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Your debt collectors may soon be adding you on Facebook

Unfortunately it's very easy to get into debt, and for many people it's hard to get out of. I'm not on about frivolous debt, I mean people that literally go into debt to buy clothes and food for their children etc. Some of these companies are basically legal loan sharks, interest as high as 2000 + APR%  it's disgusting. 

I would never get in debt again, but did have problems in my 20s after I was made redundant. I got it sorted out, but it was still worrying at the time until I got another job.

 

I've also had calls from a debt collection agency asking for someone that doesn't live here, and has never lived here... They were very insistent. In the end I told them I would report them if they carried on calling here. I found out who they were by reverse lookup.

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I'm going to assume the same cease and desist laws apply.  FYI debt collection agencies are 3rd party you have 0 obligation to them.  Your contract is with the originating company regardless of whether they sell it off or not.

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15 hours ago, RollinLower said:

the best solution here would be to just not get into debt.

The US its very easy to get hurt and end up with someone wanting $100k+ from you...

Being said most people don't know their rights.  There are federal cases that have determined "fair value" for services if you don't have insurance they may be charging 1000% on top of what is considered "fair value".  I had 2 instances where they refused to negotiate and I made it go away once they sold it off to a debt collector.  Also a few times I was forced onto the toll road (I avoid these) and got a bill in the mail.  I refuse to pay a toll for roads likely built buy taxes and sold off to a Chinese company.

 

EDIT: There are medical billing codes and a database to lookup what fair value is.  Also if your in the hospital.  They tend to farm out 3rd party companies that aren't listed on your insurance to make a higher profit...  The hospital and medical system in the US is corrupt as you can get.

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I might finally get some friends on Facebook then 🤣

 

Seriously though, I don't see this as a big issue. Considering they can also show up at your door.

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11 hours ago, Donut417 said:

DING DING DING......

 

When my parents got a mortgage in the 80s, they only got approved for like $50K, because my dad made $50K a year. They were a lot tougher back then. Then they decide to just let any dumb ass buy a $350K house, who cares about their credit. Then 2008 hit and the market went bust. But Wall Street didnt learn. You figure those greedy bastards would have learned back in 1929, but nope. 

 

Not only do they need to get debt under control. But I think they need to reinstate the Glass Steagall act. The banks cant be trusted, so the government needs to step in. 

It's why houses have massively increased in value across the western world. Higher salary multiples on mortgages have increased, increasing buying power leading to higher selling prices. We're taking on more debt than previous generation did, to buy what are often smaller houses.

 

But if you can't buy a house you're still paying rent past retirement. This may well be impossible as the rising cost of buying a house has brought the cost of renting one up with it, outpacing wage growth.  

 

Never taking debt is a nice idea, but unless you're born into a very rich family, or happy to live your whole life as a hobo, not practical. And it can be very easy to get into trouble with it. If you lose your job and can't get another one quickly that can cover your expenses, things can head south fast.

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1 hour ago, Monkey Dust said:

It's why houses have massively increased in value across the western world. Higher salary multiples on mortgages have increased, increasing buying power leading to higher selling prices. We're taking on more debt than previous generation did, to buy what are often smaller houses.

 

But if you can't buy a house you're still paying rent past retirement. This may well be impossible as the rising cost of buying a house has brought the cost of renting one up with it, outpacing wage growth.  

 

Never taking debt is a nice idea, but unless you're born into a very rich family, or happy to live your whole life as a hobo, not practical. And it can be very easy to get into trouble with it. If you lose your job and can't get another one quickly that can cover your expenses, things can head south fast.

I only half agree.  There are plenty of people who I know that are in debt and owe a lot of money, whom I have no sympathy for because they brought on their situation.  I think one problem that is occurring is that talk regarding entitlement and overspending. e.g. A group of people complaining in front of me they can't afford things and are in debt...only thing being they make twice what I earned through commisions (I had a healthy set of savings) and one of them had $300 phone bills (because he "need the data plan"...he did not).  There are plenty of people today who take vacations and spend their entire paycheck and go into debt and blame it on other circumstances.

 

With that said, yes it is a huge burden with the pricing of housing the way it is today (although I know places that I could afford that are still close to the popular houses that go for less than 10 years of salary after living expenses)

 

On topic, I don't really see to much issue with collectors using facebook...honestly, as long as they stick to the same laws lets say a stalker would have to stick to to not get in trouble I think it would be fair.

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12 hours ago, Mark Kaine said:

You could also - crazy idea I know - rent something and use the underground or bike (you know like billions of other people too) 

Yes and end up endlessly spending money to pay for a place with no added value. At least with a mortgage you have equity and can make money when you sell the house later on so your money actually goes somewhere. With renting it is a money pit and you never get a return. For a house once the mortgage is paid off you own a house worth about what the loan amount was for. Obviously because of interest you would be paying more than the load amount but your net loss would be far less than renting. Renting is great when you haven't settled down yet but is a waste in the long term. 

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48 minutes ago, Tech Enthusiast said:

"Dept Collectors",... sounds like some mafia kinda thing.

Which countries do these work in? US?

Facebook operates worldwide as far I know.

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50 minutes ago, Tech Enthusiast said:

"Dept Collectors",... sounds like some mafia kinda thing.

Which countries do these work in? US?

You know who the largest Debt collector/Collections agency is? The US Internal Revenue Service. So a mafia thing is kinda right. 

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10 hours ago, Mark Kaine said:

Facebook operates worldwide as far I know.

