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Creditors are Heartless

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No argument with people paying back what they've borrowed. OTOH, when things don't work out as planned, it's no excuse for usury, either. At 27.55% interest, it's no wonder creditors are merciless- they probably break out the party hats when they obtain garnishments... they have no incentive to work it out with debtors, that's for sure...
 
Soltis said:
If only common sense was common. 🙁
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common_sense_god_damn_super_power.jpg
 
Jhhnn said:
No argument with people paying back what they've borrowed. OTOH, when things don't work out as planned, it's no excuse for usury, either. At 27.55% interest, it's no wonder creditors are merciless- they probably break out the party hats when they obtain garnishments... they have no incentive to work it out with debtors, that's for sure...
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I work for a bill collection company. 98% of our debt does not charge interest, and the 2% that does, it's usually only about 2% interest rate.

Debt collection is about recovering debt, so while they seem "heartless", they aren't at all. It's probably less than 10% of the people they get into contact with who actually want to pay their bills, 90% just say "fuck you I'm laughing my way to the bank"...

So bill collectors can seem a bit nasty on the phone because they assume everybody fits into the 90% rule. But if you talk with them, they will usually always remove the interest and settle with you to pay the original amount with no interest. There is usually a catch, you have to set up a payment plan, or pay it in full within 30 days... If you miss a payment, the deal is off.

Sounds like the guy in the original story didn't show up for court, nor did he even attempt to work it out with the bill collectors before it went to court. Sounds like he is just stupid, and deserves his fate.
 
brandonb said:
I work for a bill collection company. 98% of our debt does not charge interest, and the 2% that does, it's usually only about 2% interest rate.

Debt collection is about recovering debt, so while they seem "heartless", they aren't at all. It's probably less than 10% of the people they get into contact with who actually want to pay their bills, 90% just say "fuck you I'm laughing my way to the bank"...

So bill collectors can seem a bit nasty on the phone because they assume everybody fits into the 90% rule. But if you talk with them, they will usually always remove the interest and settle with you to pay the original amount with no interest. There is usually a catch, you have to set up a payment plan, or pay it in full within 30 days... If you miss a payment, the deal is off.

Sounds like the guy in the original story didn't show up for court, nor did he even attempt to work it out with the bill collectors before it went to court. Sounds like he is just stupid, and deserves his fate.
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Sounds peachy and all, but I happen to disagree with state-sponsored and state-enforced rape of the weakest among us... it encourages craven and dishonest conduct by lenders.

It's not the collection per se that I find objectionable, but rather the State of Virginia's complicity in usury...

People sometimes allow garnishment of their wages as a way to pay, accept the financial discipline imposed, not understanding the implications. They know they owe, and that they're behind, and see no point in fighting the inevitable. Doesn't mean they're correct, just that they see it that way.
 
Jhhnn said:
Sounds peachy and all, but I happen to disagree with state-sponsored and state-enforced rape of the weakest among us... it encourages craven and dishonest conduct by lenders.

It's not the collection per se that I find objectionable, but rather the State of Virginia's complicity in usury...

People sometimes allow garnishment of their wages as a way to pay, accept the financial discipline imposed, not understanding the implications. They know they owe, and that they're behind, and see no point in fighting the inevitable. Doesn't mean they're correct, just that they see it that way.
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I think that you should become a lender to the weakest among us and help them out in their time of need.
 
The lesson to be learned here no matter what your job is, your education, your debt... NEVER let a default judgement be entered against you in court. When you are served with the papers, that is your hint that this matter isn't going to go away and you had better show up. Ignoring these matters is a good way to get your tit in a wringer.
 
Budmantom said:
I think that you should become a lender to the weakest among us and help them out in their time of need.
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Gonna do the superior dance for us, too?

I think we all need to remember that there's always somebody smarter and stronger than we are, that condoning preying on the weak opens us up to the same treatment...
 
"He fell behind, and Beneficial sued. Mr. Jones did not appear in court. "

clearly it wasn't that important to him
 
Budmantom said:
I think that you should become a lender to the weakest among us and help them out in their time of need.
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Even Jhhnn isn't that stupid, but just watch him change his tune in a New York minute if he did as you suggest.
 
Jhhnn said:
Gonna do the superior dance for us, too?

I think we all need to remember that there's always somebody smarter and stronger than we are, that condoning preying on the weak opens us up to the same treatment...
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Or we could remember to pay our debts?
 
DaveSimmons said:
She probably had an interest-only mortgage, buying much more house than she could afford, hoping to sell in a few years for a massive profit.

Just another person blinded by greed and lack of good financial sense, that taxpayers like me get to pay to bail out.
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Option A in Option Arms (which 80-90% of people took) was even less than the interest payment-- this was an "option" because homes were skyrocketing in value, and I mean after all what goes up must keep going up right???
 
Jhhnn said:
Gonna do the superior dance for us, too?

I think we all need to remember that there's always somebody smarter and stronger than we are, that condoning preying on the weak opens us up to the same treatment...
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No it doesn't. Not unless "we" sign a contract without understanding it, or blithely ignoring the risks. 🙄
 
So, uhh, you guys are claiming that the interest rate imposed on garnished wages by the state of Virginia, 27.55%, is *not* usury, or what? That the guy in question, or any significant portion of the population of Virginia, knows that before entering into a contract, or that it was revealed in the loan paperwork?
 
