How are collections agencies doing these days?

@coffeebreak (17815)
United States
October 15, 2008 9:34pm CST
With the current recession and money and credit problems - has anyone heard or know anything about what collection agencies are doing these days? Are they hitting it hot and heavy on any and every account they possibly can or picking and choosing which ones or so overwhelmed and backed up they aren't doing much on the collecting front. Any comments or insight?
5 responses
@pkraj111 (2459)
• India
16 Oct 08
I think they are doing well here. I have a friend working for a collection agency who once said, there is an increasing trend of unpaid dues. There are too many bad loans which means they are written off. But in the end they are having increased volume in business as their job is to collect and the more they need to collect more money. His salary is also increasing by a lot these days.
@coffeebreak (17815)
• United States
16 Oct 08
but things went into collection cause they couldn't be paid cause of the current credit and foreclosure and such problems...if they couldn't pay it before, how can collection agency get them to pay now. Granted, leins and all, but still if they can't pay, it goes bad on credit, FICo drops even more and what they are trying to do with the bail out to help banks lend more to increase the credit/buying of the economy, no one will have a good enough credit score to buy anything, so what's the point?
@laydee (12811)
• Philippines
16 Oct 08
I think collection agencies are collecting. Hehe.. I mean what else should they be or are they doing? I'm sure they're still around trying to assess everyone's ability to pay. And maybe they're doing something worst, they might be collecting the collateral assigned by the creditors since most can't really pay their loans right now.
@coffeebreak (17815)
• United States
16 Oct 08
But as these forclosures keep rising - there's a collection. If they couldn't pay it before, they can't pay it now...and they lost the collateral, so what would a collection agency do? Medical bills are horendous...people would pay if they had the money but the prices are so outrageous and we can't "shop around" or "compare prices", so they can't pay....there goes a collection to an agency... I know they can garnish and all, but with all the "bail outs" and all going on with those that were just greedy and the bail outs helping all the banks - what about the people? No one has said anything about what this all does to the "collection agency" part of it all. I mean, prices of everything went up, lot of people can afford their cars and they get repo'd - a collection agency just goes on their credit which is bad alreayd. If you make over $45k you can't file BK, so where is the help for those "middle income" people that just got caught in the middle of the greedy mongers? Does any of these billion dollar bail outs, help the middle class people?
• United States
14 Jul 10
I have been dealing with two debt collection agencies that do not exist. I want to warn everyone on here about these companies because I feel no one should be harassed like my husband and I are. The two companies to watch out for are Moreno and Woods and Marshall and Ziolkowski. These companies do not exist and I had gone to a law firm in my area as well as the Attorney General who has confirmed that both of these are fraud. Both companies will use tactics to scare people off and will try to get money out of you that you do not owe. The best things to do if these companies call is to hang up and put an alert on your credit reports and also notify the police. I am sure they are hitting hot and heavy. Just be careful.
• United States
5 Jul 10
Be careful when these collection agenices call because they keep calling for my husband and I and we have no credit cards. The other day a collection agency called asking m husband questions about a debt that was his exwife's. Apparently, his exwife had opened two credit cards using her previous last name (my husband's) and my husband is mad because he has nothing to do with her and also he never would have given permission for her to use his information. These cards were opened earlier this year (the divorce has been finalized for years and my husband and I have been married almost three years now). Because they are in collections we cannot get these off my husband's credit report. I know for a fact that they are not his.
@amoisan (240)
• Canada
16 Oct 08
i dont know i dont have anything in collections i did a long time ago but i payed it off i geuss they would still try to get the money even if people dont have it thats how they work they need to get payed too.