by snetherc » Wed Feb 13, 2008 11:39:30 AM
The biggest problem is with these self righteous guys who work in this industry.
Collecting debts is basically unregulated in Canada, Banks and finance companies use influence over policticians to enact vague and unenforceable laws, and then assign 3 people to handle thousands of complaints. (Ontario 2005 4000+ complaints formally filed against collections Agencies, consumer reporting agencies, et al)
The truth is, Mario, collection agencies, banks and finance companies do not abide by the law - they ignore it and often violate it. Colletion of debts is a nefarious business where lies, intimedation, blackmail, extortion, sexual and verbal abuse are the tools of the trade.
You guys can't even confine yourself to laws that are frankly obscene in the powers given to people who are basically dishonest to begin with - bankers and collectors! The only defense that you scum can offer is that its necessary to "protect" the finacial/credit system of our country???
What a joke - 3 of the top five banks have no "admitted" to 30 - 40 billion in bad debt to US based businesses - that they knew was bad to begin with! Based on the disclosures of similar organizations, you can expect that to grow by 2 or 3 fold in the next 12 months - At 70 billion this is more than half the market Cap of these banks in 2003 when all this BS began! Lets not even talk about all the houses and condos that they financed for 200% of what they were worth 2 years ago - yeah those prices should hold up!!!
You guys are telling us that you need to harrass a single mother for $800 opn a Visa bill cause her CL husband left her is going to make a difference? I wouldn 't want to be in your business in the next year or so, cause I anticipate that you will be very busy - and that the policiticans will be taking a much closer look at what you do - and that's not a good thing.
Remember you can BS some of the people some of the time, but don't think you can BS everyone ...