Does a person OWN their debt? Not talking owe.?

Question

When you have credit card debt and that bank sells your debt to another bank without informing you...I first question how can they sell your debt and personal information without notifying you? The buyer of my debt says, "we bought your debt and now we own it." I want to say so badly, “KEWL!! Then you pay it.” Don't I own my debt? How can my debt that I owe and own along with my personal information be sold to some stranger that I did not sign a contract with or agree to borrow the money from? How could I owe that company when I didn't borrow the money from them? If I do not own my debt and I get no say so in whom it's sold to then… isn't it fair to say that I don't owe it? Who ever bought it and now owns it, now owes it. Right?? How can you owe borrowed money to someone you didn't agree to borrow it from? Does anyone else agree with me on this?

For those of you who are misunderstanding my questions and drawing conclusions as to getting out of something…you’re simply misunderstanding. These are valid questions. These are questions everyone should be asking about. I have not asked if the banks practice is legal. I question and ask if it is fair and if it is right. My main question is “Does a person OWN their debt?” I’m waiting for someone to answer that particular question that is qualified to answer it. By the way, I do pay my debt. This situation arose from them breaking the contract and selling my debt to get out of their own screw up. Things like double billing, not posting payments to account, charging interest on top of interest to name a few things in my case. Please wait until you have all the facts before you start distorting the truth.

For those of you who are misunderstanding my questions and drawing conclusions as to getting out of something…you’re simply misunderstanding. These are valid questions. These are questions everyone should be asking about. I have not asked if the banks practice is legal. I question and ask if it is fair and if it is right. My main question is “Does a person OWN their debt?” I’m waiting for someone to answer that particular question that is qualified to answer it. By the way, I do pay my debt. This situation arose from them breaking the contract and selling my debt to get out of their own screw up. Things like double billing, not posting payments to account, charging interest on top of interest to name a few things in my case. Please wait until you have all the facts before you start distorting the truth.

Answer 1

You know that looooonng folded paper you get when you sign up for a credit card? the one with all the rules?

Read it.

Answer 2

Credit granted to you is an asset to the company who issues the debt. Companies have the right to sell their assets to other companies. E.g. you do not have to notify your bank, prior, when you are selling a house or car in which they provide funding. When the house or car is sold, that is when you notify the bank-after it is sold, and to pay it off-correct?.

You may have an equitable argument on the personal information. However, some contracts are transferable-read the loan documents or credit card application or good faith disclosures.

Answer 3

Ive never thought about it, but it seems like a great thought. Providian sold there company or whatever to Washington Mutual... Maybe I dont owe them then, maybe there is some slip somewhere and we dont have to pay!

Answer 4

If you read the fine print in your cantract you will find out that this is legal and there is nothing you can do about it.

Quit trying to find a way out and simply pay your bills and you should be fine.

Answer 5

You do not own the debt. The company who you made an agreement with owns it, and they can sell it if they wish.