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Olddebts.com

Discussion in 'Business Operations' started by DFW Area Landscaper, Dec 27, 2005.

  1. DFW Area Landscaper

    DFW Area Landscaper LawnSite Silver Member
    from DFW, TX
    Posts: 2,116

    FYI, for those who are interested, I just had another dead beat call up out of the blue this morning to pay what they owe.

    I turned a group of 8 dead beats over to olddebts.com about a year ago and two of them made payment within 60 days. Looks like a third is having problems getting credit and she has promised to pay too. That is an assumption on my part, but why else would she be worried about paying the balance due? She doesn't even live there anymore.

    I think I paid $80 to get olddebts.com to do their thing (10 bucks each) and if this lady pays me I will have collected $809.35.

    I am guessing olddebts really is able to track the deadbeat by name & address to their ss# and tarnish their credit rating.

    Later,
    DFW Area Landscaper
     
  2. Branchland

    Branchland LawnSite Senior Member
    Posts: 354

    I got one I'm using olddebts on now. No money yet but they just sent out the second letter. Glad to hear it's working for you.
     
  3. Richard Martin

    Richard Martin LawnSite Fanatic
    Posts: 14,700

    I guess some people don't believe that olddebts can and will put it on their credit record. When they go to get that new car or check their credit record it gets their attention.

    People don't understand that a debt is a debt whether it's a late mortgage payment or 10 bucks owed to the grassman. They get every opportunity to pay up or contest the bill before it is placed on their credit record.
     
  4. Branchland

    Branchland LawnSite Senior Member
    Posts: 354

    One thing I wish olddents did was on the letter show the break down of the amount owed. Like oridgenal amount plus NSF fees plus late fees. I did opt for the credit strike though.
     
  5. DFW Area Landscaper

    DFW Area Landscaper LawnSite Silver Member
    from DFW, TX
    Posts: 2,116

    I e-mailed olddebts.com CS this morning and asked them if olddebts actually tracks the person down by name & address to their ss# and list the debt on their credit history reports.

    Their reply was that olddebts.com does not specifically track them down by name/address/social security number. However, by you providing their name and address information the 3 major credit bureaus are able to take that information and place it on their credit report. As long as you have selected the $3 option for Credit Bureau Notification, the debt will be reported.

    Since I switched to next day credit cards, I have been stiffed by 6 people, for one cut each. Total owed by the six is about $150. Each one owes about $25 because we took them off the schedule immediately after their credit card was declined.

    I figure I will send them one final letter threatening a collection agency and that the collection agency charges $99 for their service. If they don't pay from that, and I know they won't, I will add $99 for the cost of the collection service to the balance due. That is less than what Justmowit is adding when they file a lien and I think it's a lot easier. At least this way, I will get paid an extra $90 for the wait and for the trouble.

    Later,
    DFW Area Landscaper
     
  6. mtdman

    mtdman LawnSite Gold Member
    Posts: 3,137

    I have one deadbeat still from this year that hasn't paid up, and I do believe I will use this service if she doesn't pay up by the end of the year.
     
  7. Branchland

    Branchland LawnSite Senior Member
    Posts: 354

    I got one that still owes from 4 years ago. Thinking of sicing olddebts on them too.
     
  8. LB Landscaping

    LB Landscaping LawnSite Bronze Member
    from Maine
    Posts: 1,309

    Thanks for the info, got one I've been chasing for a while, I'll definatly give it a try.
     
  9. Mower For Less

    Mower For Less LawnSite Senior Member
    Posts: 823

    So far I have turned 6 accounts over to OldDebts this year. One paid in full, one made about 80% payoff so far, and nothing from the other 4. All were selected with the credit reporting option. We'll see if any pay up in the future as a result of the credit strike. So far I am not incredibly impressed, especially since I turned the 5 non payers (4 0% 1 80%) over to their FIC collections department, for the 30% commision, and they have not yeilded any additional results.

    Kevin
     
  10. touhey33

    touhey33 LawnSite Senior Member
    Posts: 771

    I have a few customers who have not paid their bills, one was for about 260 dollars and the other was about 160. Can I use this if the customers weren't under a contract. It was a verbal agreement and they knew I was doing the work. I'd like to get the money that I am owed.
     

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