http://susiemadrak.com/2007/07/31/07/43/tangled/ Keeping a jaundiced eye on the corporate media. Mon, 07 Jul 2008 00:59:51 +0000 http://wordpress.org/?v=2.5.1 http://susiemadrak.com/2007/07/31/07/43/tangled/#comment-128298 iron skunk Tue, 31 Jul 2007 12:48:05 +0000 http://susiemadrak.com/2007/07/31/07/43/tangled/#comment-128298 Interesting. No accountability. Where have I heard that phrase before? This works both ways, actually. If someone were to, say, default on some credit cards, like some have done, aside from the credit damage and the debt being written off by the card-sponsoring bank, that's the end of it. Once a debt is sold to a collector, it's very hard for that collector to have any legal standing because they can seldom prove the card debt belongs to the person they are hounding for repayment, since they have no documentation that would stand up to legal scrutiny. This is particularly true with debts that have been sold more than once, down the food chain of collectors. Past a certain point, it's a financial whispering game. Debt doesn't equal wealth. Interesting. No accountability. Where have I heard that phrase before? This works both ways, actually. If someone were to, say, default on some credit cards, like some have done, aside from the credit damage and the debt being written off by the card-sponsoring bank, that’s the end of it. Once a debt is sold to a collector, it’s very hard for that collector to have any legal standing because they can seldom prove the card debt belongs to the person they are hounding for repayment, since they have no documentation that would stand up to legal scrutiny. This is particularly true with debts that have been sold more than once, down the food chain of collectors. Past a certain point, it’s a financial whispering game. Debt doesn’t equal wealth.

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