A few years ago, my ex-husband and I had a finance company loan (I know, I know... bad, bad, bad.) Anyway, this finance company went out of business and sold my account to another company. The second company went out of business and sold my account to a third company. (During this time, we divorced and he was supposedly going to pay this off.) Anyway, he didn't so here I am wondering... since the company that now owns it is *not* the OC, do they have to validate? Thanks to anyone who can help out here! )
Hey, that would be so interesting if they could. I am guessing that with all the moving around, they can't have kept good records? I don't know the answer, but it would be interesting to see if the company that has it now can validate. I bet if anything they would send you a printout saying you owe XXXX.00 I also have to laugh that anyone that has held this debt is out of business ;-)
hee hee hee - maybe it's because there are lots of people like me who didn't pay, so they had to go out of business... No, that is not funny. ;o) Thanks for the input!
I believe I read somewhere (Lord don't ask me where) that if the account was current at the time of sale or transfer then they are considered the original creditor...if it was in default when sold/transferred then they are considered a CA. Tuit
[color=35007] here is a link to a situation I had. I removed the links to the letters in the first post I have them somewhere but not handy at this time. In this thread a lot of good research is shared I hope it helps. [/color]
Correct if purchased directly from OC. For example: OC assigns to CA1 and you make pmt arrangements. Then CA1 sells to CA2 while you are current. CA2 cannot be considered an OC.
nor is CA1, fave Butch dude! It would be more like you finance a house or a car with OC1, you miss a payment, your account is sold to OC2, OC2 is a debt collector. You finance a house or a car with OC1, you are always current, never late, your account is sold to OC2, OC2 is now the OC. Sassy
Sassy, That is correct, but for one minor point, the status of the debt at time of sale is the only relevant factor. You could have been late all the time with OC1, but if you were current "at the time of sale" then OC2 becomes the new OC. JohnM
