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I defeated a collector

The collector threatening your paycheck may not actually own the debt; and you can fight back
You can beat the Man, and keep your money. And you should, because destroying bottom-feeder capitalism benefits everyone.

Here is information that will help you to decide whether to take on a bottom-feeder in court. I did, and the case was called: Equable Ascent Financial, LLC vs. Theresa Mitchell Multnomah County Court Case no. 100404905. The outcome of this case was plaintiff-requested dismissal, or in other words, they gave up!

Like a lot of lapsed debtors, I feared I might not qualify under the new bankruptcy laws, and I knew I didn't have money up front for a bankruptcy lawyer.

new bankruptcy laws:  http://www.nolo.com/legal-encyclopedia/article-30040.html The old credit compact worked out profitably for the big banks this way: You were offered unsecured loans with your credit cards, the bank backed the purchases via fractional reserve banking, which is to say they essentially created the money from nothing, and you paid the money back . Should you fail to pay, credit agencies were notified, and you suffered a loss of credit rating if you defaulted.

You wouldn't be able to so much as rent a hotel room after a "charge-off," which is what the banks call a complete failure to pay. The information would follow you around for seven years or so. You would be able to buy a car only at those predator lots where they put up a sign saying "Buy here, pay here," the lots where the repo man has the extra keys, and swipes your car if you miss the friday payment by ten minutes. There would be no chance of buying a house. Also you could file bankruptcy in the old system, the pre-Bush system. It's a lot harder now.

There were many unpaid defaults under this system, but it worked out very profitably for the banks, in the aggregate. But this is no longer the case; as the bank receive trillions in bailouts and secret loans to reward them for their catastrophic failure in '08, as the bankster stock brokers wallow in tax-supported multimillion dollar bonuses, the dogs have been set loose on you and I. These jackals are called bottom feeders.

Meanwhile, the banksters continue to rack up multi-trillion dollar unstable debts, as they literally gamble on whether credit cards will be paid. These gambling casinos are called "banks," and the gambling is called "asset-backed securities."  http://en.wikipedia.org/wiki/Asset-backed_security Here's how the new paradigm works: bottom feeders buy your debt info,and seek garnishment of your wages. Each judgment of your old debt creates a new credit strike against you. This can mean an old unpaid electricity bill from when you left college.

Since the bottom-feeders only buy information, it is possible--and often happens--that more than one bottom-feeder will go after you for the same debt. They file against you in court, freaking you out, and opening up their gravy train, wage garnishment, in which your employer hands over a quarter of your earnings every payday until their bloated debt + fees is paid off. But--since the banks were gambling with credit default swaps, the original note that you signed is gone, and furthermore, just as in the case of the collateralized mortgage gambling, the chain of title to debt is broken.

This was my first line of defense in Equable v Mitchell: they did not have the note. Nor did they know where it was. Nor could they establish clear ownership of the debt, since it had long been used for gambling, and the chain of ownership was broken. Nor, for that matter, did they have a license in the State of Oregon to collect debts.


I received the usual calls daily: "Do you pay your debts?" "Is your social security # this?" It was the usual choreography of intimidation, familiar to so many stressed US workers today. Finally I received a hand-delivered Court notice. However, by searching the Web and asking around, I was able to find out how to answer respectfully to the Court. I paid $135 and entered a set of evasive answers to the oh-so-pointed questions in the Request for Admissions; I admitted nothing.

It is important to remember that in such a case, all information will be used against you. Don't feel bad about evading; the Court and the Plaintiff are not going to evince one drop of compassion.

This is reporting and opinion, not legal advice. Seek an attorney.

If you receive a request for admissions, you can reply with the same. I replied with my own questions: Why does Equable not have a State license? Where is the original note, and notarized assignment of debt? And I received evasions--but not to worry, I believe the questions were frustrating and vexing to them, and put them on notice that the Court was not going to allow them to collect.

In Oregon the amount under $10,000 automatically goes to arbitration unless either party objects in writing. So I objected, but my objection mysteriously was delayed by Clerk office. I really had to wonder. Use certified/notarized mail for all Clerk transactions in Multnomah County. There was a $500 fee for arbitration but I applied for waiver/deferral.

