The Wilson Lawrence Blog

All states have laws requiring collection companies to stop phoning a borrower if the customer sends a Cease and Desist letter which explains to the collection company that another company is in charge of handling all creditor communications. California protects its residents by inhibiting the torment of collecting agencies including the first creditor (the credit card issuer or bank). The laws limiting and moderating what a debt collecting firm is allowed to do will as well restrain the harassment abilities of first creditors.

While in many ways with the possibilities of current technology it looks like a simple stratagem, before now the sale of subprime auto loan portfolios had occured through several markets without a one-stop shop. Change is now coming with the rise of a business specifically fashioned for one purpose — for the sale of loans via a bidding process, using online technology along the same lines as the highly successful Ebay…