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Hounded for Debt They Don’t Owe. One Victim Fought Back, with a Vengeance
- toomuchtodo 6y ago(2017) Previous: https://news.ycombinator.com/item?id=15862278 https://news.ycombinator.com/item?id=15862278
- haltingproblem 6y agoReading it bought back memories if reading "Bad Paper: Chasing Debt from Wall Street to the Underworld" [1] and surprisingly Buffalo features prominently in that book too ;) Anyone who is in the USA and has debt of any kind (i.e. they are still breathing) should read the book. I was generally left with a fairly positive impression of debt collectors as scrappy but out on the fringe individuals who were making a living cleaning up the financial ecosystem. The companies who sell their debt to these collectors came off poorly which is basically every corporate in the country. Mind blowing. [1] https://www.amazon.com/Bad-Paper-Chasing-Street-Underworld/dp/0374108234/ https://www.amazon.com/Bad-Paper-Chasing-Street-Underworld/d...
- sesuximo 6y agoIt should be illegal to sell debt that can be traced back to the original borrower.
- avmich 6y agoWe know it's all too easy to print a page with identifying information on somebody with arbitrary sum attached. It should be illegal to harass somebody with information like this - I'd assume if there is more, like e.g. a signed contract, it's easier to trace the borrowing.
- treeman79 6y ago“You owe me 1M dollars. No I don’t where or why.”
- sesuximo 6y agoI was imagining that if I borrow from LenderCo, and LenderCo wants to sell my debt to ConsolidatedCo, all they can do is take out a separate loan. So ConsolidatedCo doesn’t know about me, and if I don’t pay LenderCo, then LenderCo might not be able to pay ConsolidatedCo. Under no circumstances should ConsolidatedCo be able to hound me. Maybe LenderCo can but at least I chose to do business with them directly.