is it true what i heard about that company that bought the debt really bought it and you aren't entitled to pay them or give them any info. since your businesss is with the orginal company not them? i was told all you need to do is send them a formal letter stating this right. i do understand that it would still be on a credit report but do i really owe these jerks?
2007-08-08 07:43:52 · 4 answers · asked by gymrat20042002 1 in Business & Finance ➔ Credit
wow the jerk that emailed me that i was full of it, you are soo stupid and rude i cant beleive i would ask for information to clearify what i was told and you would bother to email me that i was full of it for asking a question why dont you email me once more so i can have your email though. but you hide that so you can be rude disk it out but you cant take it can you. thats okk im reporting you!!! thanks others that can give me information rather then insult me i. since that was my point in asking.
2007-08-08 17:38:58 · update #1
You're full of it. The buyer of the debt has all the rights of the original creditor...and you have to pay them.
2007-08-08 09:25:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Companies can and do sell debt. If you don' t pay your bill the company will eventually write it off...it will show up on your credit report as a write off.
Some collection agencies then buy the written off debt for pennies on the dollar, then harass you to make themselves some money.
The letter you are talking about is called a debt validation letter (not the same thing as debt VERIFICATION) , your asking the collector to prove that you owe them the money buy giving you specific info...original account #, what the original loan was for, etc. If they can't prove it, then you don't owe.
But be warned...if they don't get the money from you they can sell the debt again to another company who can harass you ...it is never ending.
2007-08-08 08:02:35 · answer #2 · answered by sunnybrooke 2 · 0⤊ 0⤋
No that is not right. Somewhere in the fine print of the contract you signed, there's verbage that covers the creditor's right to sell the debt to a third party. It is very common for debts to be sold
2007-08-08 07:59:00 · answer #3 · answered by bdancer222 7 · 1⤊ 0⤋
You can find your answer here: http://www.ftc.gov/
2007-08-08 07:52:52 · answer #4 · answered by Dignan 3 · 0⤊ 0⤋