Copyright Trolls Auction Off File-Sharing Settlements

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Joined
Dec 31, 1969
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0
Wow, just when you thought it was impossible to sink any lower, these copyright trolls are setting records at how low they can go. :eek:

A German law firm has started an auction to sell the unpaid settlements of 70,000 alleged file-sharers to the highest bidder. The ‘debt’ belongs to people who thus far failed to settle with a copyright holder, and would be worth 90 million euros if recouped entirely. This controversial move opens up room for a new group of outfits to join the “pay-up-or-else” scheme – the aggressive debt collectors.
 

Cyraxx

Supreme [H]ardness
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Feb 21, 2005
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4,111
How the fuck do you buy up debt that doesn't exist? Debt that they have not yet proven you owe. There were so many cases of old grandma's that they were trying to charge that didn't even have a computer.

So once again I ask, how can they sell debt that doesn't exist? Could the debt collectors then hurt your credit rating for this debt that doesn't exist??
 

Monkey34

Supreme [H]ardness
Joined
Apr 11, 2003
Messages
5,135
Oh brother.:rolleyes:

If this is the way things are going, I'm going to start buying lottery tickets, and begin auctioning them off.

Hey....the highest bidder might win millions.;)
 

Tak Ne

[H]ard|Gawd
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Jan 28, 2008
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1,233
I bid 1 euro. I'll send letters demanding 1p from each person. I'll make 699 euros profit!
 

sfsuphysics

[H]F Junkie
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Jan 14, 2007
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15,012
How the fuck do you buy up debt that doesn't exist? Debt that they have not yet proven you owe. There were so many cases of old grandma's that they were trying to charge that didn't even have a computer.

So once again I ask, how can they sell debt that doesn't exist? Could the debt collectors then hurt your credit rating for this debt that doesn't exist??
Probably took a page from the bank's playbook. I mean they borrowed against money that didn't exist except as the debt that they said it was, so why not sell a debt that doesn't exist yet?
 

griff30

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6,676
And the funny will be when it gets auctioned and nothing gets shelled out.
 

subyman

n00b
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Nov 5, 2011
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I haven't purchased a music CD is years except self labeled bands. I just go without. Most good music is from independent bands anyway.
 

Trackr

[H]ard|Gawd
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Feb 10, 2011
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I don't know guys, maybe we're looking at this the wrong way.

These Copyright Trolls realized they weren't going to get any money and decided to auction off the settlements.

Why would you do that, unless you thought you weren't going to get paid?
 

Thuleman

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Joined
Apr 13, 2004
Messages
5,833
I don't know guys, maybe we're looking at this the wrong way.

These Copyright Trolls realized they weren't going to get any money and decided to auction off the settlements.

Why would you do that, unless you thought you weren't going to get paid?
Simple, debt is sold all time all over the world because the company doesn't have the resources to call it in.

For example, you may owe a bank 10k on your CC, they tried to get that from you but failed by their means. They sell the debit to some 3rd party for 2k and write off 8k (tax write-off nonetheless). Now the 3rd party can come after you for 10k and if they managed to make you pay up then they made 8k on that deal.

3rd parties have access to harsher methods than the original debt owner. For example, they may not give a shit about the law and harass you at your place of employment, talk to your family or co-workers/boss, constantly harass you at home, your spouse or children. Of course you can complain but they just close their company down when they get too many complaints and open a new one with a clean slate.

What most consumers in the U.S. do not know is that you don't have to pay sold debt. Just ask them for proof of debt when they call and that usually ends it all. If the 3rd party works on behalf of the bank then you have to pay, but if the debt was sold to them then you are home free.
 

ir0nw0lf

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Feb 7, 2003
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6,403
Collection agencies here in the US do this all the time. They try to collect a debt, legit or not, give up after so long a time and then find some other (sucker) collection agency to buy it for pennies on the dollar. They claim the the collection timer restarts, etc. etc. to scare you. As Thuleman said above, asking for a validation of the debt is the first thing you should do. Do it in writing, NEVER over the phone, you want hard printed evidence you asked for the vaildation. I would probably say 9x% of the time they can't validate it, so they have to drop it. Happened to me once. Can take a few weeks/months of time in some cases, you gotta be a little patient.
 

wuzupfoo

Limp Gawd
Joined
May 11, 2010
Messages
320
Collection agencies here in the US do this all the time. They try to collect a debt, legit or not, give up after so long a time and then find some other (sucker) collection agency to buy it for pennies on the dollar. They claim the the collection timer restarts, etc. etc. to scare you. As Thuleman said above, asking for a validation of the debt is the first thing you should do. Do it in writing, NEVER over the phone, you want hard printed evidence you asked for the vaildation. I would probably say 9x% of the time they can't validate it, so they have to drop it. Happened to me once. Can take a few weeks/months of time in some cases, you gotta be a little patient.

So america doesnt have a monopoly on collection scumbags.. nice..
 

Parmenides

Supreme [H]ardness
Joined
Apr 25, 2006
Messages
6,578
Wow, real special. Maybe there will be a money bubble that deflates. The firms will be too big to fail, then the government can hand out money to support them.
 

Kueller

Supreme [H]ardness
Joined
Jun 19, 2001
Messages
5,982
The difference is that under US copyright law the worthless list of people could be valued at $17.5billion or more.
I think you're a little off, they initially wanted 75 trillion (with a T) from limewire.
 

entropy13

Gawd
Joined
Jul 16, 2009
Messages
922
i just meant 70,000 lawsuits @ $250,000 per infringement.

And per lawsuit there are several infringements, let's say 100 (and they would insist that those 100 are just "some" of the "total number of infringements"). So $250,000 x 100 x 70,000 = $1,750,000,000,000.
 

Monkey34

Supreme [H]ardness
Joined
Apr 11, 2003
Messages
5,135
Simple, debt is sold all time all over the world because the company doesn't have the resources to call it in.

For example, you may owe a bank 10k on your CC, they tried to get that from you but failed by their means. They sell the debit to some 3rd party for 2k and write off 8k (tax write-off nonetheless). Now the 3rd party can come after you for 10k and if they managed to make you pay up then they made 8k on that deal.

3rd parties have access to harsher methods than the original debt owner. For example, they may not give a shit about the law and harass you at your place of employment, talk to your family or co-workers/boss, constantly harass you at home, your spouse or children. Of course you can complain but they just close their company down when they get too many complaints and open a new one with a clean slate.

What most consumers in the U.S. do not know is that you don't have to pay sold debt. Just ask them for proof of debt when they call and that usually ends it all. If the 3rd party works on behalf of the bank then you have to pay, but if the debt was sold to them then you are home free.

I had a hospital bill go collection agency once years ago. I ended up paying it eventually.........to the hospital. I wonder if the agency bought the bill for nothing.:D
 
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