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    Crazy American debt system

    I ran across this John Oliver video in connection to a discussion of how debt works in the U.S.:



    It's really bizarre how debt can be bought for so little and people harassed over it -- the craziest being that a bank can write off the full amount of a debt on its taxes, then turn around and sell the debt!

    Why is there not a system setup to do on a grand scale what Oliver did on this small one?

    "Thirty-one* states allow all qualified citizens to carry concealed weapons. In those states, homosexuals should embark on organized efforts to become comfortable with guns, learn to use them safely and carry them. They should set up Pink Pistols task forces, sponsor shooting courses and help homosexuals get licensed to carry. And they should do it in a way that gets as much publicity as possible. "

    --Jonathan Rauch, Salon Magazine, March 13, 2000

    *the number is now forty

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    Re: Crazy American debt system

    Quote Originally Posted by Kulindahr View Post
    I ran across this John Oliver video in connection to a discussion of how debt works in the U.S.:



    It's really bizarre how debt can be bought for so little and people harassed over it -- the craziest being that a bank can write off the full amount of a debt on its taxes, then turn around and sell the debt!


    Why is there not a system setup to do on a grand scale what Oliver did on this small one?
    If banks write off the debt and then sell it, the sale price must be reported as income. The regulators of the banks require the writing-off or writing down of debt to keep the balance sheet accurate. It is not optional with the banks. The requirement was a major reason for the 2006 crash as regulators required banks to write down performing assets to "market" impairing their net worth or "capital", discouraging new loans.

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    Re: Crazy American debt system

    Quote Originally Posted by Kulindahr View Post
    I ran across this John Oliver video in connection to a discussion of how debt works in the U.S.:



    It's really bizarre how debt can be bought for so little and people harassed over it -- the craziest being that a bank can write off the full amount of a debt on its taxes, then turn around and sell the debt!

    Why is there not a system setup to do on a grand scale what Oliver did on this small one?
    The bank's sell that debt information but they do so for pennies on the dollar and the debt buyers can pay it because even if they only collect on a small portion they make a profit. Setting up a large charity to do what Oliver did would be one of the most Christian things I can think of. If people can put their spare change to McDonald's to house parents of sick kids, how much better to spend similar amounts to get those parents out of debt so they give their kids a better life?
    "A person who sees moral equivalence in Charlottesville, who talks about and treats women like they're pieces of meat, who lies constantly about matters big and small and insists the American people believe it, [is] not fit to be president, on moral grounds."

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    Re: Crazy American debt system

    What was the small thing he did? I really don't want to watch 20 minutes of him. He irritates me, and worse, looks as if he's spitting when he talks. Blech.

    I was always under the impression that a successful bankruptcy claim purges any qualifying outstanding debt? It does. But even then, there's no such thing as debtors prison, so to paraphrase the immortal words of Paul Anka and Lisa Simpson, Just don't pay! Just don't pay!

    I'm going try to watch the entire clip now.

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    Re: Crazy American debt system

    The great American tradition is to go bankrupt and stick everyone else for all the money you owe.

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    Re: Crazy American debt system

    Well, that was certainly a chore and a half. I'm almost tempted to post the shortcut, but who am I to deprive anyone else of all that fun.

    Mr. Oliver is an just entertainer after all.

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    auribus teneo lupum Stardreamer's Avatar
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    Re: Crazy American debt system

    Quote Originally Posted by MakeItTonite View Post
    What was the small thing he did? I really don't want to watch 20 minutes of him. He irritates me, and worse, looks as if he's spitting when he talks. Blech.

    I was always under the impression that a successful bankruptcy claim purges any qualifying outstanding debt? It does. But even then, there's no such thing as debtors prison, so to paraphrase the immortal words of Paul Anka and Lisa Simpson, Just don't pay! Just don't pay!

    I'm going try to watch the entire clip now.
    He set up a corporation that appeared to be yet another debt collection agency. It was offered just under $15,000,000.00 in outstanding debts which they purchased and joining with a company that specializes in retiring debt tax-free forgave the debt.