Jhhnn said:
So, uhh, you guys are claiming that the interest rate imposed on garnished wages by the state of Virginia, 27.55%, is *not* usury, or what? That the guy in question, or any significant portion of the population of Virginia, knows that before entering into a contract, or that it was revealed in the loan paperwork?
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Wait, so you don't think people should read the lending laws in the state that holds jurisdiction over the settlement of your debts? This is common sense - which is unfortunately not common enough. People who treat the law as a mystery have no place to complain when it behaves... mysteriously.
 
nonlnear said:
Wait, so you don't think people should read the lending laws in the state that holds jurisdiction over the settlement of your debts? This is common sense - which is unfortunately not common enough. People who treat the law as a mystery have no place to complain when it behaves... mysteriously.
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Really? So what's the interest rate on a judgement in your state? I mean, you should know right off the top of your head, right?
 
Jhhnn said:
So, uhh, you guys are claiming that the interest rate imposed on garnished wages by the state of Virginia, 27.55%, is *not* usury, or what? That the guy in question, or any significant portion of the population of Virginia, knows that before entering into a contract, or that it was revealed in the loan paperwork?
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Of course it is usury but this country's usury laws are in many cases a joke (case in point why all the major credit cards are headquartered in some backwater state so that they can then fvck everyone on their interest rates across the rest of the nation). That's why you have to be so careful getting into debt.
I don't have any loans.
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That's nice, but most grown-ups do, whether it's their house or whatever else. You just need to be careful and know what you have signed up for.

And as always do not push that debt to the point you can barely service it!
 
nonlnear said:
Wait, so you don't think people should read the lending laws in the state that holds jurisdiction over the settlement of your debts? This is common sense - which is unfortunately not common enough. People who treat the law as a mystery have no place to complain when it behaves... mysteriously.
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Come on, I read every single word on a document before I sign it, usually more than once but as complicated as the crap is these days there is no way in the world you can expect the average person to understand it. Hell, I often have to hire someone to give me an english summary of some of the contracts I enter into. Even then there are so many "gotchas" in the paperwork that it is absurd.

There is no reason for it to be that complicated except to give the "smart" people more ability to fuck the "dumb" people. Granted it is hard to have much sympathy for the guy in question because he failed to show up in court but 28% interest on a garnishment that was set up by the government in which barely over a $100 has gone towards the principal in 7 years??? That is just wrong, I don't care how you try to explain it. At the VERY least they should have garnished a tad bit more so that he was actually paying towards principle.

Making the system so complicated that the average person risks getting fucked in order to participate does none of us any good and the average person generally can't afford a lawyer to review the paperwork he signs to open up a friggen checking account.
 
Never, EVER, fail to appear in court if you get sued. Do not allow a plaintiff to put you in default. It is one of the stupidest things you can possibly do. Even if you can't afford a lawyer, download a form Answer, check the boxes, and file it yourself.

- wolf
 
nonlnear said:
ROFL. Sarcasm, right? 😀 (I hope...) If creditors did not care about money these poor souls would never have gotten loans in the first place, right?Yes, that's exactly what they won in the judgment: what you owed. Then you didn't pay it...

Next somebody is going to post that 27.55 percent interest is somehow an unjust rate. Well you try collecting from a bunch of people who have a history of not paying, and are likely to go bankrupt and tell me what interest rate you need to charge in order not to lose your shirt. I actually wouldn't mind a unilateral cap on interest rates awarded in judgments set much lower, but only if the loser waives their right to discharge the settlement in bankruptcy.
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Predatory lending... a history of not paying should not be given a loan at all. Only greed justifies 30% interest.
 
Darwin333 said:
Come on, I read every single word on a document before I sign it, usually more than once but as complicated as the crap is these days there is no way in the world you can expect the average person to understand it. Hell, I often have to hire someone to give me an english summary of some of the contracts I enter into. Even then there are so many "gotchas" in the paperwork that it is absurd.

There is no reason for it to be that complicated except to give the "smart" people more ability to fuck the "dumb" people. Granted it is hard to have much sympathy for the guy in question because he failed to show up in court but 28% interest on a garnishment that was set up by the government in which barely over a $100 has gone towards the principal in 7 years??? That is just wrong, I don't care how you try to explain it. At the VERY least they should have garnished a tad bit more so that he was actually paying towards principle.

Making the system so complicated that the average person risks getting fucked in order to participate does none of us any good and the average person generally can't afford a lawyer to review the paperwork he signs to open up a friggen checking account.
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I never said that I thought 28% was reasonable. I agree the laws in Virginia are unfair and ought to be revised. However I don't understand this mentality that people somehow accidentally "fall" into contracts they don't understand. If a contract is too long or complicated to understand, don't sign it. A big part of the tangle of paperwork that surrounds many people is that everyone thinks that it's okay to buy into the culture of imagined need just because everybody else is doing it. We buy too many things and take out too much credit. Sure it's a systemic problem, but that doesn't absolve each and every individual of their own culpability.

As to the laws in Virginia, they won't ever be made more "reasonable" until people who find them objectionable stop convincing themselves that they shouldn't have to bother learning what they are getting themselves into. If people actually did their homework, half of the legal problem would work itself out the way it's supposed to: by popular pressure changing the laws. But as long as the people believe that it's their prerogative to remain ignorant of their own laws, the laws will continue to oppress them.
 
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