Debt Collection 101: Episode 42 – Debt Collection Complaint Snapshot Released by CFPB


Alex: Hey everybody welcome back to another
episode of Debt Collection 101 here on Arbeit U. Spencer: Wow great job, another
freakin great episode Alex: Awesome opening yeah. Spencer: Awesome opening, today we’re talking about
complaints right? Everyone gets complaints you get complaints I complain
about you on a regular basis. Alex: I don’t get complaints Spencer: yeah okay so you found something from the CFPB? Tell the folks at home Alex: yep so if… I don’t know if you’ve seen it yet
but the CFPB released a complaint snapshot and it focused on debt
collection so what we’re gonna do is we’re going to
link that and share that with you so you can keep up speed on the collection
industry. Spencer: any fun snapshots from the snapshot? Alex: yeah so there’s some surprising
things I was surprised about. first of all debt collection complaints are down 2%
wonderful news Spencer: yeah any direction down for complaints. Alex: yeah and that you
know what type of debt no cheating okay do you think was uh had the most
drop in complaints? Spencer: student loans. Alex: Nope Spencer: mortgage Alex: oh wait um actually you
were right. Student loans. Spencer: boom shaka laka! Alex: student loans went down seventy percent and then uh you know what also went down?
payday loans. almost 30 percent surprisingly and it’s… Spencer: I wonder
why that is Alex: so what’s surprising too, medical debt and
credit card debt both have more complaints than payday loan debt
Spencer: that is interesting Alex: yeah I mean percentage-wise Spencer: yeah I mean I wonder if
it’s because the the number of Alex: yeah but it’s a percent so it’s weird. Spencer: If someone knows let us know cuz we don’t. Alex: but uh.. link below stay up to date on the
complaints in the collection industry and that’s all we got for you thank. Spencer: As
always see you next week Alex: see you. wait wait don’t go anywhere we forgot to mention
Spencer forgot the mention Spencer: Always my fault Alex: uh yeah. Spencer: Is that a complaint? Alex: Yes it is. we’re going to link a survey below and that’s for feedback on the episodes
we’re looking for feedback from everybody that’s watching
on episodes we’re doing what you like what you don’t like what you want to see
more of Spencer: good thing I mentioned that Alex: yes thank you. I appreciate it. Spencer: you’re welcome, you’re welcome. see you
next week again! Alex: See you.

One comment on “Debt Collection 101: Episode 42 – Debt Collection Complaint Snapshot Released by CFPB”

  1. eric yares says:

    hey Arbeit U
    is it normal for a dept collector to ask for cash money for canceling the proposal so this what happen today i went to one of the agency dept collector office and talk to one of the collector representative and he asked me what are my dept's are and i told him that i have one visa which i owe $1000 and master card for $5000 (which i owe for over 10 years)and i also told him that last time i checked my credit score was like two years ago and he start calculating how much i would have to pay my dept and it went up to 13000 without checking my credit so i asked him if he could make it lower so he reduced it to $10000 and he gave me a proposal of 7500. so im like okay i agreed to his proposal that i have to pay of $125 per month so i signed the paper work and everything then went home but after i get home i started to think twice because how he handle my case how he throw all these numbers at me without knowing how much i really owe.then i went to check my credit online and it shows that there was only one credit card that shows to my profile which is the visa card and it says that i owe my visa for $1081 so i went right back and drive to the dept collector office and speak to the same guy who handle my case and i told him about that i checked my credit online and he wanst very pleased right after i say that and i ask him if he could change it for me now he was all pissed and called me a lair out of nowhere he was like why didnt you tell me earlier how much i really owe and i told him that i did tell you that last time i check it was 8000 two years but now that $5000 was gone off my credit now that he was all upset that he said i wasted his time (which i apologized repeatedly for not knowing how much i really owe now)then he asked me to pay him in cash to cancel my proposal he asked for $300 for his time and $100 for the cancellation fee and he book me for another appointment for monday to give the money to him . can u guys please give me an advice how should i handle this situation and do i really have to pay him in cash for canceling my proposal thanks!

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