Turn Your Debt Problem Into A Solution
Posted: Tuesday, October 20, 2009
by Jim Anderson
Weddings That Last
People who can't pay their debts are regularly victims of violations of the fair debt collections act. They are abused by collectors who think that strong arm techniques are the best solution to collecting debts. When I worked as a collector soon after graduating from college with my business degree in finance at GMAC, I quickly learned how people are dehumanized when they turn up on a collections list. It didn't matter why you couldn't pay your debt; you were considered a low life scum for not paying your bills and were treated accordingly. Needless to say I didn't last long in that business. I worked there for a year under the promise of management training and like most people who took this entry level job with ambitions for management, I was passed over. I learned a lot from that experience and one of those lessons was about how professional collectors operate. GMAC was nice compared to third party collectors. We even had third party collectors we outsourced to that carried guns when they went out to repossess a car. So the collection industry is saturated with pond scum that treats people poorly as a matter of course in their job. They perpetuate the image of a collector as the strong arm that goes out collecting with a baseball bat to break a few legs.
You could do this too. He started by purchasing a box of bad debts and started collecting from his kitchen table. What is even more astounding is that he had the bank carry a note against the debts he purchased, even though he was a delinquent debtor at that bank. He not only paid back the note, but he started a business that grew like a weed and made him rich in a short period of time. He did this during the Savings & Loan crisis a while back that presented the opportunity. The Resolution Trust Corporation (RTC) was eventually a major source of investments for him. A new version of that organization exists today referred to as the TARP. The opportunity is much larger than when he started. So you could potentially stop looking for another job and create one for you right now by becoming a good guy collector, offering debtors solutions. You will be able to buy bad debts for pennies on the dollar and settle them for fifty cents on the dollar and make a lot of money in the process, and be part of changing the collections industry. Be part of the solution instead of part of the problem.
I don't normally recommend things like this, but if you think this is a good idea for you, then go to Bill Bartmann's website and go to his bookstore and consider getting his "Buying Bad Loans" DVD to learn exactly how to do this business. It could be the solution to your unemployment problem, or maybe for a friend or family member.
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Top-level comments on this article: (4 total)Hi Jim,I am not sure how you can turn a "baddie" job into a good one especially since there is no way for many of them. They are in situations where their creditors (like the banks) do not care to negotiate.Please log in to respond to this comment.It is about treating people with respect and offering solutions. I help people get out of debt regularly, and there are solutions most people don't see. In my research I uncovered this guy who became a billionaire being the guy who helps people instead of beating up on them. I looked into this because I have always hated collectors. I know this job can be done the right way because I have worked as a collector myself (though I hated it). But now I see that instead of complaining about the poor treatment of people, do it right and compete with these guys. Lenders will love you. I know this because it has been done already. You can treat people with respect and it will work.When collectors buy bad debts, they do it for pennies on the dollar and settle for a lot more. That is something the original lender isn't willing to do, but it is profitable for those who buy the debts. It takes a solutions oriented person to help debtors find solutions and turn things around. I know there is because I do it. You might be interested in reading my other articles to see that.Please log in to respond to this comment.
Who would have thought - I never knew a "job" like this existed... interesting. MarijoPlease log in to respond to this comment.Wherever their is a problem and you can get paid for solving it, there is a possible job. I think the current unemployment situation is a call to people to realize the definition of a job is changing. More and more people are going to work for themselves. The ultimate small business, a job where only you can fire yourself.Please log in to respond to this comment.
Very interesting article and certainly sheds light on the 'debt collection' business. Thanks for sharing this info. Someone out there will definitely benefit from this info.Please log in to respond to this comment.Thanks for reading and commenting.Please log in to respond to this comment.
very interesting and controversial as well as informative;most people don't stand up to their creditors let alone purchase bad debt just for that vicarious experience;nice article:Paul SchroederPlease log in to respond to this comment.Thanks for reading and commenting.Please log in to respond to this comment.
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