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PSA - Free Corona test could cost you thousands   The Healthy You: Health and Fitness Polls

Started Aug-14 by Showtalk; 184 views.
Showtalk
Staff

From: Showtalk

Aug-14

Showtalk said:

but some people are getting charged hundreds or thousands of dollars.

and many of those who were given those bills will be feeding the collection agencies a Chapter 7 next year. Multiplied by a few million times all over the country.

Showtalk
Staff

From: Showtalk

Aug-15

The recommendation was to not pay it and to get it expunged, since the tests are not supposed to be expensive.   They said once you pay, the chances of getting a refund are slim. People should fight it and get it removed.

Showtalk said:

The recommendation was to not pay it and to get it expunged, since the tests are not supposed to be expensive

part of that process likely involves call blocking and using caller ID to keep the various collection agencies and the hospital business office from harassing you to the point of either suicide or homicidal rage.

Of course if someone is unemployed it's hard to garnish wages, and in Texas that's one option the debt collection industry doesn't have.

But they can quietly get a judgment lien and then lurk and wait until some kind of direct deposit hits a bank account and you don't know they just took it until your rent or electric bill check bounces.

Of course that tactic is a great way to "win enemies and piss off people", and I think there are a couple of people sitting on Death Row who decided "don't get mad, get even" from an unjustified over-billing coupled with a lot of harassment and inflicted hardship escalated into lethal revenge.

But if one had no real savings, and they were laid off, at least in this state (if one actually knows what the law says) the thing to do is just block their calls, and make them eat it. Once on one's feet, and not living in one's car and hoping the repo people can't find it, then one can go fight it, or just don't borrow money for a few more years, build up a good war chest, and let the negative notations on one's credit report age enough they aren't an issue any more.

After 4 years (in Texas) an old debt is "out of statute" and they can't file a lawsuit to try and collect.

Now one trap to be wary of - don't "settle" those kind of debts. They might issue a 1099 and suddenly the difference in the dispute (or even the entire amount) could then be considered by the IRS as taxable income.

So let's say you had a hypothetical $25,000 bad debt that you settled for $50. You think the problem is behind you, then suddenly you get this 1099 showing $24,950 of "income" as "settled debt". And then when you file your taxes, let's say you threw it in the trash because you "knew" it was bogus. The IRS comes back and says you reported the $8,200 you actually earned at the part time jobs you could get in the collapsed economy, but you owe taxes on that plus that $24,950. And then the IRS takes everything.

So there's a perverse disincentive to actually settle any outrageous inflated debt, and a strong incentive to just dodge and duck them until it's out of statute and has been sold and re-sold for 5 cents on the dollar or less to increasingly shadier debt collection outfits that are on a blurry line where legitimacy ends and scamming begins.

The best case scenario is for a class action case or actual legislation that specifically purges these debts and prohibits any collection action or negative credit reporting, that blanket applies to everyone. But it's good to know the "skipping" side of the art of skip tracing and how to exploit the law in one's favor in these trying times if legislatively or judicially nothing is done about the problem.

Showtalk
Staff

From: Showtalk

Aug-15

If someone has a legitimate debt, they owe it. If they are charged for something that the state said they would cover, it’s not.

Showtalk said:

If someone has a legitimate debt, they owe it. If they are charged for something that the state said they would cover, it’s not

If it's legitimate. Like when they actually made an informed decision and the tab was exactly what they thought it would be, and they actually got the goods / services that they expected.

Now when there is subterfuge, misrepresentation, or outright scamming involved, nope. That's sort of how I feel about many student loan debts where someone was outright lied to and promised the kind of career paths that would let them retire the debt and make a lot more for far less hours than, say, flipping burgers for their whole life.

And when one finds out they've been sold a bill of goods, then one way to reign in that kind of scammy behavior is not continue to throw good money after bad..

I know someone who walked away from a total lemon car because no one could fix the thing and keep it running long enough to sell it even at a loss. It was repossessed (voluntary repossession - essentially a strategic default), and they'd fully emptied out any personal items from the car. When they hauled it off, it wouldn't run.

They had already spent more than it was worth as various shops "threw parts at it" but never did successfully fix everything that was malfunctioning.

Of course eventually was auctioned off at about half what was still owed on it. It's now been more than 4 years, so essentially it is "out of statue", and as the repossession slowly ages, it has less and less impact on one's credit although the exact algorithm is secret.

With Covid-19 economic collapse, I suspect there will be potentially trillions of dollars of bad debt in 2021 and 2022 that will be the equivalent of trillions of dollars just vanishing from the economy entirely as uncollectable.

If these figures are big enough, we might actually see deflation despite the $3 trillion and rising bail-outs from Covid-19.

MerlinsDad

From: MerlinsDad

Aug-16

Thank you for posting this informative report.

Showtalk
Staff

From: Showtalk

Aug-16

You’re welcome. I hope it will be useful to many.

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