credit card debt. can they reposses car as recovery

[uls]

when he starts getting nasty calls and messages,
that's probably when the loan is now owned by the collection agency.
heh heh.

doc, kasi pwede rin the collection agency is only hired by the bank

the bank still owns the loan but they outsourced collection to an outside company


---

Dealing with debts sold to collection agencies and other companies

If you have a debt that's been in arrears, you might find your creditor uses a debt collection agency to chase you for payment, or that they sell your debt on to a debt purchaser.

Debts regulated by the Consumer Credit Act, can be sold on or placed with another company any time after you stop paying, this is a normal part of the debt collection process. This applies to most common types of consumer debt such as a loans, overdrafts, credit cards and store cards, hire purchase and catalogues.

Why do creditors sell debts?
Most creditors specialise in lending money and collecting it. They don’t specialise in chasing debts which are in arrears, or trying to find people who are not paying. Instead they usually employ the services of debt collection agencies or sell the debt on to debt purchasers.

What happens when a debt is sold to a collection agency?
A ‘debt purchaser’ buys up debts to collect rather than chasing debts owned by other companies.

The benefits of selling the debt are that the creditor usually has no more involvement in collecting it, and they get some money back straight away.

Who buys debts?
Some collection agencies may buy debts and also chase debts on a creditor’s behalf.

Creditors will usually sell or ‘assign’ a large amount of debts to a debt purchaser. The debts will be sold at less than their face value, but the debt purchaser is entitled to collect the full balance. This is where their profit comes from.

For example, if a debt of £100 is sold to a collection agency for £70, they’ll try to collect the whole amount and make £30 profit. The amount paid for debts when they’re sold is usually confidential between the creditor and collection agency and it’s unlikely they’ll tell you.

[bugsmobile]

I feel like mas ruthless ang collection agency kasi sa bank you can still restructure your debt

Sent from my SM-N960F using Tapatalk

Alam ko they also offer discount & sometimes x # of months to pay.

Many, many years ago a friend incurred credit card debt. So collection agency was calling their house & was telling the lola na hahatakin nila lahat ng gamit sa bahay.

They also called his office (small business lang) & hinaharass siya din nun. Eh one time I was there, ako sumagot. Hinahanap siya, sabi ko wala. Ayaw maniwala & sabi tinatago ko daw. Nag escalate & hinamon akong suntukan. Sabi ko puntahan mo ako dito sa office ng friend ko antayin kita. Then binaba ko yung phone.

Hindi niya alam may kilala ako dun sa kanila. I asked my other friend who was handling my friend’s account & this other friend gave the name of the agent. So when he called again, siyempre nag aangas nanaman siya. I said “Hoy, alam ko hindi Atty. X pangalan mo (which is usually the case naman) & ang pangalan mo talaga is XYZ. Alam ko rin saan ka naktira. Wag mo akong gaguhin, mas gago ako sayo.”

He then stopped harassing my friend hehe. My friend din naman settled with them for a discounted rate & paid in installments.

[dr. d]

doc, kasi pwede rin the collection agency is only hired by the bank

the bank still owns the loan but they outsourced collection to an outside company


---

yes,
they either sold the debt to the collection agency, centavos to pesos (xx cetavos for every yy pesos),
or they hired a collection agency to collect, to be paid if the debt is paid.

at any rate,
the CC company is insulated from the so-called unsavory activities by this collection agency.

the question,
how fast does the CC company usually take, to pass on the debt collection to the collection agency?

may na-kuwento kasi,
the debtor was talking to the CC company, and he was advised na "wala na po samin ang utang ninyo dahil nai-bigay na po namin sa agencia; sila ang kausapin ninyo"...

googling US figures,
debt collection agencies buy these debts at 4% of the actual amount.
and their effectiveness of collection is 20-30%.
i wonder, is this the same in the philippines?

[uls]

yes,
they either sold the debt to the collection agency, centavos to pesos (xx cetavos for every yy pesos),
or they hired a collection agency to collect, to be paid if the debt is paid.

at any rate,
the CC company is insulated from the so-called unsavory activities by this collection agency.

the question,
how fast does the CC company usually take, to pass on the debt collection to the collection agency?

may na-kuwento kasi,
the debtor was talking to the CC company, and he was advised na "wala na po samin ang utang ninyo dahil nai-bigay na po namin sa agencia; sila ang kausapin ninyo"...

not sure pero 180 days delinquent yata pinapasa/ina-assign na sa collection agency or binebenta

[shadow]

Going back to the original post. Hinde kukunin yun kotse ng friend ng OP para pang bayad sa CC debts. That's absurd.

And going back sa unang post ko. Since andyan na yan at wala na siya pa bayad. Huwag siya matakot sa mga CA puro pananakot lang ginagawa ng mga yan mas maganda nga you called their bluff and 100% walang magagawa mga yan puro salita lang.

Sa sobrang dami ng bad debts sa CC, kung alam nila hinde ka engot namaniniwala sa mga sinasabj nila they'll just move on sa ibang tao na mas matatakot nila.


Sent from my iPhone using Tapatalk

[uls]

googling US figures,
debt collection agencies buy these debts at 4% of the actual amount.
and their effectiveness of collection is 20-30%.
i wonder, is this the same in the philippines?

grabe i was way too generous to say delinquent cc loans are sold for 70 cents

inisip ko kasi parang bonds

4 cents?!