    Need to point out this cleared the debt from the families involved without them having to declare bankruptcy which would follow them for years.
    "A person who sees moral equivalence in Charlottesville, who talks about and treats women like they're pieces of meat, who lies constantly about matters big and small and insists the American people believe it, [is] not fit to be president, on moral grounds."

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    Re: Crazy American debt system

    There was a phone company trying to collect about $200 from me i didn't pay because of a dispute i didn't agree with. Then that company was bankrupted or sold off ... years later, some debt collector emails me trying to get the money. I asked for proof with all details and they have no proof, therefore no need to pay.

    Is my "alleged" debt is with some company forever ??


    NEVER LISTEN TO A ONE SIDED STORY AND JUDGE.

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    Re: Crazy American debt system

    Quote Originally Posted by Telstra View Post
    There was a phone company trying to collect about $200 from me i didn't pay because of a dispute i didn't agree with. Then that company was bankrupted or sold off ... years later, some debt collector emails me trying to get the money. I asked for proof with all details and they have no proof, therefore no need to pay.

    Is my "alleged" debt is with some company forever ??
    It will be barred by the statute of limitations eventually, probably four or five years. It varies from state to state.

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    Re: Crazy American debt system

    Quote Originally Posted by rareboy View Post
    The great American tradition is to go bankrupt and stick everyone else for all the money you owe.
    Actually, unless you're the 1% bankruptcy will fuck your life over. Even if you're the one percent there are limits, Donald got driven into the arms of Russian Mobsters because no one in the U.S. would extend him credit anymore.
    ATTACK OF THE LIBERAL ELITE

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    Re: Crazy American debt system

    I've always been more disturbed that credit card companies build in clauses that ensure they close ranks. There is often a proviso that if you default on anyone else's debt, the credit company may go up on your credit interest rate and it is retroactive on any existing balance.

    How ridiculous is that? You essentially make a loan from a "bank," then renege for whatever reason on some other debt, and the "bank" suddenly jacks up your interest rate on the debt you hold with them and may have been paying faithfully. Den of thieves.

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    Re: Crazy American debt system

    Quote Originally Posted by NotHardUp1 View Post
    credit card companies build in clauses that ensure they close ranks. There is often a proviso that if you default on anyone else's debt, the credit company may go up on your credit interest rate and it is retroactive on any existing balance.

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    Re: Crazy American debt system

    Right up until it suddenly doesn't.
    ATTACK OF THE LIBERAL ELITE

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    Re: Crazy American debt system

    Quote Originally Posted by Stardreamer View Post
    The bank's sell that debt information but they do so for pennies on the dollar and the debt buyers can pay it because even if they only collect on a small portion they make a profit. Setting up a large charity to do what Oliver did would be one of the most Christian things I can think of. If people can put their spare change to McDonald's to house parents of sick kids, how much better to spend similar amounts to get those parents out of debt so they give their kids a better life?
    When I saw this I automatically thought of our billionaires, whose lives wouldn't change one bit if they kept just one billion and spread the rest around. Between the billionaires in the U.S., that would be enough to buy up a trillion dollars in debt... and then do what Oliver did, or even as an agency that helped a friend once: they acquired his debt at 12 cents on the dollar, and settled with him for 15 cents on the dollar.

    Just think of the benefit of a trillion dollars in debt just vanishing, or even getting paid off at ten cents on the dollar!

    "Thirty-one* states allow all qualified citizens to carry concealed weapons. In those states, homosexuals should embark on organized efforts to become comfortable with guns, learn to use them safely and carry them. They should set up Pink Pistols task forces, sponsor shooting courses and help homosexuals get licensed to carry. And they should do it in a way that gets as much publicity as possible. "

    --Jonathan Rauch, Salon Magazine, March 13, 2000

    *the number is now forty

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    Re: Crazy American debt system

    Quote Originally Posted by MakeItTonite View Post
    Well, that was certainly a chore and a half. I'm almost tempted to post the shortcut, but who am I to deprive anyone else of all that fun.

    Mr. Oliver is an just entertainer after all.
    Not "just" an entertainer, he's one of a brand which informs better than most other sources and entertains while doing it.