As soon as I filed all fees and papers, I received notice of dismissal from the Arbitration atty ---within 2 hours; and I have to ask, how was that done so quickly, unless the Arbitration attorney is in constant contact, and perhaps cahoots with the collector? But this is the bottom line: I won, and you can win, and you should fight the bottom feeders, because--I cannot emphasize this enough--THEY HAVE NO RIGHT TO YOUR MONEY!!

homepage: homepage: http://kboo.fm/presswatch

So What You are Saying 03.Feb.2011 11:56

J. David Cummings

You made a just debt and then avoided paying it and are bragging about it here. You are a parasite, pure and simple.

I had a similar experience 03.Feb.2011 13:11

with a credit card debt

when I graduated from college I got a credit card by citibank... they allowed me to go over my $300 "limit" and I had a $150 fee from my bank and $450 owed to credit card company. I was broke, started traveling, got nothing in my name for 6/7 yrs, then went back to college. I had forgotten about it for years, graduated and again was offered the $300 limit card... from citibank. 10 yrs later. I applied for it, and my social security number raised a flag and the collectors started calling, saying my debt was now $1200 but that they would settle for $600. I consulted a lawyer who told me that I needed to get the original document I had signed in order to be required by the court to pay it, and notified the collection agency that I needed proof that I had ever had a credit card with whoever they were claiming to be collecting for... denied ever having one, and refused to pay till they could prove I had. And like Teresa said, there were no records, so they dropped it and I didn't even have to go to court!

Regarding the comment about single people in debt being "parasites" 19.Mar.2011 16:24

J. David Cummings - are YOU perfect & we destined for hell?

You alread know this J. David Cummings, likely debt collector, you.

Like houses, cars and everything else, debts also depreciate.

When it is in the debt collectors best interests to reduce what THEY owe, they most certainly do so. Business is required to make money. Why is it when a single person is trying to get a grip on their finances, they manage to do so about an outstanding debt that the debtors insurance has covered and paid off, and yet this single person is called the scum of the earth?

Morality is far from an issue if you bother to examine the tone of the writer of this how to. With your hostile reply it is clear that you would have the United States stay a colony of Britain since money was what we were fighting about then and "might is right," eh?

You are likely one of those sadistic bill collectors who love your job since this allows you to torment others and get paid for it. You are just reading this site as a voyeur rather than a community member

If you follow the letter of the law, which is what these often abusive debt collectors heavily lean upon, twisting what they can to their advantage...after a certain amount of time, your thousand dollar debt is worth pennies, pennies which debt collections warehouses purchase and attempt to collect the origninal amount or as close to they can get to it. Again, the bank offering the loan has insurance which has covered the debt after time. It is a bank after all.

When you call someone with a few thousand in debt, do you think about the CEOs spending the billions our government bailed them out with? Do you have a singel doubt about the private jets and whatnot the Bail Out folks are purchasing with impunity? Why is it the burden of perfection is expected of the little people, those of is with little debts are struggling to get by and have some type of decent life? J. David Cummings you probably think those CEOs deserve to rape and pillage for fun and profit while the little people have to pay the price for a one time mistake a thousand times over. This mentality is so Middle Ages and there you are to keep the dream alive!

The parasites are the MBAs who run places like Enron or our government who are selling away everything to China or whatever for the immediate short term return.

Life is full of little unfair things...realistically sometimes one is really unable to pay a debt. Being in debt stopped being an actual crime. What is the deal with calling the above author a parasite? Do you call someone in a wheelchair a parasite because they are unable to walk?

Living in this depressed economy, in a sociopathic society such as ours can be a challenge.

Some of us find ourselves incapable of paying huge debts encouraged by the credit card drug dealers and college loan sharks. Did our schools teach us how to manage money? Did our parents? Did our society model good money handling? NO! When times were tough we were told to spend more money!

We make mistakes. We need reasonable options to rectify them. You, J. David Cummings, kicking folks when they are down, well, it must win you a lot of friends...