[salatheel]

Has anyone else noticed a huge increase in the amount of phone calls from banks and credit card companies harassing people?

Collections people.

Today at work Chase Manahattan had at least 4 different operators call 6 times for the same employee!

Another got 2 calls from Chase again.

Now these were just the calls I took. I told each of them this is his workplace and he is not allowed to take calls.

The last one I yelled at got her boss on the phone and had them promise to not call anymore. Take the number out of the system.

The past couple weeks this is happening a lot.

I know times are tough and people are having a hard time to cope.

But I was wondering if this is increased panick on the part of the banks as well.

 

[sportzkardnutt]

It's not so much panic as collectors doing their job.

The ONLY way to make the calls stop is for the person receiving them send a letter to the company stating they can only contact them through the mail. Period.

It doesn't matter if you tell them not to call. They will wait a week and call back. It's their right actually. The letter from the debtor needs to be sent.

I know all this because I worked collections for over 10 yrs. The person holding the debt has every right to call the debtor at work, at home, at their friends house etc. UNTIL the debtor sends that letter. It needs to be sent certified, return receipt so the sender will have proof it was sent.

 

[Straight Razor]

Do two things. First say you never discuss financial issues over the phone. Then say, if you put it in writing you will look at it. When they object repeat it. When they object a second time say good bye and hang up.

You accomplish many things by doing this. First, you are cooperating so you avoid that legal issue. Next they almost never send you anything because that is not how they operate. So by insisting on things in writing you essentially stall them forever. Your credit rating will take a hit but you keep your money.

This is what they do. They buy your debt for pennies on a dollar, usually around 7 cents. So they pay $7 for every $100 you own. They run a phone room and bank on the percentages. If they get you to make one payment they've made money. They make money by making calls not writing letters. So they rarely will send you a letter. If they do, make a counter offer and if that counter offer is not embarrassing it is not low enough. If you own $1,000, (which means they paid $70 or less for it) offer them $10 and demand that if they accept it they will report in a timely fashion to all the credit companies that the debt has been satisfied in full.

By taking these steps you end up paying nothing but at the same time cooperating so you are not in a legal bind. As I said, your credit rating will take a hit but... and sometimes the people who buy debts sell them again, paying one or two cents on a dollar. And again, you don't discuss financial issues over the phone. Have them put it in writing. Again, if they do make an embarrassingly low counter offer, because they bought it embarrassingly low.