BitCoin Debt Collections?

Here's a quick brain puzzler for you?

Recently in the news was a Florida Debt Collection Agency that would accept BitCoin a virtual currency for payment.  I puzzled over reporting that or not, and decided to let it go.. thinking  "why promote a stunt?"

Now comes a company that has gone public that specializes in defaults where BitCoin is the primary currency?

Given that BitCoin is not the currency of the land, I find this extremely interesting.  No surprise that the stock is dead flat with no interest, but the fact that it made it public, means that only an Ostrich would burry their heads in the sand.  BitCoin, or similar conveyances are definitely eeking their way out of the shadows, and nibbling at the edges of mainstream..

https://cryptostocks.com/securities/128

Coin Debt Collection specializes in resolution of debt obligations relating to bitcoin and altcoin contracts, arbitration awards and judgments.    We work with attorneys and debt collection agencies in the US to collect debts owed to our customers for a percentage of the debt collected as well as purchased debt from our customers and collecting ourselves.    

We are not ready to jump into the alt.currency business.. but it is worth watching, even if only as a curious side note.

Till Next Time

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Love is... no.. that's college debt!

“Love is like 17 cents minus 33,333.50 dollars. No wait, that's not love—that’s how much debt I owe for a worthless college degree.
” 

― Jarod Kintz, Love Quotes for the Ages. Specifically Ages 19-91.

You have to love a quote that masters love and college debt, in the same breath!

Back to more serious stuff next time.

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Court Judgement Collection - the escalation process.

Hooray, you finally get a judgement to pay off that debt that was owed to you.

A Florida Judgement, however is not the easiest to collect on.

Here are the steps of escalation that are generally used to collect on a Florida Judgement.

First Steps

1.  Lien any real-estate
2.  Lien business property
3.  Negotiate a payment plan  (if that worked, you probably wouldn't have had to get a judgement, but sometimes, having a judgement in hand makes people more amenable to doing the right thing)
4.  Use the courts to engage a debtor's examination.  Sometimes, in this process, you will get paid before you actually finish the examination.  Debtor's examination will likely be a future blog topic.

General Collection Techniques - less expense - greatest return

5.  Garnish wages  (that always gets a persons attention!)
6.  Levy bank accounts
7.  Engage a till tap.. where you actually collect out of the debtors cash register
8.  Collect from the business that owes the funds as it comes in.
9.  If the debtor filed for bankruptcy, file a proof of claim with the courts.
10.  In the event of death, file a creditors claim against the estate
11.  Collect on debts owed by 3rd parties.

Calling in the big guns - expense - least productive.

12.  Seize business assets
13.  Seize their vehicles
14.  Seize personal assets
15.  Get a court order to seize personal property in a private home
16.  Force the sale of real estate

The bottom line is that if you have had to go all the way to getting a judgement, chances are, the gloves have come off, and this is no longer an amenable collection action.  The court has provisions for the legal collection of the debt, and they tend to be fairly draconian and severe.

It is far better to engage a collections agency early in the process, and avoid this time consuming and expensive process through intelligent early professional debt collection intervention.

Till Next Time....

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Social Security Halts Collection of Debts Older than 10 years

Changes in Collections Policy for Social Security

A news article has slipped through the social scape without getting much attention.  As a debt collection agency in Florida, we need to be always mindful of the debt statute of limitations.  An exception to the statute of limitations has always been certain types of debt owed to the Federal Government.

Debts owed to Social Security never went away.  In the private sector we have a long list of dos and dont's that are about fair collection of a debt.  Social Security has the ultimate trump card of being able to take your tax refunds, even decades after the debt occurred.

In this article, http://www.insidearm.com/daily/social-security-halts-collection-of-debts-older-than-10-years/  we come to learn that the playing field has been "somewhat" leveled, and that the SSA will no longer be pursuing debts older than 10 years.

As an American, I am not sure where I stand on this.  It is my tax payer dollars that are not being collected.  As a debt collection agency, I am not sure where I stand on this, I have a statute of limitations, why hasn't the government?

Given our old fashioned values in debt collections, we believe that if you owe a debt, and are able to pay it, you have a moral obligation to do so.

So the question is, what do you think?  Is it appropriate that the SSA plays by the same rules as debt collection agencies in the private sector?

Till Next time.

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Witty (almost) debt quote

For a change in pace....

Until Next Time..

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

College Debt

Just for fun.  Serious blogging to continue, but tomorrow.

                

Collectivity LLC

Tampa Debt Collection Agency

8875 Hidden River Parkway, Suite 300,Tampa, Florida, 33637 Telephone:813.792.8030 Fax: 813.792.8609 E-mail: mlevinson@collectivityllc.com

www.collectivityllc.com

Time for a bad debt humor break