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"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."

Frederic Bastiat

GETTING EVEN WITH DEBT COLLECTORS

By
webwench
@ January 27, 2010 8:43 AM Permalink | Comments (32) | TrackBacks (0)

One man has found a creative way to deal with debt collectors. He sues them for violating consumer rights laws.

"I already paid them off," he says. "The government took my money without asking me and gave it to the banks. And since I owe the banks money, but they already got my money from the government, I say we're even."

What do you think? Is he just another dead beat? Is he just using the rule of law to his advantage? 

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What others are saying

  • debtsmanship means stand up to bill collectors
    An intimidated society of debtors needs to get assertive and exercise some debtsmanship." Google that.

    Has your telephone become your enemy? Don't be another submissive noodle. with debtsmanship.
    By teslapress @ 02/16/10 10:26:18 PMreport abuse
  • just read an advance copy of SOTU....
    I could not BELIEVE IT! The prez is personally promising to pay off my credit cards,take care of payment balance on my house AND my car(plus fill it with super unleaded!!!),ALSO end the wars,balance the budget,unite jews and moslems,dems and repub,replace oil with clean,cheap power and end world hunger while providing unlimited healthcare for everyone...oh wait...I've mistakenly got an old copy of an Obama 2008 stump speech..sorry,my bad..HERE'S the real speech.."SCREW YOU,WE WON,EAT SH!T FOR 3 MORE YEARS,LOSERS"
    By damifino @ 01/27/10 06:52:54 PMreport abuse
  • Bloody Brilliant!
    Maybe the guy is wrong in that some of his debts should be paid back. But, I've seen so many cases where someone is getting royally screwed by creditors for either identity theft or just plain errors on the creditors part that this kind of story makes me smile. The creditors aren't understanding, do not try to work with you or help you in anyway regardless of whether you got burned or they made a mistake. They just expect you to pay. And honestly they don't want you to be able to ever pay it off. It's a form of slavery whereby you spend the rest of your life trying to pay off debts at ridculously high interest rates with punitive fees for ever missing a payment and the creditors get fat off your payments or lack thereof. They never lose, why do you think it's such a booming industry? You have my support Mr. Cunningham, you're an inspiration to all the other indentured servants in this country who are slaves to collectors and the financial industry. Better to die on your feet than live on your knees.
    By jmg @ 01/27/10 05:18:54 PMreport abuse
  • Forgetting the arm twisting?
    Don't forget Barney Frank and Company told these banks to loan to people who couldn't afford it. You had ACORN sitting on the doorsteps of banks who tried NOT to make loans to bad recipients so don't put this all on the banks. They would not have loaned out all those subprime mortgates. THAT is where you are following the Obama line.
    By Joyce M/Blythe @ 01/27/10 04:12:24 PMreport abuse
  • do NOT
    do NOT LISTEN TO OBAMA
    By blog2.tshirt-doctor.com @ 01/27/10 03:51:00 PMreport abuse
  • kinda like loan sharks myself
    but the government deems loansharks loans to be illegal.im sure nobody puts a gun to youre head and says youre gonna borrow my money and thats all there is to it..and ive never had a loanshark file a frivolus lawsuit against me for a loan somebody else took out..then convienently serve the papers to the wrong address..funny how they had no problem finding me when it came time to collect though.! real honest bunch this government, kinda reminds me of those old gangster movies only I feel those gangsters are probably more honest than these bankers and politicians.there are laws like the truith in lending act but good luck getting anybody to enforce it.Kinda like good luck auditing the fed..
    By Steve B @ 01/27/10 03:36:21 PMreport abuse
  • I still stand by my statement also
    do you think the banks would have got into those toxic assets without making money off them?

    and i don't watch or listen to the mainstream media and i certainly do listen to obama. why don't you turn off fox news and due some research on you own? :O)
    By blog2.tshirt-doctor.com @ 01/27/10 03:34:17 PMreport abuse
  • I still stand by my statement
    Doc: "They didn’t care that this was all based on one thing: ever increasing real estate prices."

    WRONG.

    This was all based on the fact that the government, via Fannie Mae and Freddie Mac, guaranteed all of these assets-- which was neccessary in order to force the banks to make crap loans to deadbeats without driving them out of business.

    Please, do not buy into what the Media and Obama want you to think.
    By Twistedsaint @ 01/27/10 03:16:58 PMreport abuse
  • THE BANKS AND THE FED GO
    Hand in hand..why else do you think our elected officials refused to audit the fed..that whole story got swept under the carpet almost as fast as our money..
    By Steve B @ 01/27/10 02:51:16 PMreport abuse
  • Twistedsaint
    Banks had NOTHING to do with the meltdown? i think they're due about for half the blame. our government for repealing the Glass–Steagall Act.

