Collectivity, LLC Florida Debt Collectors: July 2014

My apologies for being off the radar for a while on our blogging. Business obligations have kept me totally distracted when it comes to spending some quality time with the readers and followers of my blog..

Well... I'm back.

To celebrate our less that illustrious return, we will be offering a total out of character morning chuckle.

A man had been in business for many years and his business was going down the drain and was full of debt. He was seriously contemplating suicide and he didn't know what to do. So he went to his Priest to seek advice.
He told the Priest about all of his problems in business and asked the Priest what he should do. The Priest said "Take a beach chair and a bible and put them in your car and drive down to the edge of the ocean. Go to the water's edge. Take the beach chair out of the car, sit on it and take the Bible out and open it up. The wind will rifle the pages for a while and eventually the Bible will stay open at a particular page. Read the Bible and it will tell you what to do."

The man did as he is told. He placed a beach chair and a Bible in his car and drove down to the beach. He sat on the chair at the water's edge and opened the Bible. The wind rifled the pages of the Bible and then stopped at a particular page. He looked down at the Bible and knew immediately what he had to do.
Three months later the man and his family came back to see the Priest. The man was wearing a $1,000 Italian suit, his wife was all decked out with a full-length mink coat and the child was dressed in beautiful silk.
The man handed the Priest a thick envelope full of money and told him that he wants to donate this money to the church in order to thank the Priest for his wonderful advice.
The Priest was delighted. He recognizes the man and asked him what advice in the bible brought this good fortune to him.

The man replies: "Chapter 11."

[P.S. For those unfamiliar with American Law, Chapter 11 refers to declaring bankruptcy and removing all of your debt. In modern years, some people have developed the practice as a strategic financial decision.]

source: http://www.jokebuddha.com/Debt#ixzz386R0YLDJ

Till Next Time

Monday, June 2, 2014

Co-Signor vs. Reference

We have heard lately about a revived "strong arm" tactic used by many debt collection agencies that are.. well.... less than scrupulous.

If you have co-signed on a loan, or someone has co-signed on a loan for you, then the co-signer is as liable for the debt as the primary signatory on the loan.

What we have heard more and more of though is threats against "references". Back in the days of "Ozzie and Harriet" who spoke for you at your local bank carried weight. If someone was prepared to speak for you, to be a reference, then you stood a good chance of getting a loan. Those days, are for the most part long gone. "Name of a relative not living with you" is really asking, who can a debt collector call to try to find you if you default.

A Reference has no obligation - none at all - when it comes to the collection of your debt. If you have a debt collection agency threaten action against a reference, then you are dealing with someone who is a part of the bottom of this industry, and you should immediately ask for proof of the debt.

We are seeing a wave of reform in the debt collection industry, and welcome it. When we hear about old strong arm tactics making a resurgence, we have to grimmace and say... two steps forward, and unfortunately one step back..

Till next time.

Collectivity, LLC Florida Debt Collectors