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Debt Buyers: Last Week Tonight with John Oliver (HBO)

Feb 27, 2020
Det is the reason Nicolas Cage has made so many good decisions in recent years and is presumably the fuel he uses to drive performances like this one from his recent film, the confidence he expressed in that line like a child on birthday presents of PCP opening, which you clearly expect. are filled with more PCP American households that collectively owe over twelve trillion dollars in

debt

and right now 436 billion of that

debt

is seriously delinquent, meaning it's been 90 days or more and it's not good for something to come so late if your baby was three months old. overdue, you will effectively be giving birth to a limp little boy look clearly if you have debts, you should pay them off if you can, but many people can find themselves in debt through no direct fault of their own, for example, Bob Wine Cough a few years ago.
debt buyers last week tonight with john oliver hbo
He was in intensive care for breathing problems and after four days of treatment, the hospital told his wife that his insurance would not cover the costs. She said the bill was already eighty thousand dollars and she said Mrs. wine cough I hope you realize you are responsible for this bill I was hysterical I thought what am I going to do I have worked my whole life this is how my life will end That's terrible because some debts are completely unavoidable. That's not someone who spends 80 thousand dollars on this Versace coat that looks like a banana? A Rorschach test?
debt buyers last week tonight with john oliver hbo

More Interesting Facts About,

debt buyers last week tonight with john oliver hbo...

Is it someone who spends 80 thousand dollars to breathe, but the fact that so many people have money problems is not really surprising? What may be surprising is the extent to which seriously delinquent debts have given rise to an entire debt buying industry, when most consumers get a call and are told, I'm going to pay off your Bank of America debt, they assume that It's someone from the United States, but what happens is that Bank America sold that debt. for pennies on the dollar years ago and it's been bought and sold and bought and sold bought and sold most big banks do it and not just the banks through payday loans book club membership Jim collects car loans every year , billions of dollars of this debt are sold cheap, it's true, debt buying companies like these, which you've probably never heard of, have accumulated a huge amount of US debt;
debt buyers last week tonight with john oliver hbo
In fact, the larger Capital Group, which has these subsidiaries, tells investors that one in five consumers owes them money now or owes them money in the past, which is incredible because that statistically means that a member of Evanescent owes or has owed corn money and I think we all know who that would be, guitarist and backing vocalist Troy McLawhorn, but as you will see almost every step of how this industry is allowed to operate is problematic and let's start from the beginning, let's say it has a thousand dollar credit card debt that you can't pay, at some point your bank could write off the entire thousand dollars in your account. taxes and then, to make a little extra money, sell it to a debt buyer for a small fraction of the cost, maybe $50, and that debt buyer can then come after you for the full original amount and, if you can't collect, potentially can do it.
debt buyers last week tonight with john oliver hbo
We then sell that debt for a fraction of what you paid to someone else who can still come after you for the original amount or we sell it for a fraction of what you paid and so on and so on, now you would think that the information changing hands would include a lot of verifiable information, but I would be wrong, I think it is useful. I understand that when I talk about debt being bought and sold here, we are really just talking about an Excel spreadsheet, the spreadsheet will have the name of the social security debtors. number address balance date the account was opened maybe one or two more fields, but that's basically it, that's right, the information about your debt can be worked out in an Excel spreadsheet, which is worrying for two reasons, First, nothing good happens in Excel, most of us go.
We break out in a cold sweat if we open it by accident, let me go back in time and fix this, and second, in many states there is little obligation on the debt seller to provide additional documentation. Many leaked contracts have explicitly stated that the debts are being sold as is and with all flaws, which are strange terms to see in a major commercial transaction, they would even be worrying in the context of an OkCupid profile as is, with all the thoughts, sometimes I masturbate to the Little Mermaid, hey, it's half the fish that does it.
For me now, as for debt

buyers

, they are not always scrupulous about verifying their information before collecting, so it is not surprising to see incidents like this. I opened the door and they threw an envelope at me and the guy said: They have served me and they have left me supposedly it was a debt that I had was a little less than five thousand dollars what it was with a company I never had a card with it is humiliating it is intimidating it causes a lot of anxiety humiliating intimidating and anxiety provoking and being Honestly, I've had a similar experience, but at least afterwards I could brag that I finally lost my virginity.
It was a few years later. It's not just that these lawsuits for a debt you don't recognize, the

buyers

can end up harassing you. about debts that are time-barred or that you have discharged through bankruptcy or that you have paid off, you may have seen stories like this on the local news because it has a funny name, it's called zombie debt, that's the debt you thought was dead. but it starts to take on a whole new life, much like a buried zombie, an old debt coming back to life, it's called zombie debt, we're not talking about the kind of zombies that terrorize humans every

