CFS II enters lease at CityPlex Towers

[Conan71]

If they were trying to collect on 6 year old debts, it's no wonder they weren't haraunging anybody for their home depot card. The statute of limitations is only 3 or 4 years here. Of course, if you can get a promise to pay, that makes it enforceable again...

Conan, debt collectors don't do anything to help a person re-establish their credit. Other than people writing mortgages, nobody cares a whit if you've skipped out on debt to others before if your score is good now, and if your score is bad, nothing's going to change that until the lates fall off and your utilization doesn't suck. Even if the debtor pays a debt collector, the likes of Amex and Bank of America would sooner see you die than extend you credit again. You're better off paying the original creditor (they'll usually buy back the debt if you write them with an offer to pay the full amount owed, and most of them will even remove the old account from your report in exchange)

If CFS was trying to launch a credit card, it's because there's a lot of money to be made in 36% APR $240 a year annual fee (paid monthly) $500 limit subprime credit cards. Especially if you already have a team of people to harass folks who pay late.

This all makes me wonder if CFS was the sort of scum that re-aged debt to keep it on your report long after it should have expired off. It's a common tactic, despite being an FDCPA violation.

Quite well aware of all that.  I started my career in consumer lending. 

I was simply re-stating what Bartmann claimed his company was doing.  He almost made it sound like he was starting some sort of societal revolution by giving these debtors their dignity back.  If the debtor was stupid enough to start paying again on the debt after the SOL ran out, it was considered reaffirmation and could be re-aged.  Technically, all one had to do was tell the collector to blow it out their asspipe and they could not be sued if the debt had gone beyond the SOL.  The problem is with these bundlers is that there are many different state laws when it comes to SOL on debt which has to be followed.

[nathanm]

Yeah, we agree that Bartmann's comments were complete BS.

As far as the SOL goes, in some states it's not even settled whether a credit card is an open account or a written contract. It can get pretty confusing. Even in states where there is precedent, courts routinely fail to recognize it if debtors fail to bring it up (and sometimes even when they do). Junk debt buyers would be outta luck a lot of the time if the debtor could manage to respond to a lawsuit. Which is why they have a bad habit of faking service or mailing service to an outdated address even when the credit file has a current address.

[Conan71]

Yeah, we agree that Bartmann's comments were complete BS.

As far as the SOL goes, in some states it's not even settled whether a credit card is an open account or a written contract. It can get pretty confusing. Even in states where there is precedent, courts routinely fail to recognize it if debtors fail to bring it up (and sometimes even when they do). Junk debt buyers would be outta luck a lot of the time if the debtor could manage to respond to a lawsuit. Which is why they have a bad habit of faking service or mailing service to an outdated address even when the credit file has a current address.

Unless the debtor signed a certified or registered mail card, they cannot claim they've got good service on the defendant, regardless what address they sent it to if they served a suit by mail. 

[bmuscotty]

CFS II is leasing the fifth and sixth floors in the 20-story tower.

The fifth floor was where a company I used to work for was located until it closed down last December. I hoped they replaced the carpet lol. The cubicles we used were left from the CFS days. In the years we were there you could go into other parts of the facility and still see signs on the doors and walls for CFS way after they closed. CFS was all over the facility. Inside Cityplex is huge. Very easy to get turned around and lost in there. Heard horror stories after it closed as City of Faith. Homeless people took over some parts of it. Heard of stabbings and other things going on there.

[cannon_fodder]

Well, I wish him luck.

I've heard different sidse of the CFS debate - good company, pure crooks, treated employees well, treated them bad, Bartman as the devil, Bartman as a fall guy to corporate hire ones.

Debt collection is a needed task.  I don't know which way he rolls with it (his theme:  nice debt collectors, others: nazi like everyone else), but someone WILL do it.  I'm at least happy it has a chance of occupying office space and employing people in Tulsa.

[nathanm]

Unless the debtor signed a certified or registered mail card, they cannot claim they've got good service on the defendant, regardless what address they sent it to if they served a suit by mail. 

That's not true in many states for suits under a certain amount. I don't know about Oklahoma.