Majorty of debt now owned by NCO. Good or bad?

[Beeheery]

hi everyone,
is it good or bad when most of our bad debt is bought up by the same company? i would think it would be good because the debt would be so high they could not sue me (since i am no asset) but then again maybe they don't bundle my debt into one amount and break it up and sue me bit by bit??? any thoughts?? oh and btw my total debt with NCO is around 50K.

[shabam]

This is great. Once these guys (Ca) own the debt, it's the perfect time to file.

[Beeheery]

Thanks Shabam, but wouldn't they like try to fight my filing since they would be out 50K? I mean I could see them not attending the 341 if it was over like 2-3K, but they would be out 50K and obviously want to get that $$ back.

[ready2puke]

Who knows how much they paid for it but it wasn't

50K you can bet on that.
I'm waiting til all my debts are sold off. NCO calls me all the time with a recording
I'm not sure but I think you (we) may have a better chance of no objections with a CA than the OC..

[jadams]

They aren't out to get the whole original debt from every account they purchase.

From NCO's 10-K filling - "The accounts receivable are purchased at a significant discount, typically less than 10 percent of face value."

Further reading shows that's not even really honest.

Carrying value of purchased accounts receivable (their internal value/cost of the accounts) was $185.7 million.

The "total outstanding balance due" (i.e. what you owed on the account plus the interest and fees they're claiming due) is disclosed at $52.4 billion.

Which if I did my math correctly puts a rough estimate at their cost (not counting their overhead, mailing, employees, etc.) per dollar claiming due $0.0035.

Obviously many accounts were purchased for a lot more, some effectively nothing. And they have significant overhead they need to cover. Plus a lot of debt just is never recoverable.

But this just shows the actual cost of the debt is really only a minimal factor in determining if they make money and how far they're willing to take something. The cost of the postage and the lady phoning you is likely more of a concern.

Their portfolio includes almost three times this amount in "assigned" accounts, too. But they don't disclose much information about income vs. value on these.

This industry is a whole lot bigger than even we realize, never mind "Joe Public" that is ignorant of debt collectors.

Reported revenues that year were $1.5 billion.

[Bell30656]

NCO purchasing the majority of your debt? It's time for you to purchase a phone recording device. NCO can be counted on for several violations to the FDCPA and probably some of your state laws as well. This company must have to keep a fleet of lawyers on board just to deal with all the violations its collection agents make.

I wouldn't worry about objections from them during your 341, yet. They owned quite a bit of debt on me and continued to call even after the filing of the bankruptcy and GET THIS... They even called after the discharge! In the call the agent even acknowledged that they were aware that my bankruptcy had been discharged. She went on to say that if I was a man that lived up to my obligations I'd honor my commitments and pay the debt anyway. I told her I'd pass the recording on to my lawyer to let him determine who should be honoring which laws or obligations... At the word recording she went crazy screaming that she did not give me permission to record, etc, etc. Of course, if she had listened carefully she'd have heard Atlanta traffic in the background and knew that the chances I was really recording were remote.

This company is about as low as a collection agency can go. I think they hire folks that are about one notch below whale stuff (the lowest stuff on the planet.).

[Beeheery]

WOW Bell. Yeah...they are REALLY bad. They called me FRIEND'S MOTHER as 6am like 2 days ago at her house asking for ME!!! I swear to god!!!! I felt so bad and she didnt even know I was having financial issues until they called. Also, they found out my unpublished cell number, the house number for my friend who I am staying at and other #s. Anyone have any idea how they find this out??? The ONLY # under my name and SS is my cell phone. They are insane!!!!!

[Bell30656]

NCO still calls for my father who had the nerve to drop dead in 2004 without completing his obligation on a satellite television contract, some medical bills and a few other bills. Most collectors were decent and figured out the odds of collecting after death were pretty non-existent but not NCO.

The collection agent from NCO told my mother that she had to begin making payments on the debt or they would attach my father's pension, my mother's bank account and seize her assets. They went as far as to demand that she take care of the debt that day prior to 5:00 PM or they would have to begin immediate legal actions.

Very fortunately, my mother called her banker in a panic... Being a family friend as well as my father's banker for several decades he explained a few finer points of the law to the collector and then explained to my mother that she was never to give them a red cent.

Of course, since my name is the same as my father's they switched from calling her to calling me. Pretty recently they threatened to sue me and actually asked me for my social security number.

[Beeheery]

OMG Bell I am so sorry to hear that. They are so cruel and pushy! I was thinking of offering them 10% of my total debt to get them off my back but now I don't want to give them a damn thing!

[DeadManCrawling]

Bell,

I think I would start recording those calls and see an attorney about sanctions against NCO.

Collectors have lost millions in judgements for less egregious behavior, and I think you would stand a good chance of winning.

At the least, it may stop them from contacting your family again.

My deepest sympathy for your loss. It is unreal that you folks should still be dealing with this.

[Bell30656]

DeadManCrawling, when I was going through my bankruptcy I broached the subject with my attorney. Guess what, because it isn't my debt I have no rights under the FDCPA. While NCO hasn't called for a while on this debt I'm just waiting for whomever they've sold it to, to give me a call.

Here's a shocker for you, my attorney included these debts in my Chapter 7 paperwork! His reasoning was that if they were to have gained any legal standing by my failure to contest the debt at some point this would kill it.

I'd rather admit I had a sister that worked in a brothel than a brother that worked at NCO. I owed them a fortune and they didn't send anyone to my 341 or file anything except a motion to get copies of all paperwork. I think the OP is in pretty good standing as to them objecting.

[Nicollette]

NCO is one of the worst I've dealt with also. I had been in my Ch 13 for several months, then all of a sudden NCO was writing me letters trying to collect on a debt that was included in my plan. The original creditor that I had listed in my plan, had sold the debt to NCO. I called them one day to let them know that the debt they were trying to collect on was included in my plan. The man I spoke to had told me that my BK will not protect me and that he will get his money. I told him to tell my attorney that, and then he hung up. I've never heard from them again.