Complaint Review: CAMCO - Capital Acquisition And Management Company - Rockford Illinois

Aaron, From your response, I am under the impression you did not read what was stated on the incident with Camco. First of all, this is not a debt I owe or have ever owed to Bank of America. Second of all, Camco was not able to provide me with any proof stating otherwise. So WHY should I pay them??? Just because they brought it down from $5000 to $700.....wow what a deal, I do not think so! Camco is obviously a rip-off company.Even if I was in this situation, I would expect Camco to provide me with some type of proof, especially after 10 years. Thanks but no thanks!

Aaron, I was surpised to see that you are not from Rockford, Ill. I would ask you to state the historical case(s) (ya know, JoBlow Collection Crooks, Inc. vs. John Doe, etc) which have upheld collection agencies right to collect on debts that have exceeded the "statute-of-limitations" of 7-years. There are many laws protecting consumers regarding debts that fall into this category (which most of the people posting here seem to have) and it is virtually impossible for collection agencies to collect on such debts even if they are still outstanding. Another mistake you made is stating that "Federal Courts have upheld the right...". You don't know your law very well. A federal court will not hear individual civil cases regarding debt collection. This is the realm of district courts only. Go spout your unhelpful rhetoric elsewhere.

Aaron, I was surpised to see that you are not from Rockford, Ill. I would ask you to state the historical case(s) (ya know, JoBlow Collection Crooks, Inc. vs. John Doe, etc) which have upheld collection agencies right to collect on debts that have exceeded the "statute-of-limitations" of 7-years. There are many laws protecting consumers regarding debts that fall into this category (which most of the people posting here seem to have) and it is virtually impossible for collection agencies to collect on such debts even if they are still outstanding. Another mistake you made is stating that "Federal Courts have upheld the right...". You don't know your law very well. A federal court will not hear individual civil cases regarding debt collection. This is the realm of district courts only. Go spout your unhelpful rhetoric elsewhere.

Aaron has the common debt-collector mentality and advice for consumers. It is good advice for the collector, terrible advice for consumers. NEVER, NEVER turn unsecured debt into secured debt by mortgaging your home in one of the "cash out your home equity" scams so highly touted today. It is possible to file bankruptcy on credit card debts and keep your home. If you take out a home equity loan to pay off credit card debt, you turn that unsecured debt into secured debt. Any further financial problems could cost you your home. Just another attempt to get consumers to jump into the meat-grinder of what passes for "the American Economy" today. I call it the "Let's Screw the Little People for All They Have" plan.

Let me start by saying I just love when you sCamco clowns take a break from your illegal activities and show the world just how smart you really are!! For the love of God, go back and get an education. Better yet, hire a good attorney and sue the school(s) that allowed you to graduate!! A quote from Aaron: "Use equity IS you can". Yeah, Aaron, I'll do that. Thanks for your valuable advice...MORON!! You settled $13,000.00 debt for under $8000.00? You should've taken your own advice...use equity IS you can.

Aaron, How long does it take you to commute to Rockford from Lake Geneva? Your information stinks of the BS that the rest of the Scamco employees spew. Get your facts straight or better yet, get a real job. BTW what is a reposseded car?

I think you missed something on the first post. There were no unpaid debts and sCAMCO could not prove the debt was valid. Just because someone sends a letter or makes a call claiming an unpaid debt and asking for money does not in any way, shape or form mean the debt is real. If the debt was legimate, the original debtor would have made all possible attempts to collect and the person would certainly remember it. The major problem here is that sCAMCO has never been able to validate any of the debts they try to collect. That means they cannot prove that the debt in question ever existed, if the person they are calling ever entered into any kind of contract with anyone concerning the alleged debt or anything else about it. Quite often, they don't even know what the supposed debt was for. These guys are crooks, plain and simple.

Having read the posts I would like to illuminate the law for a few souls. Credit Card contracts and the attendant agreement to pay the debt until satisfied is a common practice and is firmly rooted in law. Each State defines what, if any, restrictions apply to such contracts. Over time, Credit Card companies, like Banks, charge off non performing accounts...When you see a Charge Off on your credit report it simply means that the issuing company has removed your account from their active file. This does not mean that the debt, or the right to collect the debt have expired. Some states require companies to stop all activity after a statutory period has been met. Most do not... Federal Courts have upheld the right to collect credit card and similiar debts after the expiration of judicial remediation has occurred> So, the Collection agency call you up ten years after you lost your job, the spouse left you dry or you broke your leg, whatever. The right to garnish and foreclose have most likely expired, the right to collect the debt has not. People complain of not getting documentation for long term debt. The papers you have in your secretary are the records you may have forgotten. Armed with the knowledge that you can be approached for the payment of a long held debt, you now must stand up the plate and hit the ball.... I lost my job in 99, the Nasdaq crashed not long after. Use equity is you can, downsize if you must...pay off your debt, don't wait until you are 65. There is nothing more pitiful than a person of retirement age still paying on their credit cards or reposseded car... If someone from Camco offers you $700 on a 3k debt, settle dude, dudette. I settled $13000 debt for under $8000, mine had not expired.... Don't fret the small stuff, end the phonecalls, pay the man.