Status of credit card debts

[ryan]

Just my opinion Dylan, but I think the reason 'Debt Settlement stories' get so much attention on the internet is that there really are so few successes, as opposed to the tons of fails. And I think the creditors have so much experience negotiating these and have so much statistical history of what debtors will and won't do, that it helps them have a big edge.

..and what Catleg says about them looking for what you are doing credit-wise, it's true. I had them make a comment like that long, long ago, and I wasn't even trying to settle. I think they feel they shake a person by disclosing that they know these personal things.

[DYLAN150]

Ryan: I am probably just fooling myself trying to settle with these companies, but gave it a try.

[GoingDown]

Just my opinion Dylan, but I think the reason 'Debt Settlement stories' get so much attention on the internet is that there really are so few successes, as opposed to the tons of fails. And I think the creditors have so much experience negotiating these and have so much statistical history of what debtors will and won't do, that it helps them have a big edge.

..and what Catleg says about them looking for what you are doing credit-wise, it's true. I had them make a comment like that long, long ago, and I wasn't even trying to settle. I think they feel they shake a person by disclosing that they know these personal things.

I had the same experience when I made the mistake of talking on the phone to a collection agency working for a junk debt buyer that bought one of my old debts. They mentioned every recent payment I had made and knew which credit cards I was still paying, and even brought up the name and accurate address of a recent employer that wasn't even listed on my credit report. It rattled my cage and shook me up, and that's exactly what they want to do.

They want to talk to you on the phone because they want to use psychological warfare on you and in the end get some money out of you, or at the very least, get some information from you that they can't find any other way. You are one of their best sources of information when you talk to them on the phone.

Don't be surprised when that information gets turned around and used against later. They are recording everything you say, and that right there should be enough of a reason to never talk to a debt collector on the phone.

But yet, I know people will still do it. And that's why debt collectors are still in business.

If no debtor talked to them on the phone ever again, they would all go out of business. Every other method of debt collection is so expensive that they just couldn't survive. And that is why they prefer to talk to us on the phone.