Plan B idea: Robin Hood Debt Service

**AtW** · 3 February 2010, 19:05

Originally posted by PAH View Post

Everyone's a winner, except for the scumbag DCAs and the scumbag credit companies who irresponsibly lent the money in the first place. I can live with that.

Not after scumbag DCAs come knocking on your house with baseball clubs...

**PAH** · 3 February 2010, 19:07

Originally posted by AtW View Post

Not after scumbag DCAs come knocking on your house with baseball clubs...

They won't even be in the loop.

It only works because the DCAs are so greedy they chase the 'mug' for the full original amount plus fees on top.

If they were a little less scummy they could clear more business by doing what I propose. Though I suppose there's less fun it for them if they were to operate with any morals.

**AtW** · 3 February 2010, 19:10

Originally posted by PAH View Post

They won't even be in the loop.

No, but your body will be so looped you'd learn how to kiss your own

Think harder - Robin Hood was robbing the rich, that's cuz this is where the money were...

**OwlHoot** · 3 February 2010, 19:14

Originally posted by PAH View Post

Seeing as debt collection services typically buy the debts for a very small percentage, why not provide a service showing jo public how they can clear their debts by doing the same?

Say a mug has racked up 20k on credit cards, lost their job and can no longer cover the minimum payments. Instead of waiting for the debt to go into default and be sold to a DCA, they could pay slightly more than what the DCA will, which may be as low as 2k, and be debt free.

The service would make money by identifying how little the debt can be obtained for, and allowing the 'mug' to pay it off for just a slightly bit more.

Everyone's a winner, except for the scumbag DCAs and the scumbag credit companies who irresponsibly lent the money in the first place. I can live with that.

Creditors only use DCAs that recover a some of the amount owed. If your business model is not to recover any then I imagine no creditor would sell you any debts.

**doodab** · 3 February 2010, 19:15

Originally posted by PAH View Post

Seeing as debt collection services typically buy the debts for a very small percentage, why not provide a service showing jo public how they can clear their debts by doing the same?

Say a mug has racked up 20k on credit cards, lost their job and can no longer cover the minimum payments. Instead of waiting for the debt to go into default and be sold to a DCA, they could pay slightly more than what the DCA will, which may be as low as 2k, and be debt free.

The service would make money by identifying how little the debt can be obtained for, and allowing the 'mug' to pay it off for just a slightly bit more.

Everyone's a winner, except for the scumbag DCAs and the scumbag credit companies who irresponsibly lent the money in the first place. I can live with that.

And how does robin hood plan to get the money out of people who couldn't live within their means when they did have a job and have neither the inclination or ability to pay?

If they could afford to settle 10% of the debt, then presumably they could afford the minimum payments. If they are unable to then you are highly unlikely to get the larger sum out of them by asking nicely.

**PAH** · 3 February 2010, 19:18

Originally posted by OwlHoot View Post

Creditors only use DCAs that recover a some of the amount owed. If your business model is not to recover any then I imagine no creditor would sell you any debts.

The crux of the plan is to recover the minimum, which is what the DCA would have bought it for anyway.

**PAH** · 3 February 2010, 19:22

Originally posted by doodab View Post

And how does robin hood plan to get the money out of people who couldn't live within their means when they did have a job and have neither the inclination or ability to pay?

If they could afford to settle 10% of the debt, then presumably they could afford the minimum payments. If they are unable to then you are highly unlikely to get the larger sum out of them by asking nicely.

If someone is offered a way of settling their 20k of credit card debt by paying 2k, anyone who has anything to lose (like a house) would be mad not to take it. Damn site easier finding 2k than 20k.

The service would be an intermediary that negotiates between the two parties (for a fee), not one that buys the debt to then try to recover it.

**PAH** · 3 February 2010, 19:23

Originally posted by AtW View Post

Think harder - Robin Hood was robbing the rich, that's cuz this is where the money were...

I think you'll find it still fits. The rich are the ones that'll lose out when the poor found this way of clearing their debts.

It's the fair thing to do for all those poor hardworking families.

**PAH** · 3 February 2010, 19:24

Connect four.

Plan B idea: Robin Hood Debt Service