Forum
|
|
Forum
|
     | Monday, November 15, 1999 - 02:51 pm  As I've been traveling I met so many real nice, hard working and honest, but credit clueless people. Corporate exploits this class of ignorant consumers. It makes me especially sad when I see seniors and disabled veterans being fleeced, people who've worked hard all their lives to raise their families and contribute to society best they could. So where do YOU draw the line? You'd keep the twenty, and hand him a five? Or a one? Or nothing? Because you can? Because this is a free country? Because since he's blind he should watch his money better? You tell me ... Christine
|
| | Monday, November 15, 1999 - 03:43 pm What saddens me is how many of the elderly are judgment-proof and have less to fear from aggressive creditors than anyone, but they are easily tricked into paying by lies based on half-truths. I had one client in his 60s (still relatively young) who filed bankruptcy after repeatedly having bypass heart surgery. Almost exclusively HUGE medical bills. In violation of the bankruptcy stay, a collection company telephoned him to say that his doctor told them that he was due for another heart attack soon. So even though he did not HAVE to pay, it was in his best interests anyway. He was further advised that the ambulance would just drive by otherwise. Nice. It is so satisfying to tell these people that they have nothing to fear - to enjoy their money in retirement rather than give it to creditors. Makes my day.
|
| | Tuesday, November 16, 1999 - 06:58 am Let's take a hypothetical example. Let's say someone mentions to me that they are short on cash and I offer to loan them some money... $1,000 let's say. The catch is that I charge interest and I'm thinking 60 percent is the right amount. They say no way that's too much... but next week they come by and ask if that loan offer still holds. I tell them yes, and that I'll take payoff over three years at 60.43 a month. They accept. Now I, personally, would never borrow money at that rate but this person knows the terms and he accepts. Does that make me a bad person? I fully disclosed to the person that he'd be making 36 payments of 60.43 (total $2,175.64) for a $1,000 loan and he accepted. No one forced anyone to do anything. What I hate is getting a "pre-selected" offer for a credit card in the mail and calling up to ask questions about it and I can't get a straight answer. Things like: Do you report to credit reporting agencies? Which ones? Will you check my credit? With which credit reporting agency? Do you use a scoring system for approval? Which one? They never seem to know the answers to these questions. It pisses me off.
|
| | Tuesday, November 16, 1999 - 12:02 pm voightkampff--that story makes of the bypass patient makes my skin crawl. Who in the %!@#$$ do these collection agencies hire? It's like that experiment they did back in the 50s or 60s where the people were told that they were causing irrepable harm to the subjects they were sending electrical currents into but continued to do so anyway because they were told to. Yikes.
|
| | Tuesday, November 16, 1999 - 01:38 pm Just so you know that I have a heart, I would have pursued the matter legally under state and federal collection practice acts, but there was no proof of the conversation. I was both upset and amused by the nerve of that collector. By the way, it got worse. I just didn't see a need for more details since I made my point in that post.
|
| | Tuesday, November 16, 1999 - 09:36 pm "Know your enemy"-- one rule which stuck with me from Army basic training.
|
| | Tuesday, November 23, 1999 - 07:31 pm I guess I need to explain this blindness in detail. When Sean offers a 60% interest rate, he doesn't say why. When the guy comes back after a week to accept 60% interest, it's probably because he has a low score. Most people have no idea WHY they pay the interest rate they get. Corporate and the corporate funded US government ensured that American Consumers are not allowed to see their Credit Scores. They are blinded and cannot see why they are exploited with 60% interest loans. There are a few privileged like Sean, Kristi, and the few others who make a living with Scoring, who can run their Credit Scores 5 times a day if they so desire, they spent years researching and working with Scores. They know more than most, but when you read this Forum, it's very clear that there are many different opinions and they rarely agree on anything. That's how COMPLICATED Credit and Scoring are. I now prefer doing my taxes rather than dealing with my credit. Within the last few years, Credit Scoring and the importance of credit have become part of just about every home buyer's and refinancer's education. There's a ton of (conflicting) information on the web for the consumers with net access, and everybody agrees it's important. On the other end of the spectrum are the completely BLIND. Mostly they are blue collar workers, day laborers, single parents, people living in rural areas or in gettos, disabled, ill, seniors, homeless. Most have no clue about Credit Scoring and they still foolishly think they are judged by their own payment history. Corporate developed this absolutely BRILLIANT system, moving the money from the poor and ignorant to Corporate. Corporate then throws the educated, wealthy and/or lucky the occasional 20 (sometimes you can add a few zeros) to ensure their support and they're just happy as pigs in the mud! Occasionally little mishaps happen and this system hurts the wealthy and educated, as with multiple inquiries when car and mortgage shopping. Quickly the Scoring formulas are adjusted to pacify those with a voice. With Credit Scoring and the net, the division between the haves and the have-nots has become greater than ever. The Blind are blinder than ever. That troubles me. And it bothers me even more that only VERY few people ever think about this, that so few people have any sense of fairness, ethics, and compassion. Just about everybody is keeping the 20. Christine
|
| | Wednesday, November 24, 1999 - 02:19 am Personally I'd like to believe I would return the $20.00. As for Seans analogy I have much more respect for him then a lot of these companies that are trying to make it look like they are doing you a favor by granting you credit and then sneak in a bunch of outrageous fees in extremely small print. For example. Recent credit card offering for a "pre-approved" with no security deposit. However in small print on the back it states (i'm doing this from memory, shredded it immediately) $129.00 application fee. $35.00 processing fee. $65.00 yearly fee. $6.00 per month fee (just cause they can). 21.99% apr. Credit limit as much as $5000.00 (as low as 250.00 which I'm sure is what they really send out). So just for sending for this card, chances are I would already be maxed out, just for the privlege of carrying their card. I can't imagine how many people fall for this, just to receive a card with little to none available credit and a balance and monthly payment to boot. Also another gripe are all the pre-approved credit card offers I get (some decent ones as well). Obviously I have been "pre-screened" however when I fill it out I get rejected due to a past b/k. Now I have an inquiry on my credit report. Anyway, back to Sean. It is a business proposition. Like Christine said the person probobly has a bad score and other factors that would not enable him to get a loan elsewhere. Obviously Sean is taking a HUGE risk with his money. Just like in stocks. IF your willing to play the high risk stocks you will get a much greater return on your money than those that play it safe. Of course, you also have the risk of losing it all......
|
| | Saturday, November 27, 1999 - 01:55 am Give back the $20. Never pay an exhorbitant interest rate again. Deal from strength. Exercise your credit. I was a meek little credit user that built my credit to over $150,000. Now, when I get an offer to pay 24% APR, I kick the sand right back in their face and tell them I am getting 2.9% APR. http://www.creditsense.com
|
Credit Forum CreditCourt Forum 2003 Credit Suit CreditFactors Order Credit Reports |