If you have a lot of cash it seems like a completely empty threat. The bank is not going to care about your $400 unpaid comcast bill when writing you a mortgage. People who have declared bankruptcy twice are getting…
[citation needed]
Sure, a single unpaid bill won't hurt you, but that's because it won't hurt your credit score much. If your credit score is low enough, your bank may still give you a loan to buy a house, but will demand a lot more money up front and charge you a much higher interest rate.
If you can buy a house for cash, it might not matter, but there are plenty of non-"poor people" who can't just drop a quarter million dollars off in a suitcase.
Earlier quoted context omitted.
In the USA: Yes, the alleged debtor can insist on proof. The bad news: If collector mails the debtor, and the debtor doesn't respond for 30 days, the collector can report the debt to the credit reporting agencies. And we all know what a pain it is to get anything corrected on a credit report.
I don't understand why people freak out so much about their credit reports. I have no idea what my credit score is and don't care. I guess it's poor people who need credit to scrape by on a regular basis? If you have a lot of cash it seems like a completely empty threat. The bank is not going to care about your $400 unpaid comcast bill when writing you a mortgage. People who have declared bankruptcy twice are getting…
"If you have a lot of cash" speaks volumes about where you're coming from, though. Congratulations on being one of the very privileged few in this country who can afford to do what you suggest. The vast majority of the rest simply cannot.
Earlier quoted context omitted.
In the USA: Yes, the alleged debtor can insist on proof. The bad news: If collector mails the debtor, and the debtor doesn't respond for 30 days, the collector can report the debt to the credit reporting agencies. And we all know what a pain it is to get anything corrected on a credit report.
I don't understand why people freak out so much about their credit reports. I have no idea what my credit score is and don't care. I guess it's poor people who need credit to scrape by on a regular basis? If you have a lot of cash it seems like a completely empty threat. The bank is not going to care about your $400 unpaid comcast bill when writing you a mortgage. People who have declared bankruptcy twice are getting…
When I bought a car from the dealer I told the loan guy that I had a 0.9% rate at my Credit Union so I didn't need financing. He was able to match the rate based on my credit score and take 300.00 off the car. I doubt he would have believed that I qualified for %0.9 if I had bad credit. So for me we are talking about a difference of at least $300 a year for having a good Rating.
When they called I was confused at first, then remembered and realized it was legit, paid it, end of story. They were utterly professional and courteous about everything.
Earlier quoted context omitted.
I don't understand why people freak out so much about their credit reports. I have no idea what my credit score is and don't care. I guess it's poor people who need credit to scrape by on a regular basis? If you have a lot of cash it seems like a completely empty threat. The bank is not going to care about your $400 unpaid comcast bill when writing you a mortgage. People who have declared bankruptcy twice are getting…
This is the worst possible advice a person could give. Collectors can and will go to court to get a Judgement (capital-J), which allows them to garnish wages (among other things) and in some cases is actually worse than declaring bankruptcy. "If you have a lot of cash" speaks volumes about where you're coming from, though. Congratulations on being one of the very privileged few in this country who can afford to do wh…
Earlier quoted context omitted.
Well, at a bare minimum, credit scores.
Most people on HN exist in a very different world from the unbanked population. Credit scores mean nothing to these people. Many can't even get approved for a checking account and rely primarily on cash equivalents and prepaid products.
Earlier quoted context omitted.
Then why would anyone pay their bills if they can buy their debt back for 1/10th of what they owe?
If 1/10th is what the debt is 'worth', then who cares who buys it?