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Posted: Wed May 07, 2008 8:47 pm

I looked up 'assignee' and found this: assignee - definition of assignee - Individual to whom a title, claim, property, interest, or right has been transferred. In other words, Arrow Financial has purchased my debt from the credit card company, is that correct?

Posted: Wed May 07, 2008 8:55 pm

Yep. When a subordinant purchaser buys that account, the original creditor permanantly "assigns" it to them.

You usually see on collection letters something like "ABC Collections ASG Chase Bank". That ASG stands for "Assignee" and means Chase Bank assigned the account to them.

Guest · Posted: Thu May 08, 2008 6:55 am

Yes but what about when debt collector #1 has it and can't collect then sells it to debt collector #2. Is the second debt collector an assignee even though they didn't get it from the original creditor?

Posted: Thu May 08, 2008 6:07 pm

Yes. That would just mean the account was assigned twice - once from the original creditor to CA1, and again from CA1 to CA2.

Think of a debt kind of like a paper check. If someone writes you a check, you can then endorse it over to another person; that person can turn around and endorse it yet again to a third person. Theoretically, a check can be endorsed an infinite number of times until someone finally takes it to the bank and cashes it (IN REALITY, pretty soon you would run out of space on the back of the check; and a lot of bank policies don't allow third party endorsements because of the potential for fraud/forgery).

But a debt can be assigned over and over again until it is either cancelled or discharged.

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