When a Debt is Sold

Discussion in 'Credit Talk' started by Tuit, Jul 18, 2001.

  1. Tuit

    Tuit Well-Known Member

    and you ask for validation, does the new owner of the debt just have to send you the contract signed with the original creditor? Or do they also have to send you proof that you are obligated to pay them too?

    I have several collections that have been sold and re-sold, as well as some that just keep getting transferred to different collection agencies. Each time I request validation it seems they just give it to another collection agency.

    I have never re-affirmed any debt with any creditor, they just keep calling and sending collection notices and I just keep sending requests for validation.

    If I ever get a validation packet from one of the sold accounts, will they have to include an agreement I made with the new owner of the debt?
    Or will the original agreement (if they have one) be enough? Thanks,
  2. cable666

    cable666 Well-Known Member

    I'm in the same boat.

    What I demand from the CA is to have them ask the original creditor to send me a letter directly telling me that they have sold/transferred the debt to this CA and that I am now to deal only with this CA regarding this debt.

    Then I tell them that in lue of this, I will accept copies of the contract between the creditor and the CA.

    To date I have never received either.

    If I believed all the letters I get, I owe the same debt to 10 different parties. I tell the CA that other CA's are claiming that I owe them the money for this debt. I futher explain that because of the multiple claims, I require proof of the assignment of debt before I will acknowledge their right to collect it from me. Otherwise, I will assume that their efforts are a scam and will treat it a criminal attempt to steal funds from me. This includes turning them over to the FBI and or local police for attempted extortion.
  3. cable666

    cable666 Well-Known Member

    Think about it. A person whom you've never heard of claims to be working for a company that you have never conducted business with calls you up and starts threatening you if you don't send them money.

    Would you pay it? I wouldn't. How do I know they are for real? How do I know where that money will go? How do I know they didn't steal my name and phone number and are trying to pull a scam on me? How do I know their claim is any more legitimate than the other couple dozen claims sitting in my file?

    A little parnoia is good for you.
  4. lbrown59

    lbrown59 Well-Known Member

  5. lbrown59

    lbrown59 Well-Known Member

  6. KristyW

    KristyW Well-Known Member

    I've been re-reading the FDCPA, and this section troubles me:

    Is it me or does it seem like all the collection agencies have to do is send you the name and address of the orginal creditor to satisfy the 30-day verification proof?
  7. tltrader

    tltrader Active Member

    Kristy W

    I believe that the paragraph you mention simply addresses the right of a consumer to dispute or verify a debt. It doesn't address the legitimacy of a CA's claims that they bought a debt or are authorized to collect for the original creditor. If the CA's claim is fraudulent then they have a problem because their fraudulent claim is in writing. I think that would be a matter for your state attorney general.

    I don't think the paragraph precludes a consumer from demanding proof from the CA that they have the right to collect. It just doesn't address it. I personally would demand the proof.
  8. KristyW

    KristyW Well-Known Member

    I would definitely demand the proof as well - these collection agencies seem to run away in confusion when anyone ever quotes the law to them. I was just wondering on the wording.
  9. Tuit

    Tuit Well-Known Member

    Sorry for not thanking you sooner, but things are very hectic for me right now.

    A big thanks to all of you for making it CRYSTAL CLEAR why a person MUST NOT just automatically pay a ca.

    Many Thanks,

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