This may be totally off base, BUT try and follow me here When we get a credit card, we agree to pay the issuer of the card for the debt owed. We never agree to pay anyone else for it , hence the collection agencies. Im sure there is something that covers this but Im sure someone out there has some ideas of thoughts on this. If I am right, doesn't that me we arn't legally obligated to pay some collection agency. I know i never gave any credit card company power of attorney over my finaces. I only agreed to pay the CC company, and no one else!!!! Any ideas guys!!!
Nice try but no cigar. When you open a cc account, the account is the property of the cc company and it can be sold just like any other asset ot piece of property.
Read your CC agreement, usually there is a sentence wherein you agree that upon default of the agreement the account may be assigned to a CA and that you will pay all costs associated with collection of the account. Even if your agreement doesn't state this, you most likely will be turned over to a CA anyways.
Actually, there is a legal debate regarding this very topic. And some legal traction has been made regarding the same bit of logic, believe it or not. Try posting your question on the "Due Process" discussion board at Yahoo! Groups. Here's the link: http://groups.yahoo.com/group/dueprocess/messages You may have to "join" the group in order to read or post messages there, however it's a free registration. Doc
