ShmoopTube

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Finance, a la shmoop. What are collection agencies?

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All right so sometimes when a man and a woman have trouble getting pregnant well [A couple kissing]

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the guy has to go to one of these places, oh wait that's a different kind of [Stop sign appears]

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collection agency, sorry just kidding. All right well a collection agency in the finance world

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is seeking a different form of currency that is literal currency, greenbacks [Lots of money being counted]

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cashola, whose money are they after exactly? Deadbeats, anyone who made a

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promise to remit payments to pay back a mortgage, to pay off a credit card, to pay [Wads of money]

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out for a jewelry thing at the mall, to pay for a tattoo down there as well. [Someone getting a tattoo]

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You name it and then they defaulted on that promise to pay back the vendor, yeah

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because when you sign your name on the dotted line and agree to pay back a

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lender for their generous loan or extension of credit or agree to buy [Someone signing a contract]

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something and pay someone 30 days later for it, paying them back is really not a

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suggestion... Once you fall behind enough in your [Woman who is owed money does not look happy]

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payments and you're a real deadbeat well they call a collection agency who then

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tracks you down delivers nasty threatening letters to your mailbox and [Letter being posted]

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if it's a New Jersey collection agency well they usually send someone to break

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your kneecaps with a billy club, yeah they still do that... If the message still [Guy opens his door to find a man in a suit with a bat]

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isn't getting through to you well the next step is for the agency to set the [Truck wheels]

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wheels in motion that will result in the repossession of your home, your car, your [Repossessed notice being nailed to a house]

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treasured signed set of Big Bang Theory trading cards you swore would be buried [Gravestone with the trading cards sticking out of the ground]

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with you. So yeah if you choose not to make good on your obligations well you

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shouldn't expect the people you owe to forget about you, or to go easy on you

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like why should they would you do that for them, because they will stick a

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collection agency on you, which is not a good feeling when you're up to your [Guy stood in a pile of bills]

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knees in debt, or if you live in New Jersey up to your thighs... [Guy who has had his legs beat off in a pile of bills]

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