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Getting letters for debts not on my credit report
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How much money are these "debt collectors" earning from people paying stuff they dont actually owe any money for?0
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Enough to continue operating.debthelp1 said:How much money are these "debt collectors" earning from people paying stuff they dont actually owe any money for?
Whether they owe money or not is mostly down to the legal situation of statute barring, they may well actually owe the money just cannot be chased any more. Though there is always the chance they don't and it's just debt collectors incorrectly linking debts to people.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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The whole system stinks to high heaven, its a complete con, it really is.debthelp1 said:How much money are these "debt collectors" earning from people paying stuff they dont actually owe any money for?
Lender lends money to customer, money it only has on paper, customer defaults on debt, debt is sold to debt buyer, original lender gets paid small % back and writes the balance off to tax.
Debt buyer inherits all rights and privileges of original lender and chases the debtor for the full face value, of a debt that didn`t exist in the first place.
And we all just accept this as the norm.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
Normalising people borrowing money without paying it back, sometimes intentionally, isn't right either.sourcrates said:
The whole system stinks to high heaven, its a complete con, it really is.debthelp1 said:How much money are these "debt collectors" earning from people paying stuff they dont actually owe any money for?
Lender lends money to customer, money it only has on paper, customer defaults on debt, debt is sold to debt buyer, original lender gets paid small % back and writes the balance off to tax.
Debt buyer inherits all rights and privileges of original lender and chases the debtor for the full face value, of a debt that didn`t exist in the first place.
And we all just accept this as the norm.
The debt collection side needs regulation for sure, so too should we deal with issue of whether lenders should be tighter on lending to people who can't pay back, perhaps even a way to deal with serial defaultersSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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