Author Topic: Purchased or assigned debt! Legal loopholes?  (Read 2103 times)

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Lby54229

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Purchased or assigned debt! Legal loopholes?
« on: May 22, 2010 03:29:02 AM »
(1) If a debt collector is "assigned" a debt (thus it does not technically own the debt), then who does? The Orignal Creditor?

(2) How will I know if the collection agency purchased the debt or was assigned to it?

(3) If a CA was "assigned" my debt, are there any legal loopholes? Why exist if you cannot legally collect the money from the debtor since you do not own the debt? I figure there has to be loopholes, right?
« Last Edit: May 22, 2010 04:12:06 AM by Lby54229 »

itsmeagain

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Re: Purchased or assigned debt? What is the difference?
« Reply #1 on: May 22, 2010 03:36:27 AM »
You may not find out the truth until discovery.

Lby54229

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Re: Purchased or assigned debt! Legal loopholes?
« Reply #2 on: May 22, 2010 03:37:11 AM »
So, I guess first and foremost, I need to know WHO OWNS THE DEBT? Who (by law) can validate that debt if the "assigned" debt collector can not?

Would the who owns the debt question have to do with how that debt collector goes about assuming that debt?

And, for example, a large company [such as Verizon] "assigns" a debt to a CA? What's in it for the CA if they cannot legally go after the debt because they cannot prove they own the debt?

This is why I figure there are loopholes? Does that make sense?

So, then, the debt cannot go against you legally through a credit agency nor a judgment, right?

This may be a legal question. My eyes are starting to cross now. I think therefore I'm confused.
« Last Edit: May 22, 2010 04:26:18 AM by Lby54229 »

vballchick

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Re: Purchased or assigned debt! Legal loopholes?
« Reply #3 on: May 22, 2010 06:25:56 AM »
Lby54229,

I know you are in a hurry to get all the answers but take a deep breath and relax. You are among friends. I have realized that we have a LOT of POWER and hopefully you'll see it too! First, go to the 'Home' tab and start reading.  Start with flyngfr's Method of Credit Repair. Then read the other links with the laws, the players, abbreviations, etc.  There is plenty you can read and get many questions answered.

There are a few things you can do to try and find out who "owns the debt". You should receive a letter from the CA and they should tell you who they are collecting for.  You can also pull a free credit report and print it (once a year). Usually, if an OC sells the debt, it should be listed as sold.  They do not always report timely, accurate information. If you speak with the CA, they should tell you who they are collecting for.  You may have to put two and two together, especially if you have a lot of debt.  An OC can also pull the debt back and give it to another CA to try and collect. Once the CA sends you a dunning letter, you can respond and ask them to validate the debt. Then you can go from there.  For now, read, read, read.  Welcome to our wealth of knowledge and power!  VBC  ;)
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