i just got a super predatory debt collection letter. it was for a $113 debt from citizens bank, who i had an account with when i was 16 (20 years ago). the letter appeared to be an offer to cancel the debt if i paid them $22.75. HOWEVER, the actual wording is, “The amount of the debt is $113.77 and we will accept $22.75.” so, no MENTION of canceling the debt, but the implication is there because many collectors of current debt offer to settle for a percentage.
at the bottom of the letter, it says: “Because of the age of your debt, we cannot sue you for it and we cannot report to any credit reporting agency. In many circumstances, you can renew the debt and start the time period for the filing of a lawsuit against you if you take specific actions such as making payments on the debt or making a written promise to pay.”
basically… i don’t owe this money anymore, the debt is so old they can’t legally sue me for it OR put it on my credit report, BUT if i take their generous offer of paying them $22.75… they can sue me for the full amount because making a payment makes the debt current.
no thanks, jefferson capital systems llc.
But you owe they money why not pay them back? Just because they can’t sue you does not mean you have no obligation to pay them back.
I legally literally have no obligation to pay it back. I don’t legally owe the institution with whom I had the account with anything. I certainly don’t owe this third party debt collection company who purchased a debt for pennies on the dollar from the original institution any money, and never did.
if this is some clumsy personal responsibility/“morality” bullshit you should definitely consider the morality of predatory banks and debt collection agencies ! and also learn 2 read.
But you still owe the debt, even if it traded hands, there is just so punishment if you don’t, so that debt is still yours.
And fine I’ll consider the morality of debt collectors; if no illegal actions were taken, they are totally in the clear. Debt should be paid back in full wherever possible, and these people work to uphold that.
Great to know that we found the guy on Tumblr who defends predatory debt practices so long as they’re legally sanctioned.
Remember folks, if you wanna fuck people over, make sure you have enough political influence to lobby for legal justification!
-S3NATOR
That debt isn’t necessarily theirs. You DO know the shit debt collection companies pull, yes?
Also, when the system is set up to fuck the individual and the individual has the ability to fuck back? Take it every time.
Also, they had that account when they were sixteen. If anything, it’s(perhaps not legally speaking, but) their parents’ debt, or whoever opened the account in their name.
So, yes, pay your debts whenever possible, but this is one situation where no one is obligated to do anything.
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