Comments on: I Got Your Money Right Here! http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/ Bob Dylan, Investing, Marathon Running and More! Wed, 07 Jan 2009 16:45:46 +0000 http://wordpress.org/?v=2.2.1 By: Black Defaulted Student Loans http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/#comment-119378 Black Defaulted Student Loans Fri, 05 Dec 2008 01:40:22 +0000 http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/#comment-119378 I have to say, that I could not agree with you in 100%, but it’s just my opinion, which could be wrong. I have to say, that I could not agree with you in 100%, but it’s just my opinion, which could be wrong.

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]]> By: Paying Off Defaulted Student Loans http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/#comment-28777 Paying Off Defaulted Student Loans Wed, 18 Jun 2008 06:40:06 +0000 http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/#comment-28777 Hey!, been surfing the net for paying off defaulted student loans and found your blog regarding I Got Your Money Right Here!. You really know your stuff! I’d like to see more posts here. Will definitely bookmark it and come back. Hey!, been surfing the net for paying off defaulted student loans and found your blog regarding I Got Your Money Right Here!. You really know your stuff! I’d like to see more posts here. Will definitely bookmark it and come back.

]]> By: Scott Gillis http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/#comment-859 Scott Gillis Thu, 14 Feb 2008 16:54:05 +0000 http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/#comment-859 Well, my advice (given of course that you have the means to do so and you're not already doing this) is running their credit score before lending. People with good credit these days have plenty of incentive not to sully their FICO score by not making good on a loan, especially with how quickly many lenders are willing to dime people out to Equifax, TransUnion, etc. I am learning that many businesses that extend credit to their customers actually anticipate doubtful collections of up to 20%. Is it me or is that relatively high? Regardless of my opinion, there is really no way to ensure 100% recoupment of loans of any kind. Tom, being on the lender's side of the equation, I would think that having to revert to the underhanded means of confronting those who owe is only as underhanded as someone who has "took the money and run". While Steve Miller would be proud, I'm sure you still want to be paid. It's a shame that people don't develop stronger ethics when it comes to borrowing. When I was driving out to Fort Bliss after training, my old man (who I thought was fairly fiscally responsible) accompanied me, and he actually advised me to ditch a student loan because a "financial expert" on some radio station in Florida (but the guy's probably syndicated) said it was ok to do so as no one would try to recoup the money. My father furthered his endorsement of this idea by telling me how many people in the 60's and 70's defaulted on college loans and they got away scott free. Foolishly, I took his advice, and this Scott didn't get away free. A company called and threatened wage garnishment and tax return seizure if I didn't work out a payment plan with them immediately. So now after penalties and additional interest accrued, I am basically at square one with a loan I had been paying on faithfully from 1997 to 2003. I would only have had 4 years left to pay and would have been done last year some time had I just done what I was supposed to. It breaks my heart, but I should have let my ethics be my guide rather than my wealthy father's tainted advice. So even from a borrower's standpoint, I can identify with why they may feel the need to be so sneaky. Well, my advice (given of course that you have the means to do so and you’re not already doing this) is running their credit score before lending. People with good credit these days have plenty of incentive not to sully their FICO score by not making good on a loan, especially with how quickly many lenders are willing to dime people out to Equifax, TransUnion, etc. I am learning that many businesses that extend credit to their customers actually anticipate doubtful collections of up to 20%. Is it me or is that relatively high? Regardless of my opinion, there is really no way to ensure 100% recoupment of loans of any kind.
Tom, being on the lender’s side of the equation, I would think that having to revert to the underhanded means of confronting those who owe is only as underhanded as someone who has “took the money and run”. While Steve Miller would be proud, I’m sure you still want to be paid. It’s a shame that people don’t develop stronger ethics when it comes to borrowing. When I was driving out to Fort Bliss after training, my old man (who I thought was fairly fiscally responsible) accompanied me, and he actually advised me to ditch a student loan because a “financial expert” on some radio station in Florida (but the guy’s probably syndicated) said it was ok to do so as no one would try to recoup the money. My father furthered his endorsement of this idea by telling me how many people in the 60’s and 70’s defaulted on college loans and they got away scott free. Foolishly, I took his advice, and this Scott didn’t get away free. A company called and threatened wage garnishment and tax return seizure if I didn’t work out a payment plan with them immediately. So now after penalties and additional interest accrued, I am basically at square one with a loan I had been paying on faithfully from 1997 to 2003. I would only have had 4 years left to pay and would have been done last year some time had I just done what I was supposed to. It breaks my heart, but I should have let my ethics be my guide rather than my wealthy father’s tainted advice. So even from a borrower’s standpoint, I can identify with why they may feel the need to be so sneaky.

]]> By: Tom Polen http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/#comment-858 Tom Polen Thu, 14 Feb 2008 14:08:01 +0000 http://blog.chrisboorman.com/2008/02/10/i-got-your-money-right-here/#comment-858 It's too bad that debt collection companies need to exist. Many times their tactics can be borderline or flat-out unethical. I lend on prosper.com and make a decent return... it sickens me, though to see loans I own a piece which never receive a single payment... from the most "sincere" borrowers. From an investment perspective, it doesn't bother me - I expect a certain percentage of defaults and factor that into my forecast. I guess there are a lot of people looking for something for nothing. What's your suggestion to keep dead-beat borrowers more accountable without debt collectors resorting to "underhanded" tactics? It’s too bad that debt collection companies need to exist. Many times their tactics can be borderline or flat-out unethical. I lend on prosper.com and make a decent return… it sickens me, though to see loans I own a piece which never receive a single payment… from the most “sincere” borrowers. From an investment perspective, it doesn’t bother me - I expect a certain percentage of defaults and factor that into my forecast.

I guess there are a lot of people looking for something for nothing. What’s your suggestion to keep dead-beat borrowers more accountable without debt collectors resorting to “underhanded” tactics?

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