Friday, December 12, 2008

Economy and debt collectors.

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12/11/2008 01:40 PM

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Tornado
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Joined Forum: 10/24/2005

This morning Elite Recovery suddenly shut down, 70 people were told to leave the premises. No warning, no notice. Collections have been thin, but this was unexpected.


Earlier this week, CSGA in Columbus folded, Bronson & Migliaccio are ready to file for bankruptcy. Redline Recovery and LHR are laying off large numbers. I dont know if I can make it through the season at this rate.

Does this clear up with the new administration or do I make the smart move and look for work in another industry? I hate to throw away 4 years experience, but man, this is scary.

I had a friend at Unistates/First American got laid off last month. It seems like that started the ball rolling. Who's next on the list of failed agencies?
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12/11/2008 01:45 PM
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PaythePiper
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Everyone in WNY is nervous right now Tornado, the First American/Unistates bankruptcy filing sent a shockwave throughout the area. NCO and Creditors Interchange are pink slipping this week, expect to see a lot of small players gone by the new year. This is like Wall Street dejavoo, a domino effect on the area. Who wudda thunk it just six months ago?
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12/11/2008 01:49 PM
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Tornado
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Yeah I know - six months ago I was hitting bonus and walking the floor part time instead of having to spend 8 hours on the phone - it was great. The paper got awful thin around October and management started "suggesting" stronger tactics on the phone. I wouldn't have given some of these accounts to my worst enemy, (lots of OOS stuff, a bunch we decided had been culled by at least one other team in Buffalo).

I think our situation at RLC had to do with inability to finance new paper, but who knows for sure.
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12/11/2008 01:59 PM
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Dr Tax
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I guess it's time for the Collections Industry to plead its case for a multi-Billion dollar bailout.

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Visit the Credit Terrorist Training Camp - http://www.debtorboards.com
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12/11/2008 06:35 PM
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~Fleppie~
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Ugh.......... Tax........ THWAP!!!!! Just the thought of that gave me an instant headache

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If you want Moral or Ethical review of your debt, take the debtor to a church. ~ Dr. Tax
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12/11/2008 08:37 PM
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gfg
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Originally posted by: Dr Tax

I guess it's time for the Collections Industry to plead its case for a multi-Billion dollar bailout.


Or we can all sit around and laugh about it, huh Tax?

Maybe we just need more agressive techniques to "pursuade" payment....

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"they obviously employ an asshole scrub of some sort ? "

Average Joe, responding to Tax's claim that AFNI "gave up" 8-21-08



Edited: 12/11/2008 at 08:37 PM by gfg
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12/12/2008 06:39 AM
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Dr Tax
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Originally posted by: gfg

Originally posted by: Dr Tax

I guess it's time for the Collections Industry to plead its case for a multi-Billion dollar bailout.


Or we can all sit around and laugh about it, huh Tax?
Maybe we just need more agressive techniques to "pursuade" payment....


Ten trillion dollars of individual wealth just evaporated into thin air in the last 12 months. Since those were the dollars you were trying to collect, maybe you just need a bigger butterfly net.

-------------------------
Visit the Credit Terrorist Training Camp - http://www.debtorboards.com
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12/12/2008 06:58 AM
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TX Debt Atty
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Darn . . . that's what I've been missing all this time . . . a butterfly net!!!

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Actually, every one of my posts on this board have been uncalled for. - Spy Boy (8/2/07)