If a debt agency takes over my debt from another company - do I have the right to say I have no debt with them as I haven't spoken to them and definately not signed a contract with them? I had a debt with a bank - now an agency seems to have 'bought it' from them. Do they legally have the right to claim it from me?
2006-09-06 23:01:33 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Sorry, forgot to mention... UK law
2006-09-07 00:36:04 · update #1
Did you read the fine print in your contract? It almost certainly allows just such a thing. This is normal business. So yeah, you still owe the debt.
2006-09-07 01:20:41 · answer #1 · answered by veritas 5 · 0⤊ 0⤋
They generally do have the right to pursue it in the U.S., and as I understand it, the same is true in the U.K. The creditor contracts the collection agency to pursue the debt on their behalf.
You will still be equally responsible for the debt. This first link may be helpful when you plan on how to deal with collection agencies. The second link is for charities that provide free debt counselling in the U.K. It might be worth a phone call, as they deal with these collectors everyday. The services are all free.
2006-09-07 09:27:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