Debt collector is chasing me...

[Calliope]

This is some fairly idealistic banter for a 4K-5K debt.
...I think all the idealistic posters out there bantering to their own ego should calm down.

Definition
Banter: "an exchange of light, playful, teasing remarks."

How's this for a bit of ironic banter;

A guy who goes by the name of LostMyShirt is handing out advice on debt repayment.

 

[prawn_86]

Perhaps all this has something to do with why you never get a bill, only ever a statement and why a home loan is never a contract, but an "agreement". I wonder if it's because these folks are not actually creditors and they never loaned anything to begin with. Perhaps using the word "agreement" gets around the legal definition of a "contract" - a valid contract must have consideration and provide full disclosure amongst other criteria. What are they hiding, what did they actually give you?

This is the kind of stuff i am after OWG

Out of interest, what do you think would happen if one was to stop paying the mortage and use this argument that there is no actual contract in place? Who actually owns the house? These are serious questions, i'm very interested int his sort of thing

 

[LostMyShirt]

Definition
Banter: "an exchange of light, playful, teasing remarks."

How's this for a bit of ironic banter;

A guy who goes by the name of LostMyShirt is handing out advice on debt repayment.

I'd say that is a genetic fallacy if anything.

You should crawl back in the hole marked "ideals" and watch the world pass you by.

 

[prawn_86]

Easy guys. Any personal attacks will be removed and the posters infracted

 

[LostMyShirt]

Easy guys. Any personal attacks will be removed and the posters infracted

Fair enough. I'm not particularly offended and neither should he be.

That question you asked OWG reminded me of conspiracy theory video's where some guy challenged the foreclosure of his property because the bank had no actual backing of his loan or something?

I really wish I could find the video and if I do I'll link it to you asap.

 

[OzWaveGuy]

This is the kind of stuff i am after OWG

Out of interest, what do you think would happen if one was to stop paying the mortage and use this argument that there is no actual contract in place? Who actually owns the house? These are serious questions, i'm very interested int his sort of thing

This is the issue seen in the US on home foreclosures. Some of the parties undertaking the foreclosure didn't have legal standing to do so and were challenged. They had sold off the debt instrument for $$$ and continued taking the repayments.

The answer is yes. It is possible, if you follow a process that has the bank tacitly admit they never lent you money in the first place - in fact you lent it to your other self, and your other self agreed to pay it all back with interest. You would also need to claim title to the property and the lender would need to help you do this - tacitly of course.

There's nothing wrong with the way loans are created since it allows folks to acquire the good things in life. We simply need to be more educated about how it's done.

This is probably not the thread to discuss since folks are down to attacking other posters now (over a debt that doesn't exist, lol).

 

[prawn_86]

This is probably not the thread to discuss since folks are down to attacking other posters now (over a debt that doesn't exist, lol).

I agree. PM sent

 

[ausnick87]

back in 08' baycorp bought the debt from anz that would have been around $6-6.5k

now they say its up to $8k and are demanding a settlement of $5500 or an installment plan where I pay whatever I can afford per week.

They won't budge from that figure ! Any suggestions?

 

[awg]

back in 08' baycorp bought the debt from anz that would have been around $6-6.5k

now they say its up to $8k and are demanding a settlement of $5500 or an installment plan where I pay whatever I can afford per week.

They won't budge from that figure ! Any suggestions?

You wont get much joy negotiating over the phone, they have a script and are black-hearted devils, will only upset you.

My suggestion would be to negotiate by email.
Include your budget, and presumed poverty. Dont hold back...are you an orphan?

Make a lowball offer, giving them a choice of repayment or installments. Dont start too high, they wont let you reduce your offer once accepted

It is better to make a complete settlement, as the debt may grow otherwise.
If you are utterly unable to pay, they will most likely threaten bankruptcy.

That is where it is important you have documented a willingness to pay, based on your capability..ie keep the emails

 

[prawn_86]

Out of interest, in theory at least, if Baycorp have purchased the debt off of ANZ then they are the 2 parties of the (new/different) contract. Where do you fit into this contract between the 2?

 

[disarray]

back in 08' baycorp bought the debt from anz that would have been around $6-6.5k

now they say its up to $8k and are demanding a settlement of $5500 or an installment plan where I pay whatever I can afford per week.

They won't budge from that figure ! Any suggestions?

hold out for 12 months till the debt goes stat barred and they write it off

 

[ausnick87]

I've tried corresponding via email/phone and this is it's been going.

I just called baycorp and tried speaking to another agent who said anything below $5500 would be impossible... so I spoke to a team leader... then a manager, all of whom said I have until the 20th to pay the settlement figure of $5592 and said it's no longer negotiable.

I explained I'm a struggling fulltime student and those demands are not practical, they did not care in the slightest, I talked about the option of bankruptcy and they said that's my decision to make but they will be able to go through the courts and extra money from me anyways.

I even offered to pay $5000 TODAY to close the account and they still refused !

I can go on a payment plan, but then I'll be entering an agreement to pay out the full $8k + interest + it would me forever. I'd rather just get it settled.

holding for 12 months? I've already told them the debt is mine and they have threatened legal action... I'm not gonna risk going to court over this.

 

[awg]

I've tried corresponding via email/phone and this is it's been going.

I just called baycorp and tried speaking to another agent who said anything below $5500 would be impossible... so I spoke to a team leader... then a manager, all of whom said I have until the 20th to pay the settlement figure of $5592 and said it's no longer negotiable.

I explained I'm a struggling fulltime student and those demands are not practical, they did not care in the slightest, I talked about the option of bankruptcy and they said that's my decision to make but they will be able to go through the courts and extra money from me anyways.