week

on The Walking Dead, a old death that is believed to be solved and buried coming out of the grave, if not to eat your brain and certainly to give you a headache, zombies are fun, but the comparison is quite apt because, as in The Walking Dead, the debt of zombies coming back from the grave is incredibly difficult to deal with and seems to disproportionately affect minorities, so once a company has bought your debt, whether the information is accurate or not, they will try to collect it and they can do it themselves themselves or assign it to a collection agency and while many collectors work.
Within the limits of the law, some people behave like this. It's not only horrible, it's stupid. How are you going to put handcuffs on a dog? They don't have wrists the handcuffs are just going to come off they're cocky pause your plan is dumb and some Debt collectors won't just call it out. Listen to an employee of an upstate New York debt buyer explain one of his tactics to a hidden camera, which is pretty disgusting. However, I will find out where someone works and then find out who owns their company find out their number and call them at home that's what I like to do most that's what they like most that's the strangest thing I've ever heard in my life and I'm including whiskers on kittens and packages of shredded paper tied up with string which is a package bomb she's describing a package bomb also what's wrong with the rest of the kitten now you're crawling tactics like the ones the man described are illegal but buyers of debtors have been caught operating with blatant disregard for the law just look at William Federal prosecutors Scott and associates allege in a criminal trial set to begin next month that they lied to debtors by telling them they were part of a government task force created to investigate fraud and using this letterhead that features a clip art image of a scale and the logo for For some reason, the State Department even gave its employees aliases like Senior Investigator or Ace Rogers and Joe Steele, which sound like the stage names of the sub Chippendales, sorry, sorry Joe, everyone's here again

tonight

, please put on your t-shirts and go and look at the debt purchase.
The industry will tell you that all of these abuses are outliers and that most debt buyers work within the law, but one way to do this is to sue people. Many debt buyers are among the largest individual users of our state court systems—in some cities, in fact. Like Newark Street. Louis and Chicago, and this is true, debt buyers have been found to file more cases than any other type of plaintiff and if you're wondering how the attorneys representing debt buyers have the time to review all of those cases which they often don't have when a new Jersey collection firm was sued and they found out that one lawyer was reviewing up to a thousand cases a day reviewing a case for just four seconds and look there are definitely things that can be reviewed in less than four seconds The Lay cookies and salsa-flavored potato chips, for example, one two three horrible, there you have it, or your mother's new boyfriend, one Mississippi, two missiles, he's not my real father, but judging if you have enough information to suing someone should take a little longer and it turns out there's a strategy behind filing so many lawsuits.
These companies rely on consumers to ignore lawsuits, which means they are automatically responsible for the debt they are dealing with. Between ninety and ninety-five percent of these demands remain unanswered. It's true, they go unanswered, which means people don't show up for their court dates. and the debt buyers win by default and the default phrase makes any situation sound less legitimate hello I want you to meet Carson he is my boyfriend by default oh hello Carson I have a lot of questions so and if they win in many states then they will have the power to garnish their wages directly and, considering all this, it is not surprising that the debt collection industry, of which debt buyers are a major part, can claim a dubious honor.
We receive more complaints about this industry than any other, and

last

year alone consumers filed more than two hundred and eighty thousand complaints with federal authorities related to debt collection. Wow, there aren't even two hundred and eighty thousand complaints on the Yelp page about Hitler's bunker, although I don't like to add one more, why is there a Yelp page? for this one star, one star for you, now regulators and prosecutors have taken some successful actions against the big players in the debt industry and some states have tightened their laws regarding debt buyers, but others like these have relaxed the regulation.
Just look at Arkansas, where in 2013 Rep. John Vines proposed HB 2028 which he says didn't do much, what it does is define the term credit card which apparently hasn't been defined in all of our UCC provisions, for All it does is define credit card and other terms that are relevant. to credit card and credit card usage 2028 Now I know it sounds like the most boring man boringly described the most boring bill in the world, but that's not all he did because that bill in actually defined the legal term creditor to include purchasers of debt and established a presumption of correctness. of the information in favor of the debt buyer, which is a very friendly deal for them or for anyone like a bank that would like to sell to them and it is worth noting that representative Vines, his wife works for a bank and I would say that there should be made.
I disclosed it, but there really wasn't a need because the legislature was too busy making creepy jokes about it and is this considered a pro-consumer bill or is neither non-neutral? It's up to the bank, right? I don't know if it's going to have any effect on the consumer, it's more about clarifying the terms of use. I think the current usage in the industry represents Williams. If it's not good for banking, I suggest it. Representative vines are not going home

