THESE FIGURES ARE DISGUSTING

[david9041]

THESE FIGURES ARE DISGUSTING

I copied this out of a lawsuit on the pleading site .

A-4. The so-called “Statement of Account” attached to Plaintiff’s Complaint indicates

That Plaintiff is seeking $ 9,302.78 (principal in the amount of $ 5,223.86 together with interest in

The amount of $ 4,078.92 accruing at 20.00% annually)

A-7. Plaintiff probably paid no more than $ 104 for the principal balance CORP. States:

“During the year ended December 31, 2004, we acquired

Charged-off consumer receivables portfolios with an aggregate

Face value of $ 4.5 billion at a cost of $ 89.2 million, or 1.99%

Of face value, net of buy backs. Included in these purchase totals

Were 30 portfolios with an aggregate face value of $ 280.7

Million at a cost of $ 8.1 million, or 2.89% of face value, which

Were acquired through five forward flow contracts. During the

Year ended December 31, 2003, we acquired charged-off

Consumer receivables portfolios with an aggregate face value of

$ 4.1 billion at a cost of $ 87.5 million, or 2.12% of face value

(adjusted for buy-backs through 2004).”

Form 10-K, Asset Acceptance Capital Corp.,

[MG05]

I mentioned this months ago, look through some of my threads. David you just mentioned something even I did not know. Your post indicated Form 10-K (so I did some research) and publically traded companies must complete this form … this is how that attorney got his information for that particular pleading (brilliant)! So now we have to figure out which companies (JDB’S) are publically traded so we can get this information and share it in this forum! Here is the site http://www.sec.gov/answers/form10k.htm if anyone wants to take a look. Perhaps we can compile some lists!!

I found a site that I would like the seasoned attorneys and paralegals to look at and come up with some discovery ideas to get this information in front of the court. It appears that most debt buyers sign a Confidentiality Agreement when they purchase bad debt that will preclude them from talking about the debt … how would the defendant get the actual cost of the debt out of the JDB?

http://www.debtsellers.us/about-us.htm

[eber3]

So, it looks like they paid about $200-$300 for a debt they want to collect $9k for? Wow.

[MG05]

Take everything you know about debt collection away for one minute … close your eyes and put yourself on a jury. Could you force “Joe Consumer” to pay a JDB $9K for a bad debt they paid $300.00 for? I couldn’t do it to anyone … even if they owed the debt I would not find them responsible. I will never let a judge decide a case and always demand a jury trial. If you can get good discovery you can sway a jury.

[FlaLawyer]

It is highly unusual that they pay more than 3 cents on the dollar in this market. Back during the boom years you would see some pay as high as 10 cents.

Once in a while you will find a JDB who paid more, but they are easy to spot. In those situations there will usually be an affidavit from the OC. Like I said, they are very rare.

[MG05]

It is highly unusual that they pay more than 3 cents on the dollar in this market. Back during the boom years you would see some pay as high as 10 cents.

Once in a while you will find a JDB who paid more, but they are easy to spot. In those situations there will usually be an affidavit from the OC. Like I said, they are very rare.

Getting this information in front of a jury? That is the question … ideas on how a Pro Se could introduce this type of info?

[DFS]

Plaintiff would be unjustly enriched if allowed to collect and retain $9,000 for a contract they only paid $300 for and which they have no intent on forwarding/returning to the original creditor.

Or something like that.

However, I'm with you in that you need to get Discovery. You need to get a witness from the OC and the JDB. Unfortunately, part of this effort will be to educate the local judges - and that could be a tough road, especially for those of you in rural areas.

[david9041]

In my JDB case my goal is to find out everything about the transaction's they use and the amounts involved , I am laying everything out so that will happen . So far I have filed :

1 . DISCOVERY FOR DOCUMENTS , INTERROGS , ADMISSIONS

2 . MOTION TO DEEM ADMITTED

3 . MOTION FOR SANTIONS AGAINST PLAINTIFF FOR THEIR BLAINTANT DISRESPECT FOR OUR FLORIDA RULES OF CIVIL PROCEDURE ( I like this one )

4 . MOTION TO DISMISS

5 . MOTION TO COMPEL

6 .SECOND REQUEST FOR ADMISSIONS

Plaintiff has filed :

1 . DISCOVERY FOR DOCUMENTS , INTERROGS , ADMISSIONS

2 . MOTION FOR BETTER RESPONCES

3 . MOTION FOR RELIEF FROM ADMISSIONS

4. MOTION FOR EXTENTION OF TIME

I am going to have some fun with this case , I have already laid my ground work for Arbitration but now I want to keep it in the court to understand how all this works .

The Judge is going to rule soon on the various motions , I hope he will deny my motion to dismiss and grant my motion to compel then they have to spill the beans or I will get them for contempt of court .

[FlaLawyer]

They will usually dismiss after a few court orders requiring disclosure of certain information.

[FlaLawyer]

Getting this information in front of a jury? That is the question … ideas on how a Pro Se could introduce this type of info?

Ask how much they paid for the right to collect the debt at issue in your lawsuit. You could also put together a set of admissions covering business records with the documents attached and introduce them as business records.

[unusualsuspect]

The publicly traded JBDs (as far as I know):

1. Asset Acceptance Capital Corp. / Asset Acceptance, LLC ;

2. Encore Captial Group, Inc./ Midland Funding, LLC / Midland Capital Managment, LLC

3. Asta Funding / VATIV Recovery Solutions, LLC;

4. NCO Group, Inc.

5. Portfolio Recovery Associates, Inc.

[FlaLawyer]

Just go on EDGAR (SEC). You will find all the corporate filings of public corporations you could want.