Creditors harrassing my relatives (!)

[Lightning]

Why am I even bothering to respond to you, Lightning. You probably think it is okay for collection agencies to do whatever they think it takes to collect money.

No, I don't.

[edwards2]

FloridaGirl...ditto girl. I work for the BBB and we are bombarded with calls from consumers who have had creditors calling neighbors, co-workers and have even showed up at their workplace. Under the Privacy Act they are not allowed to call you at work without your permission much less show up there. Of course we all know they are entitled to their money - that goes w/o saying but their methods of collecting are clearly out of line. If the consumer who owes the debt dodges the creditor, the creditor is entitled to call other names on the consumer's list. Collection agencies MO is to harrass until the consumer cries uncle. They are rude, insulting and threatening. They receive a percentage of what they collect so they believe any tactics they use are fair game. There is a collection agency board that governs and takes complaints on these agencies. Call your local BBB; they will give you the number for your area. We have called id on our phone; I did not purposely avoid my creditors but I refused to tell them the same thing repeatedly. Involving one's family members, especially parents is reprehensible. As for Lightning's response...you said it all.

[ducksinarow]

NCO Financial group called my FIL the other night and were horribly rude to him. He is an old man and has nothing to do with the account they were calling on (or any of our accounts for that matter) and the man was arguing with him on the subject. He was trying to talk my FIL into getting a loan for us and paying our debt off to them and then getting the money back from us. When my FIL didn't agree he started berating him and calling him names.

The guy's name was Mr. Marks and I hope he never calls my house. I will find it hard to be civil with him.

[Pinktiger]

Some interesting facts about Credit Card Companies

Go here for complete article, which explains how credit card companies have evolved into the wolves they now are:

http://www.legalhelpers.com/legal_helpers/brc_articles_6_credit_card_factors.html

Snippets:

"Many experts say the profitability of the credit card industry began more than 25 years ago when the banking industry successfully eliminated a critical restriction: the limit on the interest rate a lender can charge a borrower.

Deregulation, coupled with a revolution in technology that enables the virtual real-time tracking of personal financial information and the emergence of nationwide banking, resulted in the widening availability of credit cards across the economic spectrum. But for some, credit costs much more than it appears.

Whether you're a college student considering your first credit card, or a seasoned veteran of the credit card game, consumers ought to consider the following points.

Universal Default: Even if you make your credit card payments on time, the credit card bank can raise your interest rate automatically if you're late on payments elsewhere -- such as on another credit card or on a phone, car, or house payment -- or simply because the bank feels you have taken on too much debt."

"FICO Score: Your credit score -- known as a FICO score -- has become a vital statistic for many Americans and can be widely shared. It is used to determine how much you can borrow, how much you pay for life insurance, if you can rent a home, and, as already noted, it can be a factor in determining the interest rate you pay on a credit card."

Late fees: In 1996, the U.S. Supreme Court in Smiley vs. Citibank lifted the existing restrictions on late penalty fees. Back then, fees ran to $5 or $10, and usually did not exceed $15. After the Court's decision, fees soared, reaching upwards of $30. Since then, the amount of revenue the companies generate from fees (including late charges, over-the-limit fees, and charges for returned checks) has doubled.

Monthly minimums: Many Americans are inattentive about their credit card accounts. Approximately 35 million Americans pay only the required minimum -- as low as 2 percent -- of their balance each month. Sticking to that rate, it could take years to clear their debt and they'll end up paying far more than the cost of the items or services they purchased.

Predatory Lenders: There is no federal limit on the interest rate a credit card company can charge. If you've ever looked at the return address on your statement, you may notice your credit card issuer is located in a state such as South Dakota or Delaware. That's because these are the states that have either weak or no "usury laws" meaning there is no cap on the interest rate that is charged. The federal government once had national usury laws that set a cap on the amount of interest that could be charged on a loan. However, the federal government repealed these protections and some states put no new usury laws in place. That's why Citibank, the issuer of Mastercard, moved to South Dakota, which has no cap on interest rates."

"Read the fine print: It's important to read the fine print on your credit card agreements. Buried in the legalese that people so often ignore is a provision that allows the company to change your interest rate, at any time, for any reason, provided they give you 15 days notice."

[ducksinarow]

Well none of them ever gave me 15 days notice unless it was hidden in a bill or something.