How Serious is Bankruptcy Threat from Collections?

@serenatomlin505 There are two parties to any credit agreement. Both the creditor and borrower has equal responsibility to ensure the ability for repayment.

All creditors know this, and has the risk of non payment build into their profit margin. When debt goes to collections, it has already been written off by the initial creditor and the debt has been sold for pennies on the dollar.

The collection industries works on intimidation and harassment to get paid. So yes, they are absolutely bottom feeders of society that contributes absolutely nothing!
 
@dccox55 years ago when my uncle opened up a business, we asked the phone company for a phone number that was reasonably easy to remember.

the phone number was recycled, and the previous owner had collections agencies after them.

they started calling us multiple times a month, demanding very rudely to speak to X person, we would tell them there's no one by that name here, and after a while we clued in that this wasn't someone asking for a non-existent employee, it was someone trying to call a residence.

we told them "we're a business, no one here by that name" and hang up, after about the 5th time I called them. and explained to them that "you guys keep calling us, we know who you are, we've been patient with you, but Im telling you, the phone number is recycled, we're a business, and X isn't at this number, sorry" and they would just tell me to go fuck myself , to drop the act, and to put X on the phone. This happened at least twice, we eventually went to the Lawyers. We were a business in Eastern Canada and it was a collections agency based out of Western Canada that we traced the number to, We had a Cease and desist sent over and they even violated that

eventually it did stop however. I think they gave up. or perhaps something more serious happened, I never did hear the end to the story because the calls just stopped coming, and I eventually stopped working there
 
@resjudicata Answer the call and mute instantly. Automated call machines will hang up after the dead air and never connect the call with the agent. Eventually your number will be seen as invalid.
 
@john3and30 So if a company owes me for severance they didn’t pay and they’ve been given a judgement form the labour board that they owe, the collections agency can’t do anything about it?
 

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