Do you think its financially viable to run an ethical debt collection agency
"ethical" debt collection, we have to narrow down what kinds. For instance, just off the top of my head, you got:
It might depend on what you mean by ethical. Certainly there a world where treating people well makes them more interested in cooperating with you and that leads to a higher collection rate. I have no idea whether we inhabit that world.
I may be Nike Air Max St Women's wrong, but my understanding is that (at least for the student loans I have), the owner of the debt is allowed to garnish my wages (and I have heard even social security payouts) after some amount of time in default. So I Air Max 2017 Id
is scummy or unethical, then no. Assuming you will allow for at least SOME form of Nike Air Max Plus White
sjg007 12 days ago link
osamet67 12 days ago link
You have to first define what constitutes "ethical" as distinct from "legal". If you of the opinion that the very practice of collecting debt Air Max 2017 Running Shoe (Women)
"Guaranteed" means the government ultimately guarantees the banks that they get their money. But what that really means is that the borrower of a student loan lacks almost all of the consumer protections that any other borrow has. The government will garnish any wages, social security or disability checks, or anything else they can get their hands on. And that goes on until the debt is paid or you die.
I aware they are in it to make money and I don mind them operating with reasonable margins. :)
dllthomas 12 days ago link
mariodiana 12 days ago link
People have done this. If you search around Google you can find details. Your credit is ruined for 7+ years but in default the loan stops accruing interest. The government will pay the loan off but then the government will garnish wages and tax refunds at a specific percentage until the principal is repaid.
opendais 12 days ago link
think your plan would only work for people who are willing to be unemployed indefinitely. the "trust fund baby."
sanderjd 12 days ago link
I think that happens because they are focused on one thing: trying to get money from people who don have it. But what happens if they help people create money that will pay for the debt? That one of the things we trying to do. As someone who started a startup that reinventing how debt collection gets done, I see a lot of old school collectors who never be able to break the mold because their financial incentives aren aligned. They don have the technology, thus do not have the efficiency and margin, to operate ethically. They have to make money off of fees and interest so they end up focusing on people who can pay, making their lives harder, and having them end up in worse financial standing than if they chose not to pay.
Bad ChecksWithin that you conceivably have debts whose collection is perhaps ethical by nature but not ethical in practice. For instance, as I said earlier, collection on bad checks circumvent many normal collection laws, and you can thus have interest rates of 200% or higher. Another example would be Student Loans, which have their own set of ridiculous loopholes that allow the debt to persist past bankruptcy, past retirement, etc. Remember, they in the business to make money. Some agencies will go for the "Make the debtor life as miserable as possible to make them pay up" tactic, which includes harassment, lawsuits, garnishments, etc. I deal with them frequently, and I think they the scum of the Earth (primarily because they talk to me in what I imagine is the same tone as they talk to debtors). It would center primarily on whether the percentage of the portfolio that actually pays can sustain the percentage that you willing to let go when pursuing them further would entail questionable tactics.
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