Category: Press articles

Prisoners of debt article in Bloomberg

Bloomberg’s front cover article is on companies that don’t write off debt once courts have cancelled debts in bankrupcy judgements, but sell the debt to other companies, who renew going after former debtors, using the technique of assigning a new number to the debt so that debts appear to be current.

http://www.bloomberg.com/bw/stories/2007-11-01/prisoners-of-debtbusinessweek-business-news-stock-market-and-financial-advice

Thank you for that article and link . It was very interesting along with the comments. I have only delt with one collection agency in my life. I was scared and agreed to monthly payments on debt they had purchased that was all interest and fees. I had plodded along for many years paying, but had set backs and could not pay off the balance.

The collection agency kept me in the dark about interest they had piled on and for many months led me to beleive that the money I was sending them was reducing what they said I owed. They had told me they were going to send me an invoice once a month but when they failed to do that I got suspicious and started asking questions. They didn’t like that.
For months they had me exactly where they wanted me. When I asked them to tell me how much interest they were charging me they hemed and hawed and even said, I don’t think I can tell you that. That really set up a red flag. They wanted me to continue to send them monthly payments with no questions asked. After losing $1700.00 to these crooks I found out the truth and they were not reducing my balance at all, but were in fact increasing it.

If I am ever contacted by these low life scum again, I will not be the scared timid person I was 2 years ago. I will fight them tooth and nail.

Does anyone know how you can tell if a company has not reported the discharge to Equifax/TRW type agencies? How can I get a free copy (Maryland law says I can get one each year) from each of the agencies? Any help is greatly appreciated!

You are able to get a free credit report every year from https://www.annualcreditreport.com/

Just print up a copy of your discharge in bankruptcy, and mail it to the three credit bureaus along with the debts which were included in the bankruptcy.