    and the banks......mortgage lenders would make loans, Fannie Mae/Freddie Mac would purchase the loans and pool them, and then sell mortgage backed securities to the bond market. Everyone was happy until the financial conglomerates realized that Fannie/Freddie had a nice thing going for them and they wanted in on the action.
    They jumped into the securitization market hungry for more fees, investment returns and but they wanted this with very little risk. But, simple mortgage backed securities were not enough for financial conglomerates so then, through “financial innovation” they created collateralized mortgage obligations for more fees and higher investment returns.
    The challenge for the financial conglomerates was how to market these securities backed by risky mortgage loans - enter AIG and credit default swaps (CDS). AIG saw an opportunity to make a killing by writing CDS - what a great way for the largest insurer in the world to capitalize on its “AAA” rating. With the highest rating available, financial conglomerates could market these risky securities to pension funds, mutual funds, college endowment funds and anyone else who bought securities based on the highest rating available.
    They didn’t care that this was all based on one thing: ever increasing real estate prices. When real estate prices started to tank for the first time in generations the “House of Cards” created by the financial conglomerates collapsed bringing our entire economy down with it.
    By blog2.tshirt-doctor.com @ 01/27/10 02:28:25 PMreport abuse
  • Such Anger
    So much anger here against the banks and their "evil ways." Gee...how dare they lend you money and try to earn a profit on it!?

    Hey, if you don't like it, then don't borrow money. It is YOUR choice. The banks can't force you to do anything. You guys that rant against the banks are simply trying to avoid responsibility.

    You don't like debt collectors? Here's a novel concept: Pay what you owe!

    You, who is assumed to be a responsible adult, signed a contract, and the banks only want you to do what you said you would by your signature.

    If you don't like it... don't DO it. But stop blaming them, or the government, or Bush, or whoever for your own irresponsibility. I'm sick of hearing it.

    And dear Mr. Frank Sanders-- I have tried so hard to explain things to you in the past, and you obviously don't want to pay attention because god forbid you should have to take any responsibility for anything.

    Banks had NOTHING to do with the meltdown. It is all government-caused. But you refuse to read or educate yourself on this matter, because it's easier to just be angry at them. In fact, it's exactly that ignorance that Obama and crew are COUNTING on when spouting all his anti-bank rhetoric to deflect the blame.
    By Twistedsaint @ 01/27/10 01:56:50 PMreport abuse
  • need me a dog...............................
    heeeey can I take that credit card holdin' dog fo' a wok???
    By butt neckid @ 01/27/10 01:38:15 PMreport abuse
  • why be mad at him
    Do onto others as they would have done onto you.mabe we should find a lawyer and have him sue these banks for 70 billion and never bother to properly serve them at the correct address then the courts can automatically find them in default and subject to pay back money which they in all reality do not owe. sorry bank of america it must have been a case of identity theft better luck next time...
    By Steve B @ 01/27/10 12:44:58 PMreport abuse
  • Buying bad loans
    Maybe the mob should think about buying bad bank loans. Broken knee caps seem to be more productive for getting money out of a deadbeat.
    By Carlos @ 01/27/10 12:24:12 PMreport abuse
  • Deadbeat
    He is a deadbeat. Even if his argument held water, the flaw is that the majority of the big banks have paid the government back with interest. Now if you are talking about AIG, GM or Chrysler, then that is a different issue.
    By Bulldawg @ 01/27/10 11:49:24 AMreport abuse
  • (actually my dog once got pre-approved for a $5000 credit card)
    Hey Frank

    What's your dogs name so I can steal his/her identity.
    By booger @ 01/27/10 11:43:50 AMreport abuse
  • S.F.
    "...since he's between jobs—except for being in the Army Reserve—..."

    oh, i get it. he's got two or more jobs! and the reporter showed up in between the two or more jobs.

    concentrate when you read, it will do wonders for you. Sheesh.
    By blog2.tshirt-doctor.com @ 01/27/10 11:42:47 AMreport abuse
  • the mob will send........................
    okay that sounds like a plan.....the gubmint already paid.....

    now just tell LUIGI THE LEGBREAKER that and I'm sure he'll go 'way......

    just ask TONY TWO TOES how he got his nickname......
    By butt neckid @ 01/27/10 11:34:14 AMreport abuse
  • I'm all for it
    Debt collectors are pretty much the direct opposite of "customer service"

    When you stop to consider that the banks that loaned this guy money did little more than than punch some numbers into a computer to increase his balance, I'm not sure they deserve anything back. Banks are legally allowed to have outstanding loans IN EXCESS of their actual deposits. That means they literally create money out of thin air to fund these "loans" and then they charge us interest on money they never had until they punched those numbers into the computer to increase your account balance. Bank and credit card loans are a huge scam that way!
    By Steve @ 01/27/10 11:25:26 AMreport abuse
  • The book author
    What amazes me is the code of values espoused by Katz, the book author mentioned . . . consumers are under no moral obligation to pay their debts?
    By Ana @ 01/27/10 11:24:04 AMreport abuse
  • Doc
    Read the story again. Then maybe you will realize why your comment makes no sense. He never said he was unemployed, and he obviously paid his taxes. Sheesh..
    By S.F @ 01/27/10 11:20:26 AMreport abuse
  • scam artist loser making it worse for everyone else
    This guy is more than just a deadbeat. He is a threat to every American that needs credit to buy a car or a house. He made huge bets and he lost and now he wants everyone else to pay. What a f-ing jerk! And stupid - the banks paid back the money, at high interest rates, already. Time for him to pay his debt back.
    By jaxguy @ 01/27/10 11:06:36 AMreport abuse
  • You go bro!
    alright for the little man! you go bro. way to use the system to not pay debts, get to sit around all day, and then make money mallicously! You wouldn't be in that situation had the banks not loaned you the money. They loaned the money to you because of Bush's failed policies. Bush did it because he doesn't like black peepole. It's all his fault.
    By Johnny @ 01/27/10 10:51:26 AMreport abuse
  • We're all deadbeats.
    You bet this guy is a deadbeat for being irresponsible not paying back his debts.

