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Government now relying on Law Firms to recover student loans

Lol pretty soon biglaw firms will be suing law school gradua...
Motley Karate Address
  04/27/17
If these students can't pay, what's the point of civilly pro...
Wine Goal In Life Bawdyhouse
  04/27/17
EXTRACT whatever you can.
Motley Karate Address
  04/27/17
This isn't Haiti. Even proles can afford $100 a month.
garnet ticket booth
  04/27/17
lol, the CFPB literally sues student-debt collection firms i...
Vibrant box office
  04/27/17
The fuck? They arent selling the debt but are paying firms t...
garnet ticket booth
  04/27/17
while i love the idea of law firms going after deadbeat law ...
onyx cheese-eating french chef gaping
  04/28/17
ljl, gov't clumsily attempts to solve problem it caused, new...
Curious bistre university
  04/27/17
If I could get this business from them I'd quit my fucking j...
garnet ticket booth
  04/27/17
This is what I am thinking. Open up a debt collection mill
Irradiated Plaza Indirect Expression
  04/27/17
So is what is happening that whereas before the fed gov woul...
Irradiated Plaza Indirect Expression
  04/27/17
Debt collection lawyers are usually pure shit, don't have th...
Pearl aphrodisiac philosopher-king
  04/27/17
CR. they're also usually unethical as fuck until it bites t...
Underhanded Multi-colored Shrine Sound Barrier
  04/28/17
obviously, the government should not be hiring private attor...
onyx cheese-eating french chef gaping
  04/28/17
biglaw aspies suing their law school classmates
Excitant Slippery Friendly Grandma
  04/28/17
ain't it great?
onyx cheese-eating french chef gaping
  04/28/17
There should be a bar exam question asking if you can be for...
Stirring Silver Area
  04/28/17
And the answer is yes in the context of clearing title on sh...
garnet ticket booth
  04/28/17


Poast new message in this thread



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Date: April 27th, 2017 11:00 PM
Author: Motley Karate Address

Lol pretty soon biglaw firms will be suing law school graduates with hundreds of thousands in outstanding loans.

http://www.newsworks.org/index.php/local/education/102592-us-increasingly-hires-private-law-firms-to-pursue-long-overdue-student-loan-payments

From 2006 to 2014, the government had not sued more than 25 people a year in Philadelphia over student loan debt, and usually represented itself in court.

But that dramatically increased in 2015, when federal authorities — desperate to recoup a record $137 billion in student-loan defaults — brought an experimental strategy to Philadelphia that has been increasingly deployed nationwide: Using debt-collection law firms to sue borrowers, almost all of whom are low-income.

In the Philadelphia area, McNally and more than 200 other borrowers who had long ago defaulted on their student loans, have found themselves defendants in federal cases.

Already in 2017, the federal government is on track to more than quadruple the number of student-loan lawsuits, compared with the volume before private law firms were involved.



(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181284)



Reply Favorite

Date: April 27th, 2017 11:03 PM
Author: Wine Goal In Life Bawdyhouse

If these students can't pay, what's the point of civilly prosecuting them? To impose "collateral consequences" to deter future risky borrowers?

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181301)



Reply Favorite

Date: April 27th, 2017 11:04 PM
Author: Motley Karate Address

EXTRACT whatever you can.

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181302)



Reply Favorite

Date: April 27th, 2017 11:10 PM
Author: garnet ticket booth

This isn't Haiti. Even proles can afford $100 a month.

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181344)



Reply Favorite

Date: April 27th, 2017 11:08 PM
Author: Vibrant box office

lol, the CFPB literally sues student-debt collection firms in federal court all the time.

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181329)



Reply Favorite

Date: April 27th, 2017 11:09 PM
Author: garnet ticket booth

The fuck? They arent selling the debt but are paying firms to collect on it? Are they mental? The reason you sell bad debt is because there are often very expensive servicing mistakes associated with your collection efforts pre-litigation that are costly as fuck.

When you assign the debt that shit becomes a no-go for the Defendant because the new entity doesnt have access to the last entities servicing notes. All they have is a payment history and the note the defendant signed. Discovery is then very straight forward and there are few if any counterclaims against the Plaintiff. The Defendant is welcome to bring in the last servicer but that wont help them with the current Plaintiff. This is why most bad debt is sold before they file a Complaint.

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181341)



Reply Favorite

Date: April 28th, 2017 12:37 AM
Author: onyx cheese-eating french chef gaping

while i love the idea of law firms going after deadbeat law grads,

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181862)



Reply Favorite

Date: April 27th, 2017 11:10 PM
Author: Curious bistre university

ljl, gov't clumsily attempts to solve problem it caused, news at 11

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181343)



Reply Favorite

Date: April 27th, 2017 11:11 PM
Author: garnet ticket booth

If I could get this business from them I'd quit my fucking job and set up a mega collections firm. Whose dick do I have to suck to get 8 figures of this shit?

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181350)



Reply Favorite

Date: April 27th, 2017 11:18 PM
Author: Irradiated Plaza Indirect Expression

This is what I am thinking. Open up a debt collection mill

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181391)



Reply Favorite

Date: April 27th, 2017 11:17 PM
Author: Irradiated Plaza Indirect Expression

So is what is happening that whereas before the fed gov would sell the debt, now they are keeeping it and hiring lawyers to enforce?

That's what it sounds like but the article is not clear:

"Engaging private contractors for debt collection has for generations been a favorite tool of the government in attempting to recover defaulted debt. Hiring private attorneys who specialize in securing liens and other ways of forcing repayment has been used far less frequently."

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181383)



Reply Favorite

Date: April 27th, 2017 11:18 PM
Author: Pearl aphrodisiac philosopher-king

Debt collection lawyers are usually pure shit, don't have the time to do good work, or both.

If you're persistent, there's a good chance you can just run them into the ground.

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181395)



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Date: April 28th, 2017 12:28 AM
Author: Underhanded Multi-colored Shrine Sound Barrier

CR. they're also usually unethical as fuck until it bites them in the ass.

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181804)



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Date: April 28th, 2017 12:41 AM
Author: onyx cheese-eating french chef gaping

obviously, the government should not be hiring private attorneys to collect these debts

they should be hiring/creating government lawyers to do this

that takes care of meanest's issue above

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181887)



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Date: April 28th, 2017 12:34 AM
Author: Excitant Slippery Friendly Grandma

biglaw aspies suing their law school classmates

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181846)



Reply Favorite

Date: April 28th, 2017 12:43 AM
Author: onyx cheese-eating french chef gaping

ain't it great?

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181894)



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Date: April 28th, 2017 12:37 AM
Author: Stirring Silver Area

There should be a bar exam question asking if you can be forced to sue yourself.

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181859)



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Date: April 28th, 2017 12:45 AM
Author: garnet ticket booth

And the answer is yes in the context of clearing title on shit you have multiple liens on.

(http://www.autoadmit.com/thread.php?thread_id=3598119&forum_id=2#33181912)