Who is Bill Bartmann, and why this sentiment over the passing of a “bill collector?”
As veteran in the debt buying and collections industry, I long admired Bill's "gadfly" (for you younger, that means pain-in-the-a**). Here was a man who became a billionaire at the top of his game as a debt buyer and collector only to go bankrupt and barely escape prison because of the practices of his partner.
This experience turned him into what he described as a "Financial Samaritan," but of an unusual stripe. In later years, his newly formed company CFS2 would still buy and collect on people's debts but "treat them with dignity and respect" and set about to train other would-be collectors to do the same.
Although I never met him personally, I admired his change of heart and style and the way he held the industry's toes to the fire.
I was surprised two months back when he sent me an email and followed up with a phone call. He was very interested in the work my charity, RIP Medical Debt was (and is) doing in debt relief for consumers by buying their debt - and then forgiving it! Even with his credentials, he found that impressive.
Bill was interested in learning how he might follow our suit by buying debt from a troubled health group in Minnesota and applying our prescription. I offered to share our technology and approaches and we discussed synergies. A month or so later, he followed up to connect me with an organization that was interested in our work and arranged the introduction.
All the time, he was pleasant, inquisitive, sharp and a born-again reformist. Which brings me back to his standing within the world of the bill collector and debt buyer.
A well-written and balanced article this morning by Stephanie Eidelman of the industry flagship publication, InsideARM, brought up his industry reputation – both positive and negative. He was known for creating good press, but also for creating enemies.
Stephanie quotes him as saying, “My industry is overrun with scum bag collectors across America who repeatedly abuse consumers who don’t know their rights. Fortunately, we can stop this abuse. And, I know just how to do it.”
“Within the ARM community,” she adds, “Bartmann did not receive such a warm response. Many felt that his public statements were disingenuous and unfairly bashed the industry.” (This was obviously before John Oliver of HBO’s Last Week Tonight eviscerated the industry’s buying and selling of medical debt. Now, THAT was a bashing.)
Every industry suffers, in losing people like Bill.