    But the banks are also deadbeats, along with their overpaid fat cat executives, for taking our TARP money and not being responsible for their debts and risky bad investment decisions. And then handing out our money as bonuses to their underperforming executives.

    And the government is a deadbeat for forcing these banks to give loans to people that should not have been buying homes, cars, and other stuff.

    And the credit card companies are deadbeats for having pushed their faulty, misleading, preapproved credit cards on everyone and their dogs (actually my dog once got pre-approved for a $5000 credit card).

    And the credit bureaus are deadbeats for allowing anyone to access our credit reports whenever they want. Why should a bank have the right to check if I paid my electric bill and use that as an excuse to jack up my credit card rates?

    And the consumers are deadbeats for always wanting the latest cars, the best TVs and toys, eating out every night, and totally maxing out their numerous credit cards. Do we really need to change that SUV every two years?

    And the media is a deadbeat for telling us that we gotta keep up with the Jones and must have the latest and greatest of everything. Consume, consume, and then consume some more is the message the media pushes on us.

    We're all deadbeats.
    By Frank Sanders @ 01/27/10 10:46:02 AMreport abuse
  • Dubious at Best
    You are a 5 year-old. You have been climbing up on the counter when Mommy isn't looking and getting handfulls of cookies and not getting caught. One day, you climb up and break the cookie jar, and areabout to get the tar beaten out of you. Instead, you cry and whine, bawl, kick, and scream so loud- Mommy decides not to punish you. Not only does she decide to do this, but she gives you more cookies just to calm you down and shut you up!

    Do you see where I am going with this?

    Let me get this straight- this guy performs extremely risky activities in the financial system and is a contributor to the failure of the economy, and now he seeks to rectify his situation by extorting debt collection companies via lawsuit lotto.

    I don't agree with debt collection malpractice in this country either, but I'm also tired of guys like this that not only avoid paying their debts but also lash out like an irrational 5 year-olds with a tantrum until they get their way. America was built on hard work and sacrifice. This guy is no better than the pond scum he is litigating against.

    A much easier thing would be to have a debtors prison for people with grevious amounts of debt they have no way of paying back. Anyone that runs a tremendous debt up like this and can't pay ought to be imprisoned. He is just another Bernie Madoff, but to a lesser degree, and no better than the people he is fighting against. We the people end up paying in the end for his antics.

    No wonder he stays inside his run-down house. He is like Osama in the cave. If he steps outside, someone would probably pick him off.
    By Matt @ 01/27/10 10:29:35 AMreport abuse
  • interesting quote, from page 2
    "I don't have to do anything but stay black and die," he says, a small, smug smile on his lips.
    By mark @ 01/27/10 10:09:56 AMreport abuse
  • I think it's great! After all, it sounds very similar to what ACORN tells a lot of it's clients regarding taxes. I think we all should follow their advice and either hide our money or not pay at all! Wonder how our elite government would respond?
    By Chris @ 01/27/10 09:52:43 AMreport abuse
  • you knos what he is, neal.
    or should i say webwench. :O)

    he's unemployed therefore he is a moocher. that's what you say, over and over and over...
    By blog2.tshirt-doctor.com @ 01/27/10 09:47:27 AMreport abuse
  • Good for him !!!!!
    After losing my job I had zero choice but to let a couple of my "luxuries" go, which in turned landed up in the hands of debts collectors.

    Those guys broke atleast half a dozen consumer Laws in the process of hounding me. Right down to cussing at me and threatening my brother, telling him they were gonna have him put in prison if he didn't give them more info on me (they called him about 20+ times in a 2 week period).

    The best part is, they did most of this AFTER I had sent them a Cease and Desist letter via signed mail. When I reminded them about the the letter they simply laughed and mocked me for sending it.
    By Tracy @ 01/27/10 09:43:14 AMreport abuse
  • deadbeat
    The guy that said that is a loser. He indebted himself, and doesn't want to pay it back. Where's the personal responsibility? Another ridiculous court case, spending other taxpayers' intangible dollars, at least in some small part. Again, a loser.
    By Justin @ 01/27/10 09:38:00 AMreport abuse
  • Love it!
    Regardless of his underlying reasons, debt collectors are governed by certain laws. They regularly violate those laws and this guy is calling them on it. Good for him.
    By Fat Tony @ 01/27/10 09:26:19 AMreport abuse
  • getting even
    I kind of go along with this guy. Not a real fan of using tax money to bail out banks and banks being on some sort of fee kick over the past few years.
    By steve @ 01/27/10 08:57:27 AMreport abuse
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