= ) 

Yet, we don't have any dept collectors in Germany.

I have heard stories about the US and outsourcing dept to some... uhm,... "private" individuals?! But I did not believe such a thing was legal in any democracy.

 

You know, we do have people in dept that can't pay, but they simply get their income reduced up to a minimum, so their dept gets payed automatically. You can also just claim being "broke". If you do that, you get a person to your side for 5 years. This person is handling your money and makes sure you can live well enough,.. while trying to pay off your dept. After 5 years the remaining dept is erased.

 

Mind you, the percentage of people going into this kinda dept is in the 3 to low 4 digits, countrywide. Even at minimum wage, there is barely any way to get into any form of meaningful dept. Most people that need the service used to be rich and did some poor decisions with their money. 😉

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2 hours ago, Tech Enthusiast said:

Yet, we don't have any dept collectors in Germany.

Hate to break it to you, but we do have very much and a lot of them. 

 

You must be either rich, have rich parents or a combination there of. 😛

 

There are however two different kinds of "Schuldeneintreiber", state ones and private ones. 

 

The private ones can't do shit, only send letters, or I guess, contact you via Facebook & co. 

 

The "problem" is if you don't pay you will go to a court and have to explain *why* you don't pay and that can get very expensive, and if you still don't pay you can even go to jail... 

 

 

IF YOU THINK I'M MAKING THIS UP, please do some research because that's not up to discussion, it's just common knowledge.

 

 

The second kind is from state, basically they cut out the middle man as these people work directly for court. 

 

They *will* come to your house if you ignore their letters, and they *will* take away things like TVs and video game consoles etc, there are restrictions what they can take but they can do this within these rules. 

 

 

IDK I think this isn't too different to the US tbh. 

 

Maybe you just misunderstood the term, but "Dept Collectors" is very much the equivalent to "Schuldeneintreiber or Gerichtsvollzieher" , which both aren't something "we don't have" I think we even invented it lmfao 🤷🏼

 

 

 

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On 11/6/2020 at 4:13 PM, Ashley xD said:

i mean... just don't accept the friend request? and mute the text message? no? they aren't forcing you to reply? 

Isn't using bots against the EULA of most social media platforms? Isn't this just spam?

 

How will 4Chan eventually use this to troll the shit out of everyone?

 

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On 11/7/2020 at 6:22 AM, Mark Kaine said:

You could also - crazy idea I know - rent something and use the underground or bike (you know like billions of other people too) 

Lets see:

1) Rent a 1 or 2 bedroom apartment for $1400/month on average in the US

2) Own a home and build equity for $1300/month on average

 

Renting is not some magical solution and in many many cases is worse value for the money because when you're done renting you've got nothing to show for it. In some cases it makes sense, in others it does not but people do it because that's all they can get approved for because of bad credit mistakes in the past and they end up stuck in an endless cycle.

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11 hours ago, Mark Kaine said:

*why* you don't pay

In the UK the court bailiffs can come to your house or commercial premise and start taking stuff away. Your car, your pc and they will take 300% of whats owed because Auction they olny get 1/3.

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2 hours ago, Orange1 said:

In the UK the court bailiffs can come to your house or commercial premise and start taking stuff away. Your car, your pc and they will take 300% of whats owed because Auction they olny get 1/3.

Yeah its similar here (in Germany) tho as said there are restrictions, like if you have just 1 TV they can't take it as it's deemed "essential" for living (aka it's necessary to be indoctrinated by states "news") ¯\_(ツ)_/¯ 

If you have 2 TVs they will take the more expensive one tho... (for example) 

 

 

But, usually, and that's the one thing the other poster got right, if someone is in that situation they really wont have a lot of money and they can do something called "privat Insolvenz" (personal insolvency) 

 

Which means you get off the debt "for free" but with some serious drawbacks like no one will give you credit anymore etc... 

 

But saying we don't have "debt collectors" is just a big OOF anyways  lol

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On 11/8/2020 at 3:00 PM, Mark Kaine said:

You must be either rich, have rich parents or a combination there of. 😛

Kinda called: "Having a job".

 

Also, look up dept "Collectors US". That is NOTHING like the stuff we have in Germany. Not even remotely close.

They are selling "depts" and those people knock on your door, wait for you after work and actually get away with some pretty scare stuff, while the police is watching and even cheering.

 

Nope, we don't have that here.

You get a letter with the demand to pay. If you don't, they add some fees and demand again. If you never pay, you can get a court date and that's it. Nothing crazy like US dept collectors.

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On 11/6/2020 at 1:10 PM, rcmaehl said:

Summary

The US Consumer Financial Protection Bureau has ruled that debt collectors may contact users via Social Media and text message.

 

My thoughts

Well, it looks like the friend requests for some people will be rapidly increasing in the coming months. I'm heavily disappointed that they didn't set communication limits though because if there's one thing debt collectors are good at is being annoying, and I'm sure people don't want a text message 15 minutes to an hour about a debt. Regardless, it looks like even debt collecting is being allowed to modernize.

 

Sources

CBS News

US CFPB Ruling

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Look at it this way... Now anything a debt collector says or states online (ie any harassment), there will be a record of it and could possibly come back and bite them in the ass.

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32 minutes ago, Tech Enthusiast said:

Kinda called: "Having a job".

and clearly you either got lucky or dont have one...

 

you can get into dept with or without having a job, i work my ass off almost 60 hours a week usually, and if im not careful i could still very easily get into debt.

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