Hey All,
Check out this article from the Dallas Observer. Its a story about a guy named Craig Cunningham. Cunningham deal is that he racked up about $100,000 after making some bad business decisions back in 2007. After some online research he started recording his calls with his creditors. In many cases the threats made by the creditors were illegal. Using the audio taped evidence, Cunningham then started suing them. So far, he’s filed 15 suits and gained over $20,000. The debt collection industry refers to people like Cunningham as “financial terrorists” because he causes them so much trouble.
From the article…
“Debtors, either because they feel morally obligated or because they don’t know their options, get backed into a corner by their creditors and believe they have to repay their debts, he says. Not so with Cunningham. “I don’t have to do anything but stay black and die,” he says, a small, smug smile on his lips“.
Click here for the rest of it. The piece is certainly entertaining even if you disagree with Cunningham’s behavior.
Best,
James
{ 4 comments… read them below or add one }
I found this article extremely interesting. I have no issue with what he does and in fact think he is right for doing it. These debt collection people can be giant assholes and anything that hurts them is fair game.
I don't find it entertaining. I find it sad on so many levels. If everyone takes this attitude.. we're doomed.
I'd be interested to hear why you think we would be doomed if lenders were forced to be less predatory in their lending and collections due to being on a leash?
Doomed – I meant it more as a comment on personal accountability and how one reacts to making a mistake. I don't view this guy as some poor innocent dupe that was strong armed into taking loans he did not want or understand. I see him as someone who tried to game the existing conditions and got burned. Now he is just finding an alternate method of gaming the system by collecting fees (which in the end the rest of us end up paying on). I actually think he's intelligent to a degree… Yes, greedy lenders are part of the problem and I don't agree with their tactics on getting back their money. However, if we all just default on any and all loans, the banks that already have slowed to a snails pace will have no reason to start lending again.