h a l f b a k e r yWhat's a nice idea like yours doing in a place like this?
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Debt collectors who use carrot as well as stick, by assessing
which of the debtors on their list are more talented/qualified
than others, and finding them highly-paid work - of course
with the proviso that a repayment schedule is part of the
contract.
Keeping the arrangement unknown to
the new employer might
be important, but the debtor would sign an agreement with
the debt-collector before being recommended by the
debt-collector's recruitment agency for various interviews.
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Annotation:
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It's my experience of 20 years doing debt recovery work that some debtors are irredeemable. They cannot tell the truth, or keep to arrangements, as a result of some strange compulsion. |
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Finding them jobs is just not worth it. The bigger the debt problem the less likely that a job is going to be of any help. The average debtor recovery job that I pick up these days owes around $1.5million. A job isn't going to be much use. |
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Sorting the wheat from the chaff and establishing which of their debtors will be of use in extinguishing the underfunded, secured debt I am trying to cover is the skill. Let the debtors/directors get on with making money in the way they know best. They are still liable for the shortfall. If you don't have secured cover and fixed and floating charges in place before they go down then more fool you for lending to them in the first place. |
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Small, unsecured debt is a doddle. The setup of a proper arrangement should be sufficient. You can recover under that arrangement as a subsidiary compromise of the debt, if they default again. That way you don't have to test an unweildy agreement or the common law rights of creditors. The subsidiary arrangement constitutes a simple contract. Word it right and you have an unequivocal agreement to repay the debt, overriding the first agreement. |
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Or just threaten their knees with a sledge hammer, either works. |
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Those days are gone, my friend. At least, they are in this country. Our legislators have no sense of humour. |
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keep in mind in the US it's helpful to comply with the FDCPA |
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Or get debtors jobs as debt collectors. Or handing out credit card applications at the mall. |
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If only we could bring back the days of debtors prisons and workhouses. Baked in history if not in the present. |
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Ouch, Unabubba. Debt recovery is the hardest job I've ever done. How the hell did you manage 20 years? |
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I think that all citizens who can't find themselves a job should be assisted by the government in finding one, or paid to educate themselves so they have better prospects. Everyone needs a job to pay for food and housing, much less debt. |
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And $1.5 MILLION @#$%#^! That sounds like the real bad end of the spectrum. Wow, it should just be physically impossible to get that far in debt; that's an amount of money one can retire off of, depending on how much long one has to live. |
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