Collection Debt Elimination, Credit Restoration and Wealth Creation

There are over 6500 collection agencies listed in the USA. We will continue to write about junk debt buyers and their reputation to give you the power.

Receiving a letter from NCO Financial Systems always makes us grimace. This company is one of the worst debt collection agencies in the US and they are unpredictable. They aspire to be the largest company in the debt collection industry.

They either aggressively attempt to collect from the military (consumer) one day, or act like a long lost family member another day, or on another day attempt to take you to court for a default judgment. Unpredictable.

We know one thing that is certain and that is consumers are getting smarter when it comes to NCO Financial Systems. Consumers are learning their rights and taking action against NCO.

Apparently, NCO is laying off collectors. Ain’t that a shame? That is a dream come true for consumers about this reputable debt collector. It could be a rumour. Time will tell.

They use robotic dialers and here is an explanation of how it operates:

They call, but when I pick up the phone, no one is there, or I hear nothing…what gives? It’s the luck of the draw with auto dialers or robots. They dial six to eight numbers at once, and when a human voice is heard, they are immediately directed to a collector. Since the collector that plugged in the numbers can only speak to one consumer at a time, the first real voice loses and everyone else gets dead silence. The computer will note there was a connection made and push that number up in the cycle, so when the collector finishes his tirade with one, he dials the group again - and by now, you’re angry and frustrated and running to the phone, only to be beat by that little old lady in Nebraska who was hunched over the receiver daring it to ring again. She loses, you get more silence and finally get on the internet to find out what that “nothing” call is all about.

Check your credit report and you may find multiple listings from NCO because they purchase junk debt from many creditors. If you have been contacted from NCO Financial Systems, write your VOD letter and send certified mail return receipt. Don’t be fearful of this company. They have been known to be very harsh over the phone which is why we only correspond through the mail to them.

Here is a successful testimony from a consumer:

“NCO folded like a cheap lawn chair after sending them a nice debt validation letter. Deleted from all 3 reports within 48 hours of receiving the letter. Always send certified mail with return receipt requested.”

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Most consumers who have major collection debt have heard of the (junk debt buyer) Sherman Acquisitions family. They either have heard of them from reading about their reputation or they have dealt with them in a debt collection personally. We like to refer to Sherman Acquisitions as one big crooked family because of all the different names of business that are related.

Sherman Acquisitions is related to cousin LVNV Funding LLC. Here is a list of the family tree: Resurgent Capital Services, LP, Alegis Group, LLC, Sherman Financial Group, LLC, Pinnacle Financial Group, FNBM, LLC, Ascent Card Services, Ventus Capital Services, Performance Recovery Group and Receivables Management Solutions. The most popular are LVNV and Resurgent.

Junk debt buyers and collection agencies are normally not structured and interwined as Sherman. This debt collector tree is one of the most notorius junk debt buyers in the country. They are known for their less than honest tactics. We have received collection letters from 4 of these debt collectors on the same consumer account at one time. Bought and sold. Bought and sold. No documentation. Sherman Acquisitions and LVNV Funding have purchased Sears portfolios all over the country. Look on your credit report and see Sears as an original creditor. LVNV Funding has portfolios from Washington Mutual/Providian as well.

An excerpt from budhibbs.com regarding Sherman…

“You are further urged to go after these bottom-feeders for the lies they place on your credit reports. Under provisions of the federal law, the Fair Credit Reporting Act (FCRA) any item placed upon your credit bureau reports MUST be ‘accurate.’ In my experience, I doubt anything placed by a bottom-feeder could ever meet the legitimacy of that test. Consumers are urged to dispute any LVNV, Sherman, Alegis, Resurgent, Ventus account with the credit bureaus and make demand upon the organizations and their owners to abide by the law. They receive a fat check to lie about things that cause you misery, higher interest rates, credit denials and in most cases, don’t have the required documentation that would meet the definition of ‘accurate.’ All of these owners, board members, attorneys and employees can and should be held strictly responsible when that information does NOT meet the legal definition, as stated by law.”

