If a debt collector buys your debt from a credit card company, are you obligated to pay the debt collector?

Answer 1

Yes, plain and simple.

If someone buys your loan, you owe them, not the original lender.

Answer 2

Yes. The debt is a transferable asset like a car. However, the debt collector probably paid a steep discount for the debt. Sometimes they pay pennies per dollar of debt. They play hard ball, try to scare you, but there is a lot of wiggle room if you know what you are doing.

Answer 3

Ron i was in the same boat !


Just change your home telephone number and just let them send you letters :)

They will keep sending you letters ect but they never do anything more than that . All depends how much you have to pay back , Mine was only around £700.00 so they just tend to keep asking you to pay it and saying call us today and only pay £500 if you can settle within the next 7 days ,

Just don't Reply .

Depends really if you want to get Credit it the Furture ?

Im lucky because my best friend is my Crediter and he takes out Credit for me and i pay him back :) .

I have only refused to pay back two Visa cards since all the money they say i owe them is charges they have made that was not my fault ! I was in hospital for 7months and they refused to pay my protection, So because of this ill refuse to pay them , Simple , And as i said before if u need Credit just do a deal with a friend. I payed a friend £100 so he would get me Credit on new car and he did :)

So there you have it . But to tell the truth u dont need Credit be cash in hand man :) Best way

Answer 4

Yup - they're basically buying your "contract" from the credit card company and you now owe THEM instead of the original company. They usually purchase them at a greatly reduced rate - then hit you up to try to collect as much of that original debt as they can. Since they're ONLY doing a collection and not extending credit or anything other type of banking-style business - they can devote ALL their time and energy into collecting that money from you... harassing you... taking legal action to collect that debt... etc., etc., etc.

Answer 5

Yes, you are still obligated.

However,you may want to know that most creditors will take a settlement amount for the bad debt you owe them. This is especially true if the account has been charged-off or has been sold to a collection agency.

Answer 6

if the debt collector can validate said debt(means its yours)call the real owner of said debt,,before dishing out any moneys==lot of junk-debt collectors out there====good website to check is www.budhibbs.

Answer 7

you are obligated to pay unless the debt has reached the Statute of Limitations, which varies from state to state; example: California's Statute on contracted debt is 4 years of no activity; after that time, the debt is no longer binding & collection activities must cease.
Definitly go to these sites:

http://www.handelonthelaw.com

http://www.legalzoom.com/index.html

Answer 8

If the credit card company informs you that the debt has been transferred to a third party, then you need to make arrangements with the named party

Answer 9

Yes

Answer 10

Yes.

Answer 11

You bet. Read your agreement. It is standard language that allows them to assign your debt to another party.

You are still on the hook.