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Debt Collection Extortion Article
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Is a Debt Collection Agency Coming After You?
Don’t panic. A debt collection agency will not contact you if you miss a month or two of payments. A debt collection agency is a creditor’s last resort. This type of agency only enters the picture when your creditor has given up trying to collect payments from you.
So, what will drive a debt collection agency to your doorstep? Here are a few of the common causes:
Failure to respond to notices – If you’ve been dodging calls or ignoring letters from your creditors, the creditor may turn over the debt to a debt collection agency. After all, pursuing you for months will waste a lot of the company’s resources.
Overdue accounts – If you have failed to make your monthly payments for more than six to twelve months, debt collection agencies will be employed to collect the payments. For every single month that you miss payments, the company loses a lot of money. For smaller companies, this means losing valuable cash that could have been used to finance company expenses.
Inability to meet minimum payments – You may be making payments every month, but if you continually fail to give the full amount, you’re still in trouble. A debt collection agency may be called upon if your creditor feels that the amount you’re paying isn’t enough to settle the debt.
When a creditor is desperate, he will call a collection agency. Now, the creditor can sell the debt to the agency or he can offer the agency a percentage of the collected debt. Either way, the debt collection agency will be made responsible for contacting you and ensuring that you make the necessary payments.
So, how does a debt collection agency find you? Typically, creditors don’t give a lot of your personal information to the collection agency. The debt collection agency knows your name, address and account number. Also, it knows the amount of debt you owe. So, a debt collection agency will use phone books, city records and even Net Detective to locate you. It can’t track you through other people because it can never inform other people about your debt, so the best bet is to check the public records. After the agency locates you, it will contact you and inform you of your outstanding debt. The agency will also send you documents that contain information regarding your debt.
The debt collection agency aims to re-establish the payment plans. It simply wants you to start paying again. This means that the agency wants you to make monthly or weekly payments. The good thing about this process is that debt collection agencies are extremely driven. They will work with you and help you find a payment scheme that you can afford.
Debt Collection Extortion Specific links
Debt Collection Extortion News
Former Essex County Sheriff's Officer Indicted For Allegedly Using Extortion ... - NJ TODAY
 NJ.com | Former Essex County Sheriff's Officer Indicted For Allegedly Using Extortion ... NJ TODAY NEWARK – A former Essex County sheriff's officer was charged today in connection with his alleged role in using threats of violence to collect a debt owed to another man, US Attorney Paul J. Fishman announced. A federal grand jury indictment unsealed ... At Newark bail hearing, former Essex County sheriff's officer faces extortion ... |
West Long Branch man charged by feds with conspiracy - Asbury Park Press
West Long Branch man charged by feds with conspiracy Asbury Park Press John Balsamo, 48, of West Long Branch is accused of conspiring with Robert C. Bantang Jr., 43, of Oceanport and Timothy Kelly, 36, of Jersey City, on various dates in 2011 to collect a $50000 debt from 2009 owed to Kelly, by using extortion and threats ... |
Ex-NE mob boss gets 5½ years in RI strip club plot - Albany Times Union
Ex-NE mob boss gets 5½ years in RI strip club plot Albany Times Union (Matt York / AP) FILE - This undated file photo provided by the Broward County Fla., Sheriff's Office, shows Luigi "Baby Shanks" Manocchio, who pleaded not guilty to extortion and conspiracy charges in federal court in Providence, RI, Thursday, Feb. |
Ex-NE mob boss gets 5½ years in RI strip club plot - Seattle Post Intelligencer
 USA TODAY | Ex-NE mob boss gets 5½ years in RI strip club plot Seattle Post Intelligencer Photo: Matt York / AP FILE - This undated file photo provided by the Broward County Fla., Sheriff's Office, shows Luigi "Baby Shanks" Manocchio, who pleaded not guilty to extortion and conspiracy charges in federal court in Providence, RI, Thursday, ... Ex-New England mob boss, 84, sentenced to 5 1/2 years in Rhode Island strip ... Luigi 'Baby Shacks' Manocchio, 84-Year-Old Ex-Mob Boss, Sentenced To 5 1/2 ... |
Universities hold students' transcripts hostage over debt - Boing Boing
Universities hold students' transcripts hostage over debt Boing Boing By Cory Doctorow at 1:08 pm Tuesday, May 8 American universities -- whose grads often owe six-figure debts that can't be discharged in bankruptcy, and that can even be charged against their Social Security checks -- are increasingly engaging in the ... |