One of the latest news headlines I've stumbled upon in the world of debt collecting was the story of a war veteran. In essence, this disabled gentleman was verbally abused by the collector, which goes against the set of rules in that industry. Every imperative law that was put in place for these companies has been broken in this story but this is simply one story in a sea of many. Should every collections company be the subject of negative press?
I don't believe it's terribly difficult to argue that a few bad seeds manage to slip through the cracks in the debt collecting industry. After all, not every collections company will follow the rules exactly as everyone else. The rules can be disrespected and when this is done, legal action can be carried out. The collectors could potentially act out in unlawful fashions, such as claiming that the debtor will be carried if a payment is not gathered. More reputable debt organizations like Rapid Recovery will say that this is one of the many laws that should be followed.
This isn't to say that every debtor is entirely innocent, either. There are those who simply won't pay off a debt, regardless of how hefty it can become in time. For example, when I was in my college one of my friends didn't think very much about paying off the student loans that he took out in order to attend. While others were trying to find job opportunities for that fateful time, he was acting like the proverbial grasshopper, not giving much of a care about the future. These are the people who, unfortunately, bring much of the turmoil upon themselves.
The Ant and the Grasshopper is one fable that I believe suits the behavior of various college students and their loans well. In my situation, I consider myself the ant that spends less time fooling around and more time preparing for the cold winter ahead. The grasshopper is representative of those students who refuse to pay attention to debts, as they will spend time playing rather than conducting work for the season to come. The grasshopper couldn't survive in that story and my only hope is that these students don't follow a similar path.
I'm not sure if you can totally blame collectors. While there are those select few who will go against the rules in order to simply gain money, the debtors hold responsibility as well. The people whose job it is to pay off debts may allow these funds to pile on until it becomes difficult to compensate. This is not an ideal way to live and perhaps in a fantasy world, money would only be used for luxuries. That isn't the case, though, and everyone has to do their part.
I don't believe it's terribly difficult to argue that a few bad seeds manage to slip through the cracks in the debt collecting industry. After all, not every collections company will follow the rules exactly as everyone else. The rules can be disrespected and when this is done, legal action can be carried out. The collectors could potentially act out in unlawful fashions, such as claiming that the debtor will be carried if a payment is not gathered. More reputable debt organizations like Rapid Recovery will say that this is one of the many laws that should be followed.
This isn't to say that every debtor is entirely innocent, either. There are those who simply won't pay off a debt, regardless of how hefty it can become in time. For example, when I was in my college one of my friends didn't think very much about paying off the student loans that he took out in order to attend. While others were trying to find job opportunities for that fateful time, he was acting like the proverbial grasshopper, not giving much of a care about the future. These are the people who, unfortunately, bring much of the turmoil upon themselves.
The Ant and the Grasshopper is one fable that I believe suits the behavior of various college students and their loans well. In my situation, I consider myself the ant that spends less time fooling around and more time preparing for the cold winter ahead. The grasshopper is representative of those students who refuse to pay attention to debts, as they will spend time playing rather than conducting work for the season to come. The grasshopper couldn't survive in that story and my only hope is that these students don't follow a similar path.
I'm not sure if you can totally blame collectors. While there are those select few who will go against the rules in order to simply gain money, the debtors hold responsibility as well. The people whose job it is to pay off debts may allow these funds to pile on until it becomes difficult to compensate. This is not an ideal way to live and perhaps in a fantasy world, money would only be used for luxuries. That isn't the case, though, and everyone has to do their part.
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