Author Topic: This is new to me on collection log  (Read 3154 times)

fliphusker

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This is new to me on collection log
« on: February 14, 2017, 06:00:06 PM »
I think I can write off this 16-30 day late note.  Maybe I can slip it by onto one of the auto buy guys on FOLIO. 
2/7/17 (Tuesday)    Payment Solutions specialist seeking to locate borrower using alternative means (skip trace)

dr.everett

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Re: This is new to me on collection log
« Reply #1 on: February 14, 2017, 07:16:30 PM »
They would have to be asleep at the wheel to buy this note. Most of us aren't.  8)

dbailey75

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Re: This is new to me on collection log
« Reply #2 on: February 14, 2017, 09:57:53 PM »
I think I can write off this 16-30 day late note.  Maybe I can slip it by onto one of the auto buy guys on FOLIO. 
2/7/17 (Tuesday)    Payment Solutions specialist seeking to locate borrower using alternative means (skip trace)

I haven't seen that one in a while, but I think that's collections lingo for "borrower skipped town" and they are calling next of kin.  Question, have they made any payments at all?

fliphusker

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Re: This is new to me on collection log
« Reply #3 on: February 14, 2017, 10:12:13 PM »
I think I can write off this 16-30 day late note.  Maybe I can slip it by onto one of the auto buy guys on FOLIO. 
2/7/17 (Tuesday) Payment Solutions specialist seeking to locate borrower using alternative means (skip trace)

I haven't seen that one in a while, but I think that's collections lingo for "borrower skipped town" and they are calling next of kin.  Question, have they made any payments at all?
Clean payment history, 36 month not. 15 payments remaining.

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dr.everett

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Re: This is new to me on collection log
« Reply #4 on: February 14, 2017, 10:46:45 PM »
What did the FICO score look like?

jasondhsd

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Re: This is new to me on collection log
« Reply #5 on: February 15, 2017, 03:07:18 PM »
I would like to see: Found borrower, broke their left arm and gave borrower 2 weeks to pay overdue balance. :P. Also jail time (and two broken legs) for anyone that takes out a loan for more then $3000 and makes zero or one payment. They knew before they applied they had no intention of even trying to pay their debt.

GS

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Re: This is new to me on collection log
« Reply #6 on: February 15, 2017, 03:23:51 PM »
I used to see "skip trace" all the time in collection logs, but I haven't seen it in a long time.  I looked it up awhile ago, and it means they've lost contact and are using the borrower's references, job history, etc., to try to get in contact. 

Bottom line is that I've never seen another payment come in after a skip trace.

Rob L

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Re: This is new to me on collection log
« Reply #7 on: February 15, 2017, 04:00:08 PM »
I used to see "skip trace" all the time in collection logs, but I haven't seen it in a long time.  I looked it up awhile ago, and it means they've lost contact and are using the borrower's references, job history, etc., to try to get in contact. 

Bottom line is that I've never seen another payment come in after a skip trace.

Ditto.

fliphusker

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Re: This is new to me on collection log
« Reply #8 on: February 15, 2017, 05:38:42 PM »
I used to see "skip trace" all the time in collection logs, but I haven't seen it in a long time.  I looked it up awhile ago, and it means they've lost contact and are using the borrower's references, job history, etc., to try to get in contact. 

Bottom line is that I've never seen another payment come in after a skip trace.

Figured that was the case and I could go ahead and move it to my portfolio of junk.
Dr. Everett the FICO is down 30 points in the past 2 months.   Unlike most, I pay little attention to FICO scores on notes I have  (probably should).  30 points are basically nothing to be concerned about IMO. 

dr.everett

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Re: This is new to me on collection log
« Reply #9 on: February 15, 2017, 06:52:26 PM »
I used to see "skip trace" all the time in collection logs, but I haven't seen it in a long time.  I looked it up awhile ago, and it means they've lost contact and are using the borrower's references, job history, etc., to try to get in contact. 

Bottom line is that I've never seen another payment come in after a skip trace.

Figured that was the case and I could go ahead and move it to my portfolio of junk.
Dr. Everett the FICO is down 30 points in the past 2 months.   Unlike most, I pay little attention to FICO scores on notes I have  (probably should).  30 points are basically nothing to be concerned about IMO.

30 points would earn a spot on my radar when I was selling down trending notes. As you said, probably a goner. I wanted up and flat notes as much as reasonably possible. Where I'm at now, can't sell the remaining ones without significant loss. And more just take the sold ones place every month. Not currently selling anything other than 31-120 at varying discounts. Going to watch for a while and take note if the selling improved my volume of defaults or charge offs.

fliphusker

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Re: This is new to me on collection log
« Reply #10 on: February 15, 2017, 07:02:56 PM »
I made a post a while back about my FICO score and how it has dropped and risen just based off of CC utilization on one single card.  You can move your FICO quite a bit just with a $25 payment or addition to your single card utilization.  If we had more info with why the FICO moves I would be ecstatic. 
I do not buy notes with a recent downturn of course.  (have made the mistakes and paid the price.)  I honestly do not look at my notes and their FICO trends.  I see what they are being sold for on FOLIO and not even worth taking the chance to sell them there because of the losses that would be incurred. 
Can not even get my 30+ ones to sell, guess they are just too far gone. 

dr.everett

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Re: This is new to me on collection log
« Reply #11 on: February 15, 2017, 07:11:13 PM »
I made a post a while back about my FICO score and how it has dropped and risen just based off of CC utilization on one single card.  You can move your FICO quite a bit just with a $25 payment or addition to your single card utilization.  If we had more info with why the FICO moves I would be ecstatic. 
I do not buy notes with a recent downturn of course.  (have made the mistakes and paid the price.)  I honestly do not look at my notes and their FICO trends.  I see what they are being sold for on FOLIO and not even worth taking the chance to sell them there because of the losses that would be incurred. 
Can not even get my 30+ ones to sell, guess they are just too far gone.

I read your post with great interest. 30+ sells on average starting at 45% discount down to 90% in my experience.

fliphusker

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Re: This is new to me on collection log
« Reply #12 on: February 15, 2017, 07:35:40 PM »
I made a post a while back about my FICO score and how it has dropped and risen just based off of CC utilization on one single card.  You can move your FICO quite a bit just with a $25 payment or addition to your single card utilization.  If we had more info with why the FICO moves I would be ecstatic.

I'm just gonna say it:  You don't understand enough about credit or risk or scoring models or algorithms to be "trading" notes.

Please stop.

Thanks,
Your Money

I absolutely do not understand enough about credit or risk or scoring models.  I can barely even spell algorithms.  Not once have I ever claimed to know more than anyone on here. 
But you know what I do know?  I know what I have seen with my own FICO and the levels that a single CC passed through and the changes to my FICO that occurred with everything else being static.
But I can read 11.7% ANAR for traded notes -- clearly. 

fliphusker

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Re: This is new to me on collection log
« Reply #13 on: February 16, 2017, 01:27:11 AM »
I am fine with your perception of me.  It is the net.  Unlike others who have passed through here, not too concerned with the small amount I have here.  When the sky was falling in May I was buying on FOLIO.  When things turn south, and they will, not going to hear me whine. 

rawraw

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Re: This is new to me on collection log
« Reply #14 on: February 16, 2017, 05:01:31 AM »
My purchases on Folio during the panic have really helped out my overall returns lately.  Blessing and a curse! ha