portfolio recovery associates

[IamOld]

Guys, unreal - they buy "bankrupt" assets for average 4% (four cents on the dollar) from their own website. This is the real scandal here folks - why shouldn't we be able to settle our own debts for four cents on teh dollar?

Just venting.

Treehugger - are you reading this my friend?!?!!

http://www.portfoliorecovery.com/bm_bankruptcy.php

[despritfreya]

IamOld,

You need to delete some of your PM's. I cannot respond as you have "exceeded" your storing capacity.

Des.

[BKAttyMI]

They buy Chapter 13 accounts and service them, what's the problem here? Some Chapter 13 accounts pay out $0, some only pennies on the dollar and their profit would include any time their company spends processing and filing paperwork to recover these amounts.

[IamOld]

They buy Chapter 13 accounts and service them, what's the problem here? Some Chapter 13 accounts pay out $0, some only pennies on the dollar and their profit would include any time their company spends processing and filing paperwork to recover these amounts.

Oh nothing - my point simply was if PRA can buy debt from credit card etc issues for, on the average, four cents on the dollar, so should we, the humble public, be able to do so!

[frogger]

They buy Chapter 13 accounts and service them, what's the problem here? Some Chapter 13 accounts pay out $0, some only pennies on the dollar and their profit would include any time their company spends processing and filing paperwork to recover these amounts.

Some pay out at $0.00?

A LOT of them pay out at $0.00!

[catleg]

Their business model is essentially like a casino.
They make money on the debt, but they have substantial overhead.
Like a casino, they can still go broke if they spend more on overhead than the debts they purchase bring in.
If there is too much competition and the price paid for debt rises, it hurts them, potentially kills them if they are not careful.
It's like everything else in ponzi-nomics, bunch of math PhD's figuring out what this crap is worth, and hoping they guess right.
If they let you buy back your debts for 4% the whole system collapses, that should be obvious.
Well it's going to collapse anyway, it's just a question of sooner or later.

[IamOld]

Their business model is essentially like a casino.
They make money on the debt, but they have substantial overhead.
Like a casino, they can still go broke if they spend more on overhead than the debts they purchase bring in.
If there is too much competition and the price paid for debt rises, it hurts them, potentially kills them if they are not careful.
It's like everything else in ponzi-nomics, bunch of math PhD's figuring out what this crap is worth, and hoping they guess right.
If they let you buy back your debts for 4% the whole system collapses, that should be obvious.
Well it's going to collapse anyway, it's just a question of sooner or later.

Agreed - and I agree with you...some sort of collapse is inevitable...unfortunately, there is no FDR on the horizon!!!

[frogger]

Well it's going to collapse anyway, it's just a question of sooner or later.

Yup. It's coming.............