gwheelock915 Posted October 5, 2013 Report Share Posted October 5, 2013 http://www.cbsnews.com/8301-18563_162-57606148/debt-collector-thrives-with-simple-strategy-kindness/ Thoughts, anyone? I think I see a wolf in sheeps clothing here... 1 Quote Link to comment Share on other sites More sharing options...
kutuzov Posted October 5, 2013 Report Share Posted October 5, 2013 eh ?>? maybe he wants to end broke, or believes in a united world, or loves the songs from the beetles not sure, but he probably does not make enough money as he says with that strategy or something is going out of the picture. Quote Link to comment Share on other sites More sharing options...
TomnTex Posted October 5, 2013 Report Share Posted October 5, 2013 I saw it on the news, sure different. Might work, they sais their business was up 200% since last year because of it. More power to them, they actually help the debtor to get out of debt. Quote Link to comment Share on other sites More sharing options...
willingtocope Posted October 5, 2013 Report Share Posted October 5, 2013 @gwheelock915 Color me dubious. First, the story talks about "debt owed to CFS II"...the CA...which actually implies they're really more of a JDB. So, if that's the case, do the math. If, for example, CFS II buys $1,000,000 in debt from OC's for $10,000 (10 cents on the dollar), then gives away even $100,000 in "free" services in order to collect half of the book value ($500,000)...they've made $390,000 by "being nice". Hmmm...don't know if these percentages are correct, but it has to be close. And then, how do the logistics actually work? Pay them first, then they'll help you negoiate (for a fee, of course) with your other creditors? They probably take 10-15% of the "savings". Truthfully, I'd rather deal with a "nice" JDB than a "typical" one...but... EDITED TO ADD: The date on this story http://money.cnn.com/magazines/fortune/fortune_archive/1999/10/25/267811/ seems to be from several years ago so its difficult to know if Bill Bartman is still in business...but the numbers quoted are significant. Quote Link to comment Share on other sites More sharing options...
shellieh98 Posted October 5, 2013 Report Share Posted October 5, 2013 I don't know. Back in 2011 it was a bad ca that actually caused my financial woes. They did a sewer service for some medical debt ( that I was fighting insurance because they decided a surgery I had wasn't covered even though I got the ok before hand) any they did sewer service, and then garnished my pay for 600.00 a check. I couldn't afford to pay any of my bills for 5 months.It caused me to default on a lot of debt, and I just couldn't dig out. I made 75.00 to much for " expendable" income to go BK. It was a mess. I settled with some, I still have a couple out there that I am sure will haunt me. If I had had a CA like that one, things may have turned out different.I believe it is always better to be nice, but then I was just called a Pollyanna good ship lollipop per by someone at work just the other day, lol. I was also wearing my rose colored glasses. Quote Link to comment Share on other sites More sharing options...
admin Posted October 5, 2013 Report Share Posted October 5, 2013 I smell a rat. Quote Link to comment Share on other sites More sharing options...
willingtocope Posted October 5, 2013 Report Share Posted October 5, 2013 @admin There's an article in Forbes http://www.forbes.com/sites/emilylambert/2011/11/02/return-of-the-billionaire-huckster/that seems to agree. Right at the top of the first page is his reply. Wow. 1 Quote Link to comment Share on other sites More sharing options...
Determined1 Posted October 6, 2013 Report Share Posted October 6, 2013 @willingtocope that Forbes article and the response by Bartmann are an amazing exchange. I got a kick out of the Forbes article's description of collectors fostering a sort of "hectoring friendship" to collect. I know someone who worked for his original collection agency, and described precisely that approach and how it worked from the inside. It sounded like the penny stock broker boiler rooms that befriend and then dupe grandma out of her life savings and social security check. These types hold themselves out as bastions of society, and will use their profits to create a seemingly legit persona for themselves and their company. But their victims will always be on the losing end of any transaction. The CBS story was poor journalism, and presented a "press release" type of story. I'm not judging the legality of Bartmann's past, because he was acquitted. But his past history and reputation as a sleazy junk debt buyer needs to be tied to his current makeover. See: http://capitolbeatok.com/reports/tulsa-debt-collection-firm-gets-up-to-9-million-in-state-money-from-the-quality-jobs-program http://www.oklahoma-bankruptcy-attorney.com/debt-collectors/former-commercial-financial-services-cfs-executive-owes-oklahoma-millions/ (the comments at the bottom of the second link from Bartmann's former employees are interesting...) Quote Link to comment Share on other sites More sharing options...
Torden Posted October 6, 2013 Report Share Posted October 6, 2013 I've had a CA called CFS (Commonwealth Financial Services) sue me out of the blue for a debt originating from a company I never did business with. It was not sewer service because the court clerk does the service here. I demanded they prove I did business with the OC and that they had standing to sue me. They withdrew. That was 7 years ago. Then they tried collecting a few times, threatened a 1099-C, but now it has been a couple years of silence. I should have sued them. If it's the same CFS, then based on people I talked to there, this story is totally bogus. Quote Link to comment Share on other sites More sharing options...
pr4213 Posted October 6, 2013 Report Share Posted October 6, 2013 @admin There's an article in Forbes http://www.forbes.com/sites/emilylambert/2011/11/02/return-of-the-billionaire-huckster/that seems to agree. Right at the top of the first page is his reply. Wow. Nice link. CFS2 is on my report, and when I originally looked them up (about a year ago), I found a bunch of links about this "new company doing things differently". I researched further and remember reading about Bartman's frauds. A lot of people in the collection industry look down on him citing how he pretty much scammed investors on his way to riches. His company's plan is like a used car salesman having to pass the low price by his manager for approval - like he's really your friend and fighting for you; even though you're still paying 2x blue book price for a salvage vehicle. Quote Link to comment Share on other sites More sharing options...