    "Thirty-one* states allow all qualified citizens to carry concealed weapons. In those states, homosexuals should embark on organized efforts to become comfortable with guns, learn to use them safely and carry them. They should set up Pink Pistols task forces, sponsor shooting courses and help homosexuals get licensed to carry. And they should do it in a way that gets as much publicity as possible. "

    --Jonathan Rauch, Salon Magazine, March 13, 2000

    *the number is now forty

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    Re: Crazy American debt system

    Quote Originally Posted by Stardreamer View Post
    He set up a corporation that appeared to be yet another debt collection agency. It was offered just under $15,000,000.00 in outstanding debts which they purchased and joining with a company that specializes in retiring debt tax-free forgave the debt.

    Need to point out this cleared the debt from the families involved without them having to declare bankruptcy which would follow them for years.
    I forget -- how much did he pay for that debt? Wasn't it like $90k? That's not even a penny on the dollar!

    "Thirty-one* states allow all qualified citizens to carry concealed weapons. In those states, homosexuals should embark on organized efforts to become comfortable with guns, learn to use them safely and carry them. They should set up Pink Pistols task forces, sponsor shooting courses and help homosexuals get licensed to carry. And they should do it in a way that gets as much publicity as possible. "

    --Jonathan Rauch, Salon Magazine, March 13, 2000

    *the number is now forty

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    Re: Crazy American debt system

    This being the pertinent line:

    "The CFPB will actively enforce the new credit card law signed by President Obama that bans rate hikes on existing balances and other unfair practices."

    "Thirty-one* states allow all qualified citizens to carry concealed weapons. In those states, homosexuals should embark on organized efforts to become comfortable with guns, learn to use them safely and carry them. They should set up Pink Pistols task forces, sponsor shooting courses and help homosexuals get licensed to carry. And they should do it in a way that gets as much publicity as possible. "

    --Jonathan Rauch, Salon Magazine, March 13, 2000

    *the number is now forty

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    Re: Crazy American debt system

    Quote Originally Posted by Telstra View Post
    There was a phone company trying to collect about $200 from me i didn't pay because of a dispute i didn't agree with. Then that company was bankrupted or sold off ... years later, some debt collector emails me trying to get the money. I asked for proof with all details and they have no proof, therefore no need to pay.

    Is my "alleged" debt is with some company forever ??
    Ironic that you had a phone company debt when your user name here is a phone company name.

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    Re: Crazy American debt system

    Quote Originally Posted by Benvolio View Post
    It will be barred by the statute of limitations eventually, probably four or five years. It varies from state to state.
    The real bottom feeders of the collections industry come up with these debts that are beyond the statute of limitations and therefore uncollectable. They threaten people based on the sound assumption victims don't know any better and scare them into paying. However they come up with the information, it's a great racket, as the debts in question cost them nothing.

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    Re: Crazy American debt system

    Quote Originally Posted by cocksucker4use View Post
    The real bottom feeders of the collections industry come up with these debts that are beyond the statute of limitations and therefore uncollectable.
    Debts beyond the statute of limitations are not collectible, unless the debtor reaffirms the debt. If the debtor sends the debt collector any money, he/she has reaffirmed the debt.

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    Re: Crazy American debt system

    Quote Originally Posted by cocksucker4use View Post
    The real bottom feeders of the collections industry come up with these debts that are beyond the statute of limitations and therefore uncollectable. They threaten people based on the sound assumption victims don't know any better and scare them into paying. However they come up with the information, it's a great racket, as the debts in question cost them nothing.
    Some outfit came after me claiming I owed on student loans. I laughed so hard it hurt, and just gave them the phone number of the state student loan commission.

    Not only was the debt more than five years old, it had been forgiven by the state student loan commission due to a rare technicality.

    "Thirty-one* states allow all qualified citizens to carry concealed weapons. In those states, homosexuals should embark on organized efforts to become comfortable with guns, learn to use them safely and carry them. They should set up Pink Pistols task forces, sponsor shooting courses and help homosexuals get licensed to carry. And they should do it in a way that gets as much publicity as possible. "

    --Jonathan Rauch, Salon Magazine, March 13, 2000

    *the number is now forty

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