[_Cathy_]

Kumita na sila sa pagbenta ng delinquent accounts meron pa sila cut sa na collect ng CA.


Sent from my iPhone using Tapatalk

Kapag binenta na account mo sa collection agency, wala na pakialam bank dun. The agency owns that account na

unless the collection agency did not buy the loan

unless collection agencies are really only companies hired by banks to collect debt

then the money collected goes to the banks minus the fee paid to the collection companies

Yes, the delinquent account is either ENDORSED OR SOLD to a collection agency. Kapag endorsed dito papasok yung sinasabi ni shadow na may makukuha ang bank, pero pag SOLD wala ng pakialam bank dyan

Alam ko they also offer discount & sometimes x # of months to pay.

Yes they do

the question,
how fast does the CC company usually take, to pass on the debt collection to the collection agency?

may na-kuwento kasi,
the debtor was talking to the CC company, and he was advised na "wala na po samin ang utang ninyo dahil nai-bigay na po namin sa agencia; sila ang kausapin ninyo"...

We have what we call "buckets" sa collections department sa bank. DPD = days past due

30 dpd, 60 pdp, 90 dpd then last is legal. Kapag sa legal hindi pa rin naka collect, endorse na yan sa collection agency

Kaya like what I mentioned, I always advise these delinquent cardholders to settle their debt BEFORE it is passed on sa agency

[shadow]

Alam ko they also offer discount & sometimes x # of months to pay.

Many, many years ago a friend incurred credit card debt. So collection agency was calling their house & was telling the lola na hahatakin nila lahat ng gamit sa bahay.

They also called his office (small business lang) & hinaharass siya din nun. Eh one time I was there, ako sumagot. Hinahanap siya, sabi ko wala. Ayaw maniwala & sabi tinatago ko daw. Nag escalate & hinamon akong suntukan. Sabi ko puntahan mo ako dito sa office ng friend ko antayin kita. Then binaba ko yung phone.

Hindi niya alam may kilala ako dun sa kanila. I asked my other friend who was handling my friend’s account & this other friend gave the name of the agent. So when he called again, siyempre nag aangas nanaman siya. I said “Hoy, alam ko hindi Atty. X pangalan mo (which is usually the case naman) & ang pangalan mo talaga is XYZ. Alam ko rin saan ka naktira. Wag mo akong gaguhin, mas gago ako sayo.”

He then stopped harassing my friend hehe. My friend din naman settled with them for a discounted rate & paid in installments.

If ako yan mas lalo ako hindeqml magbayad sa kanila. Hinde ko na nga kaya magbayad sa bangko eh bakit ko pa sa sayagin oras ko sa lanila eh sira na credit ratings ko din.

Saka pakita nila sa kanila ka may utang, wala sila doon nun nag apply ka card and hinde mo nabayaran. I know, I know nalipat na rights sa kanila but pan bwisit lang sa kanila na pakita nila you have signed anything with them.

Sila nagusap sila 2 ng bank sila engot bumili ng bad debts.

Eh di sila mag singilan.


Sent from my iPhone using Tapatalk

[dr. d]

Alam ko they also offer discount & sometimes x # of months to pay.

Many, many years ago a friend incurred credit card debt. So collection agency was calling their house & was telling the lola na hahatakin nila lahat ng gamit sa bahay.

They also called his office (small business lang) & hinaharass siya din nun. Eh one time I was there, ako sumagot. Hinahanap siya, sabi ko wala. Ayaw maniwala & sabi tinatago ko daw. Nag escalate & hinamon akong suntukan. Sabi ko puntahan mo ako dito sa office ng friend ko antayin kita. Then binaba ko yung phone.

Hindi niya alam may kilala ako dun sa kanila. I asked my other friend who was handling my friend’s account & this other friend gave the name of the agent. So when he called again, siyempre nag aangas nanaman siya. I said “Hoy, alam ko hindi Atty. X pangalan mo (which is usually the case naman) & ang pangalan mo talaga is XYZ. Alam ko rin saan ka naktira. Wag mo akong gaguhin, mas gago ako sayo.”

He then stopped harassing my friend hehe. My friend din naman settled with them for a discounted rate & paid in installments.

but does settling in full the debt, to the collection agency, clear one's credit rating?
kasi, the debt to the CC company was never settled...

[shadow]

Kapag binenta na account mo sa collection agency, wala na pakialam bank dun. The agency owns that account na




Yes, the delinquent account is either ENDORSED OR SOLD to a collection agency. Kapag endorsed dito papasok yung sinasabi ni shadow na may makukuha ang bank, pero pag SOLD wala ng pakialam bank dyan



Yes they do



We have what we call "buckets" sa collections department sa bank. DPD = days past due

30 dpd, 60 pdp, 90 dpd then last is legal. Kapag sa legal hindi pa rin naka collect, endorse na yan sa collection agency

Kaya like what I mentioned, I always advise these delinquent cardholders to settle their debt BEFORE it is passed on sa agency

Assuming wala na nga, nasa CA na. Ako paniwala ko diyan don't need to pay them.

Bahala sila engot bumili ng bad debts then hinde sila kikita sa akin.

Wala.na nga ako pa bayad eh. Nothing to lose.


Sent from my iPhone using Tapatalk