"Credit" forum?, page 1

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ATS Members have flagged this thread 4 times

Topic started on 20-8-2008 @ 07:57 PM by Andrew E. Wiggin

I wonder if there would be any possibility / interest for a new forum dedicated to "credit"

information on credit is - very surprisingly - hard to come, and most people dont' even know their rights when it comes right down to it.

What do you guys/gals/grays think?

[edit on 8/20/2008 by Andrew E. Wiggin]

reply posted on 20-8-2008 @ 08:20 PM by Andrew E. Wiggin

there's all kinds of things you can discuss in a credit forum

There *ARE* conspiracies in the lending idustry aside from what we know as the sub prime mortgage crisis.

there are little known rights to discuss
"what to do's" to discuss
paperwork
how to deal with collection agencies, etc

tons of questions im sure many people would have

i think we could make this a very popular forum - TBH. Certainly more for BTS material?

Anyone else think so?

reply posted on 20-8-2008 @ 08:27 PM by xxpigxx

All I know about credit is:

to get credit you need credit

reply posted on 20-8-2008 @ 08:27 PM by whatukno

See again that's not fair to us with black holes for credit scores. I mean if I were to participate in the credit forum, then the horror of my credit score black hole would lower all nearby posters credit scores to boot.

I mean I asked for a loan the other day from the bank and my credit was so bad it actually KILLED the banker!

I can see this, but isn't there an economics forum now? Can we not use that for credit issues?

Global Meltdown Discussion Forum Thread List

is that what your thinking of?

reply posted on 20-8-2008 @ 08:27 PM by JacKatMtn

Try out the new...

Global Meltdown forum.

I think you will find room for credit in there...

All about the economy

reply posted on 20-8-2008 @ 08:30 PM by Andrew E. Wiggin

reply to post by JacKatMtn

i gues im talking more along the lines of consumer credit

the FDCPA

how to deal with collection agencies

proper forms for dealing with collection agencies

discussions on how to deal with anything and everything credit

success stories with credit (how i - personally - rebuilt after 10k CC debt)

stuff like that

The stuff i wish i had when i was 18-20 years old

I guess it COULD go in that forum...but i honestly believe "consumer credit" is big enough by its self to encompass its own forum....

reply posted on 20-8-2008 @ 08:38 PM by Heike

Second the motion.

Credit is almost a conspiracy in and of itself.

Last year a law firm cleaned out my checking & savings accounts 2 days before Christmas over a judgment that we didn't even know was against hubby because the processor delivered the the papers to an address we hadn't lived at for over a year.

Then there was the delinquent account that appeared on my credit report from a collections firm in San Francisco that I never heard of. Turns out they had purchased an old credit card account that had been discharged in a bankruptcy, but you wouldn't BELIEVE what I had to go through to get rid of it.

Then there's the IRS and the stuff they do to people...
The whole buying and selling of collections accounts, loans, mortgages..

Anyway, I agree that it's worth a forum.

reply posted on 20-8-2008 @ 08:40 PM by Andrew E. Wiggin

Originally posted by Heike
Second the motion.

Credit is almost a conspiracy in and of itself.

Last year a law firm cleaned out my checking & savings accounts 2 days before Christmas over a judgment that we didn't even know was against hubby because the processor delivered the the papers to an address we hadn't lived at for over a year.

Then there was the delinquent account that appeared on my credit report from a collections firm in San Francisco that I never heard of. Turns out they had purchased an old credit card account that had been discharged in a bankruptcy, but you wouldn't BELIEVE what I had to go through to get rid of it.

Then there's the IRS and the stuff they do to people...
The whole buying and selling of collections accounts, loans, mortgages..

Anyway, I agree that it's worth a forum.

those are the kinds of stories that nobody gets to hear about any more

but they happen - thousands of times a day - eveyr single day

you have to protect yourself from the collection agencies, or they'll take you fore verything your'e worth

this is something i've dedicated a big portion of my life to

So i feel very strongly about it

i might not be a lawyer - but iv'e hired quite a few

and after the heap i climbed out of - well - its easy to say that i'd love to make sure the creditcard companies dont get their hands on anyone else like they did me.

It was my fault - yes - i signed the contract
but there was so much id idnt know about ahead of time -t hat - in hindsight if i had known

i never would have signed.

reply posted on 20-8-2008 @ 09:27 PM by Cyberbian

Andrew, Credit is slavery. The money lent neither exists prior to the loan, nore does it belong to the lender, and yet they are allowed to make about 300% profit off a 30 year mortgage. Credit cards and car loans are even worse weapons of oppression. If taxes get 1/4 of your income, Credit cards and the auto get another 10% And the mortgate gets 3/4 of the remainder, how much is left for they poor SOB who earned the money?

Please show me how I can get 300 % from a thirty year retirement investment guaranteed, with collateral. Show me an investment which will pay me almost pure interest up front, leaving most of the principal untill late in the life of the investment. If the investment goes sour I loose my money. If the loan goes sour for the bank, I loose my home.

Heads they win, Tails I loose!

reply posted on 20-8-2008 @ 09:28 PM by Andrew E. Wiggin

reply to post by Cyberbian

i totally agree

see?

Conspiracies in "consumer credit"

all the more reason to have a forum for it

reply posted on 20-8-2008 @ 09:32 PM by Heike

Hey, at the very least this shouldn't be a forum that attracts trolls or a lot of heated arguing! Pretty much everyone will be on the same side!

