Collection Agencies - IQOR Afraid of me - Canada

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RE: IQOR Afraid of me

Postby average_joe » Sat Jan 16, 2010 12:25:23 PM

I believe 20% will high enough. I was at a friends place today and Td bank told them they do not need a down payment which I thought was eliminated last year and all they have to show is their paystubs to be approved.
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RE: IQOR Afraid of me

Postby Millie P » Sat Jan 16, 2010 08:23:58 AM

Agree. I'd actually even be ok with 15-25% being the minimum. Because I'm going with a NIQ mortgage I need 35%+ down. 5% is ridiculous and it isn't just down-payments that are too low -- amortization has been slowly sneaking up as well. It use to be that 25 years was the standard but now it is 30 years and for a while until it got banned banks were offering 40 year mortgages. There has been talk about altering the minimums and putting a stop to high ratio mortgages and people are very upset.
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RE: IQOR Afraid of me

Postby average_joe » Sat Jan 16, 2010 07:36:53 AM

I think its time to raise the down payments to 20%, at least you will have equity in your home and save on the mortgage insurance. The 5% down payment makes the mortgage company the home owner and the mortgage insurers rich.

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RE: IQOR Afraid of me

Postby montyloree » Sat Jan 16, 2010 07:29:18 AM

joemoney and ranzzz..
Let's keep it friendly and productive please :)
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RE: IQOR Afraid of me

Postby Millie P » Sat Jan 16, 2010 07:23:07 AM

People do get asked for Notice of Assessments sometimes but just not very frequently. You basically get asked if your stated income does not match the expected income for someone with that kind of credit. That catches people who claim $100k but make $20k but it really doesn't do much to catch people who just bump up their income more realistically.

Then again lying about income supports my claim that in most cases the problem is the borrowers. Because a bunch of people lied about their income and now because of them it is going to be a lot harder for me to get a NIQ mortgage.
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RE: IQOR Afraid of me

Postby average_joe » Sat Jan 16, 2010 06:57:59 AM


Here is one way from people getting too much credit but the creditors will not do it. When someone is applying for a credit card, loan or a mortgage, make the applicant show their last years notice of assessment from revenue Canada. The majority of people that fill out credit card applications stretch the truth about their income. I know people that make $30,000 a year and they have over $30,000 worth of credit cards. I also know people when they got their home, all they needed was a paystub and a letter from the employer and we all know that can be made up. The system has bigger holes then the ozone layer.
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RE: IQOR Afraid of me

Postby Millie P » Sat Jan 16, 2010 06:46:25 AM

The only way to end up with consumer debt is to spend more than you make. Job loss and medical issues are both known risks and taking on consumer debt is a choice. Bad things happening to people is never good but it certainly isn't the lender's problem. Someone borrows money it is their responsibility to pay it back regardless of what happens to them. There is a mentality among people who end up in debt that it is not their fault since something they did not expect happened. Too bad it is still the borrower's responsibility.

Also I think you greatly underestimate the amount of bad debt that is the result of irresponsible decisions. The vast majority of bad debt in Canada is the result of people living above their means. This is probably less true the older you get but I know plenty of twenty-somethings with two times their income in consumer debt simply from basically trying to live a baller lifestyle on plastic. Even if you go look at peer2peer lending sites where the majority of the borrowers are individuals with damaged credit you'll find that over 80% of the people looking to borrow money are doing it to fund irresponsible life decisions.
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RE: IQOR Afraid of me

Postby ranzzzz » Sat Jan 16, 2010 06:31:28 AM

@Joemoney,

Judging from your 2nd grader writing skill, I don't think I need to wonder why you have been working as a collector for 12 years.
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RE: IQOR Afraid of me

Postby average_joe » Sat Jan 16, 2010 06:12:16 AM

Millie,

What gives you the right to call people deadbeats when the majority of people's financial hardships are due to job losses or medical reasons? Why would you be sympathetic to collection agencies when they are trying to profit off people’s financial hardships? If I am going to feel bad for someone it would be the creditor that gave out the money.

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RE: IQOR Afraid of me

Postby Millie P » Fri Jan 15, 2010 11:56:01 PM

Joemoney

When calling someone an idiot it is usually helpful if you first master heterographs -- the wording you were looking for is "you're an idiot" not "your and idiot" -- It is hard to take someone seriously when they call someone an idiot but they themselves lack the English skills expected of a 5th grader. To save you embarrassment and to prevent this from becoming a grammar lesson I'll let the other nine or so errors slide although I guess we have an explanation of why you ended up working in collections.

I am somewhat sympathetic to collection agencies in that for the most part you are dealing with deadbeats and people who legitimately owe money. It sucks that people are so irresponsible with credit use and I'd love to see legislative changes that made it considerably more difficult to escape debt responsibilities. I support a much longer SoL for consumer debt and would prefer it if bankruptcy had a more permanent impact on someone's credit rating. Collection agencies start off with the legal and moral high-ground and they manage to screw it up by behaving in ways that even people who would be sympathetic turn on them. I realize part of that is because the job is very frustrating as for the most part other than empty threats and attempts at intimidation a collection agency is usually powerless to act. Again if more creditors were willing to give permission to litigate I think this would solve the problem but the expected value of doing so doesn't make it worthwhile. I fully understand how frustrating it must be that these companies hire you to collect and then for the most part they prevent you from actually doing your job. Combine that with low pay and dealing with people who refuse to accept responsibility for their past decisions and anyone would hate their life and be miserable.

As for never getting an apology letter you are likely correct. Not sure why anyone would want an apology letter so that is fine with me. That being said I would wager any amount that IQOR will be giving me a cheque before my dealings with them are over.
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