I even offered to pay $5000 TODAY to close the account and they still refused !

I can go on a payment plan, but then I'll be entering an agreement to pay out the full $8k + interest + it would me forever. I'd rather just get it settled.

holding for 12 months? I've already told them the debt is mine and they have threatened legal action... I'm not gonna risk going to court over this.

If you go bankrupt, they get 0.

Its a shame you offered $5k, as I think they tape record the conversations for that purpose.

The outcome is ultimately your capacity to repay, and skill as a negotiator.

You should not be intimidated by threats of court, as they have to go thru a process, and you are able to represent yourself.

 

[prawn_86]

holding for 12 months? I've already told them the debt is mine and they have threatened legal action... I'm not gonna risk going to court over this.

I have been to court with debt collectors before (based on a bill disagreement with a company, not a debt racked up) and in your situation the court is likely to side with you. Especially if you show you have tried putting forward an offer and being reasonable.

And just cause you have said the debt is ours doesnt mean they can prove it... The contract is between the bank and Baycorp

 

[awg]

Ausnick, just in case you havent googled, this is a decent resource base.

http://www.rlc.org.au/other/factsheets/01harrassment.html

 

[nulla nulla]

There is a lot of miss-information in here and it is worthwhile putting it in perspective and addressing the facts:

I am assuming that you are in NSW.

1. You incurred the debt on a credit card. Whether or not you applied to the bank for the card or they sent you a pre approved application is of little importance. Either way at some point you affixed a signature to the agreement and returned same agreeing to the terms and conditions;
2. Whether you ran up the debt progressively or in one go is also of little importance. It is a debt and not a loan;
3. When payment was not received in accordance with the minimum monthly repayments and the bank was unable to contact you to arrange payment or a payment plan, it is likely you were listed as a defaulter with a credit reporting agency such as vada;
4. After some time of trying to contact you and resolve the situation the bank likely wrote the debt off and sold/assigned the debt to baycorp debt collectors at a discount;
5. The value at which baycorp acquired your debt is not important as you still owe the full debt;
6. While the credit default with vada is for a limited time and then lapses (I believe it is 5 years) and can not be re-instated, the debt does not lapse or go stale unless it can be shown that a period of six (6) years lapsed between points of contact with you in respect of payment of the debt. As the debt relates to 2008, six years has not passed and the debt is still valid;
7. Your offer to settle with baycorp is actually the best way to resolve this matter. If you cannot deal direct with baycorp and achieve a realistic result then consult a lawyer. Alternatively consult with a debt consolidation organisation such as "Fox" or "Ron Dunlop". Explain your present circumstances to them and you should be able to get them to deal professionally with baycorp;
8. If you continue to deal directly with baycorp it is likely you will get no further than you already have. Ironically, when approached by a professional such as the lawyer or debt consolidator, baycorp will likely take on board the merits of accepting your offer, current value of money versus future value of drawn out and precarious monthly payments; and
9. When you do put it to the lawyer or debt consolidator to resolve this matter, suggest politely that their fees come out of the $5,000.00 and that as a result of baycorp not being prepared to resolve this directly with you, they can now settle on a reduced amount.

I am not a lawyer or financial adviser. Neither is this forum. I strongly recommend that you get professional assistance and you will be surprised at how easily this matter can be resolved without sending you to the poor house. Good luck.

 

[prawn_86]

If you do want to go down the route of paying it back please note that in NSW small claims court deals with amounts under 10. This means no legal representation is allowed in the court room. IE it will be yourself against someone from Baycorp. Neither party is allowed to have their lawyer present.

So when you front up it is just you, a Baycorp staff member (who may or may not have law qualifications) and the judge. You then have to convince the judge that you have tried to be reasonable in making an effort to pay back a nominal amount.

I went through this twice once in which the judge sided with me but awarded an adjournment to gather more evidence for the other side and then the following time they settled out of court on the morning it was due. FWIW they were chasing me for a car accident which wasnt my fault (driver t-boned me in a rental car) so the rental car co onsold the 'debt'. I offered them $600 on their baloney figure of 6k and they accepted, after 3 yrs of wrangling...

For this reason i probably wouldn't consult (paid) legal advice, as they cannot even go to court with you. Google is your friend

 

[Ben L]

Baycorp is one of the better debt collectors to deal with, they have accepted settlement offers of upto 80% off! Just keep pleading you have no money and you owe other creditors and they will settle. Just be glad that ACM didnt buy your debt. They are truly scum!

Also best time to settle is just before the end of the financial year meaning now.

 

[awg]

Debt collectors keep ringing me about ANOTHER PERSONS debts

As these calls, are diverted to my business mobile, and often hang up, its a real nuisance.

This has been going on since we moved and got a new number.

I have previously advised callers the persons no longer have this phone num.
That didnt work

They wont disclose any detail due to "privacy"

After receiving several calls recently, I got angry and abused them....but that didnt work either

So i decided on a change of tactic...next caller asked me if I was Brianna XXXXXXX...I said "Yes I am and
I want to pay my debts" the southern asian-sounding gent seemed taken aback, and asked for my date of birth...I replied "do you want your fkn money or not...who is this calling?"...he said St George (bank)

I then launched into a tirade and demanded my phone num be immediately removed form the register, and that I would ring St Geo next day to make sure.

When I rang St Geo, they said there is no record of that number

Is there anything else I can do to shake of these callers?

 

[burglar]

... Is there anything else I can do to shake of these callers?

Hi AWG,

Long time, no see.
How are the children?