Got Bill Collector Calls? Don’t Fall for This Despicable Trick!
The Dallas Observer recently posted an article about a new trick that debt collectors use to squeeze money out of you. And it isn’t what you would expect. Instead of using threats of jail, bad credit, and calling your relatives to tell them you’re a “deadbeat,” bill collectors have undergone special training to collect debt any way they possibly can. That includes this unforgivable ruse that will have your parents and grandparents cheated out of their life savings–if you fall for it.
Setting the Trap
In the article, Roger Weiss, co-owner of the debt collection agency CACI states that when debtors have “double-digit people” calling them, they are more likely to give money to “nice” debt collectors who are willing to listen to your problems. That’s right: debt collection agencies are switching tactics. But don’t be fooled by this sheep in wolf’s clothing: after luring you into their trap, the debt collection agency will try and convince you it’s a good idea to talk to your parents or grandparents and getting them to take out a reverse mortgage (that’s where they effectively sell their house back to the bank and rent it off of them until they die) or taking a loan against their life insurance policies. Yes, debt collection agencies would stoop that low as to want your parents or grandparents to lose their home and life savings you pay off your credit card debt.
Your $10,000 Debt only Cost Them $500
Remember: that credit collection agency purchased your Citibank or Bank of America credit card debt for about 5 cents on the dollar. It’s no longer about you paying your original debt: it’s about you lining the debt collection agencies pockets with commissions.
Send a Cease and Desist Letter
As always, my advice is firm: talk to the debt collection agency once to get their address. Then send them a cease and desist letter.
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