A testimony from an average consumer who learned their rights…

“I want to first of all thank you for educating me on the deceptive practices of these “buy it in bulk for pennies and sue them” debt collectors and how consumers can fight back these tactics that are being used through Small Claims Courts nationwide. Today I had my pre-trial conference. I was surprised to see that one attorney alone came in with suit for about 40 people who all had an appointment for the same time! Most of them did not even show up. During the time we had to try to work things out with the defendant’s attorney, the attorney took each person in an assembly line format, calling them out one at a time. I saw people so intimidated and scared that they would do anything that the attorney demanded of them just to get them off their backs — even if the debt was not even theirs! From what I saw in NONE of the cases did the attorney even attempt to provide any form of validation whatsoever to the defendant. The files the attorney had were so thin they could not possibly have any information other than a data sheet and maybe the court papers. Yet the attorney was making all kinds of demands from each of these defendants and was getting people to either pay in full whatever he demanded or by getting them into payment so high that most of them could not possibly pay this on a monthly basis without defaulting (which would automatically give the attorney the opportunity to file a judgment against the person and garnish their wages, take their property, etc.). With such a bad economy I could foresee some of these people losing their houses and going through a great deal of hardship and trauma. While I have a high respect for small claims court and the judge that attended me and I think that this court is a huge benefit to the community because it helps people resolve their matters quickly and inexpensively, I believe these debt collectors are using our tax dollars to run a “legal” racketeering business and are getting away with it mostly because people do not know their rights as consumers. You were right about what you said about these debt collectors. They use the courtroom to intimidate people into paying them big bucks. What they are doing is so wrong and needs to be exposed!”

Our thoughts exactly!

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We never would believe it if we did not see it with our own eyes!

It does not take much money to set up a collection agency. It is a legal business in the legal sense of the word. However, the tactics used to collect on debt that is junk is not legal. Back in the day, there were mom & pop collection companies who made a percentage of collecting for some of the larger companies in town. Legitimate. Junk debt buying is totally different. Where do you think the term “junk debt” was established?

Buy a portfolio of debt, get a phone, fax, paper, stationery, a software database (optional), and a few computers - you are in business. It is a business but what goes on behind closed doors is not. See this website for example: MBS Financial. If you look closely on the right side under “WE BUY DEBT” you will find a survey. In the very beginning of this survey, it seems legit but keep reading until you get to the middle of the second page. There is the real “deal” of buying junk debt. These are questions asked to buy junk debt. Collection agencies need junk debt.

Keep reading our site and bookmark it because now it is time we are going to get into the names of who is who in the JDB world. We will be posting articles here of infamous JDBs and their reputation (possibly some testimonials.) The list of JDBs is long!

We want to hear about your victory with your personal experience of any JDB you have come against. Also, we can answer questions if you are in a situation and have to fight a JDB now. Stay tuned for some eye opening info…

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(We apologize for not posting since November 3rd. We have had technical difficulties with updates on our site.)

At Next Level Credit we believe:

You are your best resource.
Skills, intelligence, ability, desire, determination…these are resources that are valuable for an individual.

You have to depend on yourself.
We personally depend on God, being that we are a christian company, and when you depend on yourself (rather than an employer) one tends to work harder towards goals and has clearer vision of the journey. We do not expect a handout from anyone.

You will prosper.
When an individual has a plan and specific goals, they will prosper. It is inevitable. Determination will pay off in more ways than you think.

You will overcome.
With the powerful mindset inside of your being, an individual can make it through hardship and have a testimony of overcoming. If it doesn’t kill you, it will make you stronger.

You do not have to participate in a recession.
We are not in a recession! Case closed!

You do not have to participate in unemployment.
It feels great to be a business owner. Your whole pattern of thinking changes when you become a business owner. You do not have to worry about getting fired.

Be an independent business owner! The time is now. Make a plan for 2009!

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ps. the only way you will have debt freedom is to be an IBO

The financial arena of our economy is practically changing minute by minute. There are some upsides and downsides to the changes in regards to credit cards and collection debt.

Here is an article we fell upon not too long ago. We have heard this more than once and we thought that this would be good information for our readers.

CREDIT CARD LIMITS BEING CUT BACK

Upside - consumers are evaluating their DAILY spending habits

Downside - consumers may already be maxed out on credit cards

Upside - changing to an alternative means to have money besides credit cards

Downside - no more instant gratification

The credit card industry is changing quickly. We could see THAT writing on the wall. Even though the industry cuts its limits, they will still lure in the consumers with low FICO only because they are easy bait and big profit. The credit card industry still wants/needs to sell its paper. It IS a commodity. A trillion dollar industry.

The collection debt industry will grow even more and quickly with this state of the economy. There are more consumers that are facing debt collectors because of hardship. The collection agencies are popping up moreso on the horizon with a fax machine, letterhead, phone number and address and like magic they are in “business”.

We know though that as much as consumers are getting wiser about debt collectors. The collectors are counting on the new non informed consumers who will pay the crooked companies. Our vision is that one day there will be many consumers that will have the power to shut down this industry. We are here to see that happen one day soon.

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