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> Prodigal Technologies wants to improve the ways that lenders collect money from borrowers... If a payor misses a payment, lenders can now reach out on any mes

> Prodigal Technologies wants to improve the ways that lenders collect money from borrowers... If a payor misses a payment, lenders can now reach out on any messaging platform and enable lenders to find borrowers where they are This sounds like it could be bad for consumers. I hope it doesn't lead to people getting shamed on social media for failing to answer bill collector's phone calls - their site is pretty vague about how it works so I'm not sure. Just another reason to delete your social media accounts. I think it's a good business idea though.

samstave 8y ago
* people getting shamed on social media* thats the only thing i can imagine is going to come of this
- jonlucc 8y ago
  When I read it, I assumed it would be private messages. If that's true, then it might be a bit like harassment, but not public shaming.
  - samstave 8y ago
    Both suck.
  - newman8r 8y ago
    Perhaps, but on platforms like twitter where the default behavior is to only allow direct messages to mutual followers, I imagine they might use an @mention which is publicly visible - like "@newman8r - please get in contact with us, we need to discuss your car payment" - and they offer to delete the tweet after payment or something.... I guess that would be the worst case scenario. If it's just private messaging then it's not as big of a deal.
    - swsieber 8y ago
      I think people can demand that debt collectors contact them only through certain types of media (email, print letters, etc.). I wonder if that applies to companies where collection hasn't gone to a debt collector...
    - samstave 8y ago
      @newman8r owes @PG&E $100 #PayYourBills
- chris11 8y ago
  I was assuming communications would be private. Debt collection has a deservedly bad reputation, but I think any public communication would quickly become legally problematic. It seems like bad idea both ethically and practically if messages weren't private.
  - newman8r 8y ago
    Hopefully it's private. As far as the legal requirements, I believe in the US it's permissible for debt collectors to contact friends/family in order to get in touch with the debtor, but there are certain limitations (like they're not supposed to disclose the amount of the debt, etc). I think you're right about the practicality issue - I doubt twitter or any other network would want anyone using their platform for that type of activity.
  - gonzoflip 8y ago
    The Chinese courts have been exploring an _interesting_ and public method of debt collection. http://www.chinadaily.com.cn/china/2017-07/26/content_30250707.htm http://www.chinadaily.com.cn/china/2017-07/26/content_302507...
  - imglorp 8y ago
    Even if private messaging, which social platform has bank level privacy/PII controls in place? How often are they hacked/sold/oopsied?
- zahreeley 8y ago
  In India, lenders send goons to borrowers houses and sometimes thrash them. Shaming on social media is more dangerous.
  - icebraining 8y ago
    In Spain and Portugal there's a company that sends people dressed in frock coats and top hats to the debtor's workplace entrance and such, to publicly shame them: https://www.theguardian.com/business/2013/aug/09/spain-debt-collectors-cobrador-del-frac https://www.theguardian.com/business/2013/aug/09/spain-debt-...
sailfast 8y ago
What you're talking about would typically be considered illegal in the United States under FDCPA (Fair Debt Collection Practices Act) so I'd imagine it would have to be a private message. (For more information about debt collection, I'd recommend https://www.consumerfinance.gov/consumer-tools/debt-collection/ https://www.consumerfinance.gov/consumer-tools/debt-collecti... ) Even if you improve collection practices a tenth of one percent, however, you're still talking big money so I see the appeal of the market size and any potential improvement.
adora 8y ago
Instead via the old method of phone, they're texting about the bills instead. It seems that's what people are more responsive to today. All communication is private. It has nothing to do with social media.
- newman8r 8y ago
  That's good to hear, thanks for clarifying

samstave 8y ago

* people getting shamed on social media* thats the only thing i can imagine is going to come of this

jonlucc 8y ago
When I read it, I assumed it would be private messages. If that's true, then it might be a bit like harassment, but not public shaming.
- samstave 8y ago
  Both suck.
- newman8r 8y ago
  Perhaps, but on platforms like twitter where the default behavior is to only allow direct messages to mutual followers, I imagine they might use an @mention which is publicly visible - like "@newman8r - please get in contact with us, we need to discuss your car payment" - and they offer to delete the tweet after payment or something.... I guess that would be the worst case scenario. If it's just private messaging then it's not as big of a deal.
  - swsieber 8y ago
    I think people can demand that debt collectors contact them only through certain types of media (email, print letters, etc.). I wonder if that applies to companies where collection hasn't gone to a debt collector...
  - samstave 8y ago
    @newman8r owes @PG&E $100 #PayYourBills
chris11 8y ago
I was assuming communications would be private. Debt collection has a deservedly bad reputation, but I think any public communication would quickly become legally problematic. It seems like bad idea both ethically and practically if messages weren't private.
- newman8r 8y ago
  Hopefully it's private. As far as the legal requirements, I believe in the US it's permissible for debt collectors to contact friends/family in order to get in touch with the debtor, but there are certain limitations (like they're not supposed to disclose the amount of the debt, etc). I think you're right about the practicality issue - I doubt twitter or any other network would want anyone using their platform for that type of activity.
- gonzoflip 8y ago
  The Chinese courts have been exploring an _interesting_ and public method of debt collection. http://www.chinadaily.com.cn/china/2017-07/26/content_30250707.htm http://www.chinadaily.com.cn/china/2017-07/26/content_302507...
- imglorp 8y ago
  Even if private messaging, which social platform has bank level privacy/PII controls in place? How often are they hacked/sold/oopsied?
zahreeley 8y ago
In India, lenders send goons to borrowers houses and sometimes thrash them. Shaming on social media is more dangerous.
- icebraining 8y ago
  In Spain and Portugal there's a company that sends people dressed in frock coats and top hats to the debtor's workplace entrance and such, to publicly shame them: https://www.theguardian.com/business/2013/aug/09/spain-debt-collectors-cobrador-del-frac https://www.theguardian.com/business/2013/aug/09/spain-debt-...

sailfast 8y ago

What you're talking about would typically be considered illegal in the United States under FDCPA (Fair Debt Collection Practices Act) so I'd imagine it would have to be a private message. (For more information about debt collection, I'd recommend https://www.consumerfinance.gov/consumer-tools/debt-collection/ https://www.consumerfinance.gov/consumer-tools/debt-collecti... ) Even if you improve collection practices a tenth of one percent, however, you're still talking big money so I see the appeal of the market size and any potential improvement.

adora 8y ago

Instead via the old method of phone, they're texting about the bills instead. It seems that's what people are more responsive to today. All communication is private. It has nothing to do with social media.

newman8r 8y ago
That's good to hear, thanks for clarifying