The Credit Scam and Debt Collection
Posted: Monday, December 05, 2005
by straight talk
When I was a young man growing up in New Jersey I used to hear about people who would lend money to people in the neighborhood. However, these people were called and actually were under the law - criminals. While they charged high fee’s for their “service" they usually helped many a person out of a tight spot. They usually served those who needed cash fast or were in real bad financial shape and had no where else to go. However, we must keep in mind, these weren’t real friendly types and your well being wasn’t their intent- it was money! So if you didn’t pay up on time it cost you more and you may have received a visit from someone who wasn’t too friendly. One could respect that for what it was worth, you knew how they were before you got involved. When these people when found out they went to jail. In contrast to those days I have formed an opinion expressed herein through my own expereinces and I have concluded that today we have a completely different philosophy. If you have experienced what I am taking about then you certainly understand, if you haven't you have no way of knowing if what I say is accurate and I hope you never will have that experience.
As for these lenders they will lend to you at exorbitant interest rates, charge exorbitant fee’s and late charges and basically help drive you deeper into debt because they are after all, your friendly lender. They will suck you in by offering a low rate but miss your payment date and watch the rate skyrocket. To boot, they impact your “credit score". That is what everyone judges you on. Once that is impacted you can bet your life they will now drive up your rates on everything else you have - Car Insurance, Home Insurance, anything on credit and if you need another loan, you pay more. Also, God forbid your check is returned, regardless of whose fault, that information goes into a central data base maintained for these companies. You guessed it, even though you may have had a great rate on a credit card to start, they are now free to up that rate to twenty percent or close to thirty at some institutions. Go over half your credit line and see what happens. It matters not that they may have created an error that caused this while you will pay while trying to correct their error. These bureaus are not run for your benefit, they’re run for the benefit of these powerful institutions. Also, when you try to keep your personal information hidden, don’t be a fool. Your private information is maintained in central banks of information, which you have to pay to get access to but they are readily available to any of these and other types who want data about you. When the information in those files is maintained incorrectly you get another chance to loose! Wow, what a great business. Of course the people utilizing this method are thrilled. They are making money, there is little to no recourse to them and your stuck, you need them no matter what. Also, if you try floating funds you'll see what happens to you! However, these people can hold onto “YOUR" money and decide if and when they will give it back to you and in what amounts it will be dolled out. However, you get to be fines or worse if you do the same. You say you have a debit card, while try pulling out more then they will allow at an ATM. You'll soon learn who's money it really is. If you live in Florida, be aware their are no laws or standards expected from debt collectors. You are at their mercy and your government really does not give a damn. You are a low life when it comes to possibly oweing money, regardless if the claim is just or not or your circumstances. One example, lets assume you are a contact for your relative. the relative is out of town. Your eceive a call cocnerning that relatives account but they won't give specifics. You advise them they are out of town and as soon as they return you will have them call them. You think they will not call again - wrong! A collector can call you as many times as they want, every hour if they want to. Even if you make payment some will continue to call you all day long. They do not call this harrassement or abuse under the law. TIt is their right in trying to collect a debt. Think not then contact a lawyer.
Those in power say we should save now even while knowing the average family is going deeper and deeper into debt and lives paycheck to paycheck. People have one and two mortgages just to pay these high debts but the banks don’t care they got you either way. Minimum wage, no benefits, etc, are all apart of the game. Belly up and on the street you go regardless of your circumstances. Do you think anyone gives a darn? After all it is your fault for spending that money. To them it has nothing to do with possible real life circumstances, you signed the agreement! These are the same people who take families who have worked hard all their lives, paid taxes, made hundreds of purchases and paid on time all their lives and because they fell on hard times they may get to call them low life’s and every other thing they can think of. Honest people do not dispute they are owed their money, but there are ways to get paid and assist without creating the situations which tear families and people apart and they having to be abusive. Unfortunately- the word of the decade- these institutions really don’t care about people and you can't fault them for that. It is about money and thats it. You are a ledger entry and they get paid no matter what in write off’s, business losses, lower taxes and any other number of legal breaks. You know what you get? Bad credit for any number of years, you get to pay all your taxes and you could get judgements and leins. Unemployment and other forms of credit protection insurance are also included as income. Don’t buy that line they give about saving for a rainy day, don’t overspend, save for retirement, etc. Tell that to someone driving a second hand car that’s being held together by bailing wire, who had a good job but got laid off because his job went overseas, who has a member of his family sick, etc. One could go on and on but as far as the average family is concerned it is in a world of hurt today.
In my opinion those in power who have created or allowed this are as bad as those who are doing the deed. Those who commit fraud, the skylarks and those they put into jail for conniving and loan sharking are just like them but these people are elite and untouchable. However, the really sad part is most of them do it in the name of good and many do it as professed so called “believers" in God. They smile about the wonderful laws they have passed to protect "business". They do it without remorse and they do it with no guilt to their conscious or soul- how pitiful.
Now to you who find no fault in the system and really think everyone who has a hard time paying is a low life, maybe, just maybe, you will have a similar experience. Perhaps you will be and are blessed and never experience one? However, people who have undergone this hardship know this is true. Perhaps these people were like you, not rich but fairly successful, made good wages and had some of the good life. Then the unexpected, the lay off’s, sickness, the friends who vanished and who wondered whats wrong with you? Many found out when they turned fifty and found out they became incompetent immediately and few if any would hire them. Even with equity in their home enough to pay off all the lenders they were told no for a loan request. Why should they want to assist you, money is their business not helping regardless of past history, it is all about now! Many struggling families and people pay off what they actually owe their creditors, not the heaps of interest and fees they placed on them which made payment unattainable, and are still labelled poor risks. Also, they never got a penny for the personal abuse, the stress and the mental anguish inflicted on them and or their family, thats added for the enjoyment of the collectors. Regretfully - the other word of the new decade- once you are trapped with no where to turn they force you to do what you do not want to do because it "works for them"! Take my advice pay off everyone as fast as you can and you will be free of them all! Put your money somewhere where no one controls it but you. If they don't get it the government will becuase you are among those who pay the bills. Don't trust those smiling faces. What they are smiling at and while they are shaking your hand, all they see is another sucker in need.
Robert T. Melaccio Sr. Copyright ©2005 Robert Melaccio
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