Tuesday, December 08, 2009

Forgive Us Our Debts-In A Roundabout Way of Speaking

An important issue the General Assembly could address in the 2010 session is collection and debt reform in Tennessee:

Since financial institutions either would not or could not say no to debtors who were unlikely to repay them, many of these lendors have sold their debt obligations to companies free to collect on the debt and keep the money-not a cent going to repay the original lendor. It is a legal, but at the very least unsavory practice that undermines the creditor-debtor relationship and, it could be argued, perverts the capitalist system. The practice of selling debt needs far more oversight legally than it gets in order to help preserve the notion that a person deserves to know to whom they owe money, and why somone totally unaffiliated with the institution which lent them money is trying so vigorously to collect from them.



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