CREDIT CARD DEBT PAYMENT OPTIONS IN 3RD PARTY COLLECTIONS AGENCY

I know I shouldn’t be talking about this stuff…NOT! I’m no longer an employee of that said company, so I can say what I want to say now. I’ll be talking about different payment options offered to debtors with credit cards four months past due and above. We’ve been taught to collect aggressively, again and again and again. But I’ll say it one more time, I don’t do that. I just can’t. That’s why I’m not cut out to be a collector – and I hated the job.

Okay, so first off, after confirming that we’re talking to the right party, we have to introduce ourselves, the company we’re working for and why we’re calling. Then we have to say this:

“This is an attempt to collect a debt and any information obtained will be used for this purpose only, this call is monitored and recorded for quality assurance.”

That is the mini-miranda. We have to say that before we disclose ANY information to the debtor, as per the FDCPA. So, after the formalities, we inform them that they owe a certain kind of amount. Usually the debtors cannot pay for the whole amount (credit card balance) so we ask them if they can pay the TOTAL AMOUNT DUE (Amount past due). If the debtor says no, then we will offer them a payment program which lasts for six months. In this case, we’ll start at three months past due.

Before I begin, let me tell you that we see a lot of information on the computer screen. But we will focus mainly on the balance, total amount due, minimum amount due, the due date – let me set an example:

Balance: $300

Total amount due: $75

Minimum amount due: $20

Due date: April 21, 2011

and this:

1    50

2    40

3    30

This is what we look for at screen when the credit card account is three months past due. These numbers are the total amount due (now considered minimum amounts) for the past three months the debtor has missed his payments. Now, for this six month-payment program, the debtor will have to pay / issue post dated checks for the next six months, on or before the due date each month. Let’s say the debtor agrees to go with the payment program, this is what is needed each month.

$30 on April 10

$40 on May 10

$50 on June 10

$20 for the months of July, August, September, every 10^th also. (This $20 is the minimum amount due) Note that it isn’t necessary to date each check every 10^th of the month. You can date it at any day of the month, as long as: 1. It’s 30 days after the date on the first check and 2. It does NOT go beyond the due date of the account, in this case, it’s the 21^st, as was seen on the example above.

QUESTION: What happens to the account after the sixth month?

ANSWER: It goes out of collection, and goes back to being current/up to date again.

 

I get a lot of that question, but I usually say “…if within six months, you think you’ll be able to come up with the total amount due or something higher, just give us a call and we’ll  gladly help you out.” Why? Because that payment plan incurs late fees! WHY?! Because you are just paying minimum each month. BUT we are not allowed to say that UNLESS the debtor asks. WHY?!!! Because as long as the account stays in collection, the financer of the credit card earns MORE!

I just covered a payment plan for a three months past due account. I know I still have a lot to cover. If you have any questions, feel free to leave a comment. Credit card financers only think about draining more money from debtors. I would love to name drop here, but I won’t, for the meantime. So, I guess it all goes back to us credit card holders – to be responsible every time we have the urge to use plastic to buy something that isn’t really needed or out of our budget.

I’ll be talking about post dated checks next time or maybe office politics in a third party collections agency, CCCS (who also scams people, tricking them into thinking that they can really help pay off debts – they make matters worse!) or maybe Rihanna being the ‘Illuminati Princess’…

 

CHEATING AT SM MALLS

I don’t exactly know what to think of this. But I have a strong feeling this is true. The following pictures are price tags from items bought at SM. SM is a chain of shopping malls in the Philippines and China owned by Henry Sy. Every time there is a ‘SALE’ at SM malls, you can expect the crowd to fill the whole place. These sales take three days, usually on dates when people already have their salary for the month and at weekends. SO what do you do when there’s a sale at the mall, you have money to spend and it’s a weekend? Go to the most famous mall in the country! Now please look at the following pitures:

The real price is lower than the sale price?!

Okay, as you can see, the original price (the one with the white tag) is P89.75 and – drum roll please…the sale price (the one with the yellow tag) is P169.75 which is almost double the regular price!!! And they call that sale?

 

Sale at SM malls, do you really think they'd drop the prices like that?

Now please look closely at this one. Sure, the original price (the one with the white tag) is now higher than the sale price, at P249.75;  while the sale price is P170. Sounds good huh? Nope! Look closely at the yellow tag, at the upper part where you can read the ‘before’ price. Did it say there that the original price was P339.75?  Of course without any doubt, you’ll buy this item immediately because the ‘sale’ price is half the original price.

I received this images in my email. If this is really true, what about the other items that are on ‘sale’? This got me thinking…what kind of ‘cheat’ could they be doing at SM groceries? The price tags could be correct at the shelves but what about when you get to the counter? It’s impossible to remember each and every price of the individual items in your cart, right? What if the prices are higher when they pass through the scanner?  Which leads to this screen shot of the email I got.

How many of us actually check the looooong receipts for the grocery items we buy?

No wonder rich people get richer, poor people get poorer.

 

Goodbye, Antonne…

We'll surely miss you, Antonne!

You’ve been with us for nearly twelve years, I know you’re in doggy heaven now. We’re going to miss you so much 😦

The first time you came to us, you were a hyper puppy, a big puppy at that. I love your spots; through the years we lost count of it as new spots appear as you grow older.  Sorry if I didn’t give you much attention during the past few years, but I hope you still remember the doggie baths I gave you, I’m sure you liked it. I hope you liked the treats I gave you too. As you grew older you became crankier with other dogs, but never with us. You liked to be patted on the head and I liked watching your wagging tail as I pat you. I remember when you got into a fight with our neighbor’s stupid dog; you kicked his ass and he went home with his tail between his two legs. We were so worried when you suddenly attacked like that but that dog deserved it. You were just defending your territory.

We tried to make you better, I know you don’t want to leave us yet and we never wanted that to happen. But I guess it was your time, it was your body telling you to give up the fight. I didn’t want to give up on you yet, in my heart I still hoped you would get better and that the medicines the vet gave you would work. But we were fighting against time, even if the medicines made you feel better for a short time, it was your old body that was giving up, but not your spirit.  I hope you won’t forget us even if you’re in doggy heaven now.