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Hello,
Do collection agency reps have quotas they have to meet by the end of each month? I have collections I need removed sooner than later, is there a specific time of month or wait until the end of year to have the best chance of removal.
From what I understand, their goal is collect using the least possible resources. CA's usually buy the debt from the original creditor for pennies on the dollar and then try to get you to pay the full amount. I would start with a PFD request, just make sure that any agreement is given to you in writing before making any payment. You may have good chances on getting the item removed if you can pay the balance in full.
These collection companies sole purpose is to collect as much as they can while spending as little as possible. No quotas that I know of.
Don't worry about getting a PFD in writing because you most likely will not get it. It is against CRA policy that a deletion be made due to payment.
If they tell you they will due a PFD pay them before they change their minds.
I'm sure collection agents have certain weekly/monthly goals to obtain.
Yes, it is common practice in the debt collection industry for their collectors to be reimbursed based on amount they collect and/or exceeding specified quotas.
It is often monthly, but they are not likely to provide you with details of their internal business practices.
I recommend the book "Bad Paper" by Jake Halpern, which is widely available, for an entertaining and enlightening expose on many bad practices used by debt collectors.
It addresses who debt collectors hire, how they are paid, and many of their collection practices.
@Anonymous wrote:
^ check your state laws on recording conversations, you may or may not have to inform them that you are recording the conversation. Dv
The two party requirement effectively applies to private phone calls, almost never to business calls. When you call a CA the fist thing you will hear is a recording stating "this call may be monitored blah blah." - that is prima facie permission to record the call yourself in a two party state.