nascar Posted October 6, 2013 Report Share Posted October 6, 2013 Bottom line . . . the guy is a debt collector. Think of the private, personal information he collects from those who fall for the "I want to help you" scheme. 1 Quote Link to comment Share on other sites More sharing options...
gwheelock915 Posted October 6, 2013 Author Report Share Posted October 6, 2013 So what happens if his company can set you up with employment? MY guess is one of two things, (or two of two things): They either begin to harass you at work, or more predictably, they sue you and garnish your wages. Quote Link to comment Share on other sites More sharing options...
willingtocope Posted October 6, 2013 Report Share Posted October 6, 2013 Based on some of the information in the other stories, I would say that he has a fair number of people, including some in state government, completely convinced that he has reformed. I wouldn't be surprised to hear that some employers have fallen for his "magic". And, think about it...finding you a job so you're grateful AND make enough money to pay off his collection is genius. The major problem I have with his tactics is...we've seen it before. We had a debt fixer on the board here a few years ago that absolutely guaranteed "to settle all you debts for 50% or less for a very small fee". He actually did that for several people he solicited from our membership. Then, as they began to sing his praises, more and more people flocked to his services, and then, he took their money and disappeared. Since this guy is in his mid 60's, and he got away with trashing a company once before, I predict that when he has enough cash in his retirement fund, he'll manage to disappear also. Quote Link to comment Share on other sites More sharing options...
Determined1 Posted October 6, 2013 Report Share Posted October 6, 2013 Disappointed in the reporting by CBS. They could have located what we all found in 5 minutes on Google and presented a more balanced story. Forbes got the story right, and Bartmann's response and upset over the word "huckster" was off base. He's the ultimate huckster. Just a few searches on youtube and I came across Bartmann's home based "business opportunity." Still proclaiming himself to be a billionaire, he never mentions he had lost his billions in paper wealth of CFS stock, and went personally bankrupt when CFS went belly up. Bartmann then spent years selling stale junk debt portfolios and expensive seminars on how to be a home based debt collector. See: All of the websites he had for the home based business opportunity of junk debt buying and collecting and his seminars are no longer functioning. See: http://www.bartmannbailoutriches.com and http://www.BillBartmannOpportunity.com I wonder how all the people he suckered into those scams made out? Quote Link to comment Share on other sites More sharing options...
admin Posted October 7, 2013 Report Share Posted October 7, 2013 @Determined1 - I wonder how all the people he suckered into those scams made out? No kidding. Quote Link to comment Share on other sites More sharing options...
daxbr Posted January 14, 2015 Report Share Posted January 14, 2015 A woman with grandmotherly voice called me today from CFS2. She first told me how bad she feels for me, that she calls from a company that is different, that they only exist to help people. She offered to walk me thru step by step until I am finacially independent and secured. She will not charge me for her service. The only thing she asks is a vote of confidence by sending her $1.00 check today. SOL on this debt is at the end of this month. Quote Link to comment Share on other sites More sharing options...
willingtocope Posted January 14, 2015 Report Share Posted January 14, 2015 @daxbr ... RUN AWAY! Its a scam. That $1 check will give them your banking info, which they'll use to clean you out. Quote Link to comment Share on other sites More sharing options...
nobk4me Posted January 14, 2015 Report Share Posted January 14, 2015 A woman with grandmotherly voice called me today from CFS2. She first told me how bad she feels for me, that she calls from a company that is different, that they only exist to help people. She offered to walk me thru step by step until I am finacially independent and secured. She will not charge me for her service. The only thing she asks is a vote of confidence by sending her $1.00 check today. SOL on this debt is at the end of this month. Then wait out the SOL, that is your "get out jail free" card. They want you to make a payment to reset the SOL. Don't do it!! 1 Quote Link to comment Share on other sites More sharing options...
WhoCares1000 Posted January 14, 2015 Report Share Posted January 14, 2015 The $1.00 payment will reset the SOL clock. Not only that but they get your banking information which they can use when they sue you.You might not want to do the validation thing at this point because validation will probably lead to them sending out a reply and than immediately running to the court house. Quote Link to comment Share on other sites More sharing options...
daxbr Posted January 14, 2015 Report Share Posted January 14, 2015 Yes, thank you. I will not send them anything. Sneaky debt collector "with a heart". Quote Link to comment Share on other sites More sharing options...
tantan1968 Posted January 14, 2015 Report Share Posted January 14, 2015 Yes, thank you. I will not send them anything. Sneaky debt collector "with a heart". You did the right thing. Some years back my sister had a similar call as yours only in her case they asked her to send them a check and not a money order for five dollars and yes they had used that "vote of confidence" line as well. She sent them that check even though all of us had told her that was very unwise since they will eventually use the info to clean out her entire bank account. Not only did she not listen to us but she kept going on and on and on about how "nice" this person was and how they can't take anymore than five bucks because "it's not allowed" and oh she told us that she had read on somewhere on Yahoo that collection agencies don't lie and will always work with the consumer. She learned her lesson the hard way when a few weeks later she had went online to check her bank account and noticed that these "nice people" did clean out her bank account. 2 Quote Link to comment Share on other sites More sharing options...
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