NCO Financial Systems

[rooster0330]

Just got a letter from them regarding AMEX...anyone know anything about them? They haven't even called me yet! They AMEX asked them to assist them in collecting this debt. Any information on them would be appreciated.

[LimpDisc]

A letter asking for debt validation? If so, send them a DV letter using certified mail & return receipt. After I sent my DV it took almost a month to hear back from them. They sent me every statement for my American Express card throughout the years.

When do you expect to file?

[StartingOver08]

It's funny you should ask....I was just reading about the FTC roundtable held in Washington DC on Dec 4 regarding Protecting Consumers in Debt Collection Litigation and Arbitration and the EVP of NCO is one of the Roundtable Panelists. See the entire seminar here: http://htc-01.media.globix.net/COMP0....html#Dec04_09

His name is Albert Zezulinski and he is the EVP of Global Portfolio Operations at NCO Group Inc and he gave a little company info. For example, NCO has 300 million accounts of which 70 MILLION are contacted on a daily basis with a total of 600 Million consumer contacts per year of which 150 million are by letter and the rest are by phone calls. Out of all of these contacts they have 250,000 judgments of which approx 80+% are default judgments.

This information was current as of this month Dec 2009.

Based on the rest of the information in the Roundtable discussions, it sounds like if you show up or fight the litigation AT ALL it will not go to default judgment and you will be in much better shape. They are looking for the EZ default filings. Hope this helps.

[rooster0330]

I am hoping to file around march/april as long as I can hold off...I won't to get current with my mortgage after a whole loan modification mess (a whole other story) and get my tax return to pay for the attorney...

startingover...so if I am reading this correctly they have a low percentage of judgements and they have a whole lot of people in default of loans?

I will dv them and see what happens, I am surprised I have not received even a phone call from them yet.....

are they a true debt collector or are they really just working with amex...

[StartingOver08]

They are not only a regular collections agency (CA) they also buy debt (JDB). So AMEX may have just hired them to collect on your debt to start. The DV is the right place to start. But if you have not filed before they start legal proceedings, know that you have remedies too. That Roundtable discussion was an interesting read (long).

[JustFileSuit]

AMEX typically sells their stale debt. They tend to get a bit more for it than your typical VISA card as the original underwritings were stronger. You can expect NCO to file suit on it eventually, and hope they can get a default judgment against you.

I view NCO as a shlock outfit, and plan on filing my own suit against them next week. I also will be filing against AMEX (attempting to collect from me a debt that belonged to my brother - just lovely). Now you know my motto:

[optimistic1]

they will leave you alone after sending a DV out, they were assigned to several of my delinquent accounts.

dont waste your money on the return receipt, just send certified, if they continue to call, then bring up the return receipt from the post office. unless you have money to waste.

[rooster0330]

AMEX typically sells their stale debt. They tend to get a bit more for it than your typical VISA card as the original underwritings were stronger. You can expect NCO to file suit on it eventually, and hope they can get a default judgment against you.

I view NCO as a shlock outfit, and plan on filing my own suit against them next week. I also will be filing against AMEX (attempting to collect from me a debt that belonged to my brother - just lovely). Now you know my motto:

whats eventually do you think...are we talking weeks or months do you think I would be able to put them off until March/April? I know you don't have a crystal ball, just kind of asking if you have any experience. Still think it is so strange I have not heard from them by phone, just this letter...I will DV them and hopefully that will buy me some time...

Does a default judgement mean that I did not answer there original paperwork and they just went and got one because I did not supply a defense or answer!!

[albacore44]

Yep, had them too for a Crap 1 account. Send them a DV and they will go away

[ToughSpot]

Should I care if someone gets a default judgement as long as I file before they find something to attach? For example if I know one is going to happen in 4 weeks but I am going to file in 6-8 weeks.

[JustFileSuit]

[QUOTE=rooster0330;360481]

Does a default judgement mean that I did not answer there original paperwork and they just went and got one because I did not supply a defense or answer!!

If they sent you a Summons and Complaint then they have sued you, and if you do not Answer then they will get a default judgment. I would NEVER advise anyone to let a creditor get a default judgment.

If you only got a Demand letter or some collections letter then no, you have not been sued, and no, they cannot (not legally anyway) go get a default judgment.

Let us know what the documents that you received actually say. Is it a Suit with the word Summons on it? makes a big difference.

[JustFileSuit]

Should I care if someone gets a default judgement as long as I file before they find something to attach? For example if I know one is going to happen in 4 weeks but I am going to file in 6-8 weeks.

Yes, it makes a big difference. particularly, the USBC will give "full faith and credit" to a judgment from another Court (not always, but typically) under what is known as the "Rooker-Feldman Doctrine" (Google it to see what I am referencing). Your BK filing will be stuck with whatever the judgment is. Now if your BK filing were to fail, in any form, then you will be facing the pre-filing judgment for the full amount and will immediately have your assets seized, and other headaches. NEVER let anyone take a default judgment against you; indeed, if at all possible, never let anyone ever take any judgment against you. Fight them all.

When you get to the USBC, you then still have the option of recording the creditor's claim as Disputed, and forcing an adversary proceeding if you wish. Not that you would necessarily want to, but you preserve the option. And if there is no judgment, and the claim is disputed, and the creditor does not show up to contest, then you can move to vacate the claim. That certainly helps in the case where your filing ends up getting dismissed for some unrelated reason (yes, that happens, so you have to be prepared for it).

Incidentally, that is exactly why a husband-wife should never file "jointly." If the filing gets bounced out, and only one filed, then the other can go in right away,. Otherwise you may well end up with a 1-yr or 2-yr bar to access the BK Court again.