Well, unless there are collection attorneys lurking on ATS

reply posted on 20-8-2008 @ 09:37 PM by Andrew E. Wiggin

reply to post by Heike

Hye!!!

A very good thing i never thought of

of coruse you'll always have those guys who says "stop your complaining you got to where you are by yourself"

Thats true - and it was my fault that i was where i was before i dug myself out

but i got to where iw as out of sheer ignorance.

I feel very strongly when i say this

Denying Ignorance could do no more good to the masses than when its applied to Consumer Credit

I would love a chance to prove it.

reply posted on 21-8-2008 @ 09:55 AM by Andrew E. Wiggin

so a list of "PROs"

Informing the masses about their (possibly) unknown rights
Talk about and reveal consumer credit conspiracies (and LOTS of them exist) to get people talking
Virutally everyone who subscribes to the forum would be on the same "side" so there'd be very little bi-partisan bickering

I can't think of any CONs

Anyone got any ideas?

reply posted on 21-8-2008 @ 09:59 AM by elevatedone

The following is my opinion as a member participating in this discussion.

Be sure to include a section that talks about if you pay your bills on time and / or be upfront with lenders when you know you're going to miss or be late, you'll save yourself a lot of time and trouble.

Don't sign contracts to pay something and then get upset when you miss payment and are called and receive letters asking to pay.

I know, there are scumbag collectors out there that cross the line, but there are more who do the job correctly than those who don't.

I work in the field, yes this hits home for me.

As an ATS Staff Member, I will not moderate in threads such as this where I have participated as a member.

[edit on 21-8-2008 by elevatedone]

reply posted on 21-8-2008 @ 10:02 AM by Andrew E. Wiggin

reply to post by elevatedone

I know, there are scumbag collectors out there that cross the line, but there are more who do the job correctly than those who don't.

I know there are some who don't cross the line, but the majority of them do.

Yes - you could pay your bills on time.
Yes you could read the fine print when you sign.

All of that is fine and dandy, and nobody is arguing that you shouldnt.

BUT

There are federally insured rights for consumers that most people don't know about

These are the rights that collection agencies break - every single day.

Conspiracies in the lending industry?

Don't get me started.

Yes - consumers should pay their bills
BUT
Lenders and collectors should follow the law

and they don't.

reply posted on 21-8-2008 @ 10:08 AM by elevatedone

Originally posted by Andrew E. Wiggin
reply to post by elevatedone

I know, there are scumbag collectors out there that cross the line, but there are more who do the job correctly than those who don't.

I know there are some who don't cross the line, but the majority of them do.

I disagree with that statement, I think that the percentage would be very low.

We have to Identify "scumbag collector"...

If you owe money and are being called and asked to pay, you might thnk the collector is a scumbag. He could be following every proceedure and every law to the letter, you're still going to think bad of him.

I'm talking about collectors who, curse at people, tresspass, basically stalk, etc. the ones breaking the "laws". Those are the scumbag colletors that I'm referring to.

reply posted on 21-8-2008 @ 10:09 AM by Andrew E. Wiggin

here's a perfect example:

A collector is violating your rights by threatening you unless you pay the bills (it happens ALL the time)

Legally - you are left with ZERO ways to protect yourself other than hang up the phone.

Legally - you cannot secretly record the phone call - and they know this - thats why they're so bold.

If you say "im going to record this phone call" of course they're not going to break the law

but the fact of the matter is - they do break the law. All the time, why should it be ILLEGAL to catch THEM breaking the law?

*cough* Conspiracy? *cough*

That'd be like saying "we caught the DC sniper, but we can't use forensics to convict him"

"We can only use eye witness testimoney to prove beyond a shadow of a doubt"

[edit on 8/21/2008 by Andrew E. Wiggin]

reply posted on 21-8-2008 @ 10:13 AM by elevatedone

reply to post by Andrew E. Wiggin

Thats what I'm saying.... I think the number of those making actual "treats" etc isn't that high. thats all.

Bottom line is, pay bills, don't hide and play games and you won't have any reason to worry about collectors.

reply posted on 21-8-2008 @ 10:14 AM by schrodingers dog

reply to post by elevatedone

I was told by sooooo many people when I joined, whatever you do don't lend money to wiggin.
How much does he owe you?

M position on credit is: get max cards, spend like I'm a super mod, collection agency, default, wait seven to eight years, repeat step one.

[edit on 8/21/2008 by schrodingers dog]

reply posted on 21-8-2008 @ 10:14 AM by Heike

reply to post by elevatedone

Sorry, Elev.

Yes, I have a mortgage and several credit cards and I don't have any trouble with them. They are always paid on time and so forth.

But there ARE abuses of the system, and people do get taken advantage of. I personally don't want to paint all creditors with a broad brush, but I could have done a lot better with some guidance and advice when I was younger.

Quite a few credit card companies are doing some things that I personally find reprehensible, not the least of which is encouraging people to stay in debt by making the minimum payment. I get at least two offers from each of my cards every month, from low interest cash advances to no-fee "checks" to balance transfer offers. They're practically begging me to use their card and get further in debt, and they don't care a bit whether I can actually afford it or not. In fact, last year one of my cards attempted to charge me a $59 annual fee because I didn't use it!

Okay, so maybe we won't all be on the same side.

The perspective of someone on the "inside" could be very useful too, and I don't think anyone is suggesting that a consumer credit forum would be all about "you've spent too much on your credit cards, oh dear, let's try to help you avoid the consequences of your own behavior." I'm sure there will be some people in that situation, but we can offer suggestions and guidance without always painting the lender as the "bad guy."

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