tonight

. Well, I would suggest the same way I want. make sure he's taking care of the bankers, I'll always tell you what happens if I don't take care of the bankers, I'll take care of myself in the shower for the rest of the

week

, you all know what I mean.
I five, I'll take another five, let's make it twenty, by the way, that bill passed the Arkansas House of Representatives by 83 votes to zero, but perhaps the most worrying thing about all of this is that in some states there is a barrier surprisingly low input to this. industry in these states you can buy debt without a license and in these states you can collect debt without a license essentially that means there are places in this country where you need to fill out less paperwork to start collecting money from people's pockets than you do to collect fish of a Lake King now debt buyer trade group DBA International says the industry is working to regulate itself.
In fact, it has developed a code of ethics that it calls the industry's gold standard. In fact, he has an annual conference in Las Vegas which makes no sense since Las Vegas, as we know, is the gold standard of shitty places anyone can go to for his conference, although frankly I wouldn't recommend it, it'sPretty shady and the reason I know that is because we sent people with a hidden camera and the footage they brought. back it was fascinating not fascinating like a good book more fascinating like a rat carrying a wedding ring across the train tracks there is a story there and it is very sad, but from the beginning of the conference there was a defensive tone, a seminar It was actually titled Debt Buyers Are the Good Guys How to Convince the Court, although his argument seemed shaky at best.
What we are doing without most of the world knowing is that we are helping the economy. We are securing money from sources that normally would not. we've been paying them, we're helping people who were struggling with it try to restructure it and get their lives back in order oh yeah, they're really helping people get their ducks in a row, but only in a restaurant window Chinese from This Good Guys Conference also featured a free shoe-shining booth for a company that promises to settle your deceased and bankrupt debt, which is exactly what it sounds like because their business includes collecting a debt after the person passes away. debtor and that is the most sordid way to make money. imaginable other than a zoo attendant who charges an extra ten dollars to let you get to second base with a goat, and every time the Lord appeared, the speakers could be surprisingly glib, for example, some debt buyers try to collect debts outside the statutes , which are debts that have aged so much that they can no longer be sued for them and that is something that some states now require.
Debt buyers notify you in the letters they send you, but look at the contempt with which one speaker dismisses those warnings. Who is going to feed on these words? The unsophisticated consumer. Don't know. Do you think we are good? Is it really going to impact? your collection I would like to know, but all those disclaimers that you want in the letter have a really negative impact on the collections, no one within it and I know that is not the case, but I have proposed to these plaintiffs these demands that you already read the letter o Q no, a good guy's business model has never been based on the logic of not caring about people's legal rights.
I'm pretty sure half of these unsophisticated morons can't read well, guys, right? By now it's pretty clear that debt buying is a dirty business and desperately needs more oversight because as it is, any idiot can get into it and I can prove it to you because I'm an idiot and we started a debt buying company in April. We spent $50 to form an online debt acquisition company in Mississippi and, by the way, the Internet is the best way to experience Mississippi. We call it core asset recovery professionals or carp after the bottom feeding fish. I became president of the board and tent.
We created this very bland website and dove into the debt market and with little more than that website we were soon offered a portfolio of almost fifteen million dollars of medical debt outside of Texas statutes and at a cost of less than half . one cent on the dollar, which is less than 60 thousand dollars, for that amount would be sent to the personal information, including the names, current addresses and Social Security numbers of almost 9,000 people, so we bought it, which is absolutely terrifying because It means that if you wanted to, you could legally have Carp take ownership of that list and have employees start calling people who are changing their lives because of medical debt they no longer had to pay; there would be absolutely nothing wrong with that except for the fact that absolutely everything is wrong with that and that is why we decided to go another way because we thought well instead of collecting the money why not forgive him because on the one hand it is obviously the right thing to do but much more importantly we would be hosting the largest single giveaway in television show history because, best we can tell, the most anyone has given away on a television show at any given time to date was that giveaway It was worth almost eight million dollars, but we bought almost double that in medical debt, so instead of having the file. sent to carp, we had the seller send it directly to a non-profit organization that specializes in forgiving medical debt without tax consequences for the debtor and tonight, at my signal, with the power vested in me as president of the car board, they will start the debt. forgiveness process, so what do you say?
Are you ready to make television history? The 9,000 people whose medical debt we bought. The bigger issue is that we need much clearer rules and stricter oversight to protect consumers from potentially predatory companies like the one we created, but in the meantime, it seems like the least we can do about these debts that I can't believe are going on. allows us to possess is to give them away, so are you ready to do this? Give away fifteen million dollars.

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