If so, what can the credit card company do about it? Has anyone in this situation had trouble with American Express?
SERIOUS ANSWERS ONLY PLEASE. If you're going to be rude or condescending, then answer another question and NOT this one!
2006-08-16 13:34:23 · 8 answers · asked by pure_imagination_75 2 in Business & Finance ➔ Credit
They can send it back to the creditor.... but if the collection agency sends it back to the creditor they will probably put the bill in a dormat file.. If an agency can't collect on it then the creditor probably won't bother..Statue of Limitations on a debt is usually 6 years then no one is allowed to ever bother you again. If you send them even $10 after not paying them for 5 years then the statue of limitations starts all over again.. I suggest if you have no assets they can find on you like property, job or checking account information then they will leave you alone after a while. No fun going after someone who does not have the funds to pay. If collections calls you then get the persons name and tell them never to call you again. Ask for a cease call or else you will file a suit against them if they dare violate the FDCPA Laws... consumers have rights and these companies charge so much finance charge that its a crime. If you ever decide to pay a creditor always pay with a money order.. if they get your checking account information then they will store the information because its an asset. If you stop paying them then they can serve you and get judgement against you. If they win then one day they will go in a take a ton of money out of your checking account when you least expect it... Your checking account is an asset so never give a collection agency your checking account information. I know because I use to work for collection agencies and we did this all the time.. Good luck
2006-08-16 14:51:11 · answer #1 · answered by Linda B 2 · 0⤊ 0⤋
From personal experience, they will continue to sell, sell, sell (your acct. that is). My best piece of advice... when you get the collection notice, call or write them a letter and ask them if you can set up a payment plan. (that is, if you can't pay in full) Or.. do like I did... I sent them a check for $10.00 and asked if I can just send $10/month until it's paid in full. Some money is better then no money!! Not only that, it won't reflect as bad on your credit report! Some companies are just not willing to work with you like that though. Good luck!
2006-08-16 14:32:06 · answer #2 · answered by Tricia 3 · 0⤊ 0⤋
at the beginning, sure all of us has the main suitable to sell a debt. greater importantly, you opt for for totake steps to insure it incredibly isn't pondered on your credit record. initiate by utilising telling the series business enterprise in writing, registered letter, that they'd basically touch you in writing. tell them failure to abide by utilising yourright to call for basically written communique will consequence in a criticism to the AG workplace. next, request all workplace work on the debt from them. blanketed may be the unique settlement she signed. there is a few thing incorrect here besides the undeniable fact that. there is not any authentic way for a $50 debt to balloon to $1100 in 3 years. i've got self belief they are billing you for the completed length of the settlement. in case you are able to no longer tutor that your spouse cancelled the settlement, then legally you're dependable. the subsequent section would contain telling Bally's that in the event that they persist in attempting to hold together this debt, you will record a suitable criticism with the two the Atty wide-unfold, and the BBB. would get them to stroll away.
2016-11-04 23:30:18 · answer #3 · answered by ? 4 · 0⤊ 0⤋
I have a similar problem with American Express, but they sent mine account directly to an attorney for collection not a collection agency. They're not letting it go I know that. They harrass me everyday about my account.
2006-08-16 13:42:42 · answer #4 · answered by First Lady 7 · 0⤊ 0⤋
I think they just "sell" it to other companies to keep it on your credit report. I have owed a couple of companies for years and different agencies contact me about the same debt. Oh yeah Lee's "sword" is more like a butter knife!!!
2006-08-16 13:41:00 · answer #5 · answered by RedDreads 3 · 0⤊ 0⤋
No, I think I'll answer this one. Yes, they can transfer it back to the CC company. A friend of mine had that happen. Also, they can transfer to another Collection agency.
PAY YOUR FREAKIN' BILLS. You shouldn't care if you have to pay $10 a month for the next 50 years.
2006-08-16 13:41:06 · answer #6 · answered by miketorse 5 · 0⤊ 1⤋
they can sell your debt to anyone who will buy it. then the buyer will come after you.
2006-08-16 13:39:56 · answer #7 · answered by rhino_man420 6 · 0⤊ 0⤋
No.
2006-08-16 13:40:19 · answer #8 · answered by Anonymous · 0⤊ 0⤋