I have search and can't locate info about my problem. A close family member racked up a huge debt with 10 different credit cards. Instead of placing them in prison I have tried to take care of all of them. Last one that is not in place to where I will be able to pay, is Chase Visa that was sold June 2008 to Palisades Collection. I borrowed against home and pay as little as possible in order to pay them back. They hire lawyers and sent me a summons and I answered back. Found out last week that Palisades "sent it back to Chase", I don't really understand the reasoning behind Chase taking it back after they sold it. Can anybody offer me any insight to this crazy business. Date it was last paid on was Aug 2006.
Are you sure Palisades actually purchased the debt? They may have been just collecting on behalf of Chase and then chose to return it to the original creditor with a recommendation to sue. You said it's for a large sum. I don't know what the amount it, but if it is large enough, then they may have sent it back to the OC who is now handling the lawsuit.
Chase said they sold the debt in June 2008. Lawyers that were handling suit said they are no longer involved and that it went to Palisades Collections. Palisades said they no longer have it and it has gone back to Chase. This is very confusing to say the least. Why would Palisades return it to Chase when I had made them a very reasonable offer of settlement?
I'm not sure, but it sounds like someone fed you a line or was confused. It seems more logical to me that Palisades was collecting on behalf of Chase and then returned the file to them. Whatever happened, it's better to be working with Chase anyway. Have you communicated with them yet regarding a settlement. Also, have you pulled your credit reports to see how this is listed?
If there was a lawsuit, this sort of thing would be in your favor because whoever claimed to own the debt would have to show the chain of title that they have admitted to, if you properly demanded that proof. Outside a lawsuit, you've basically got a mess. You can't know what the trouble is. It might be that they are running into resistance and they have no proof of ownership so they are sending it back hoping that works to get you to pay. Getting into the mind of a debt collector may require getting into a very cramped space.
