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dgamache

I am wondering if a creditor like Chase, Citi, etc accept my proposal for repayment through a dmp, don't they have to honor that until it is paid? How can they sell the credit card or loan or change the terms of this agreement with notifing me? Do the new owner of my account have to abide by the same terms that I set up with the original creditor?

Posted: Wed Jul 05, 2006 2:24 pm Subject:

Were you making payments to Chase and other creditors? Do you mean that they were accepting payments from you and during this time, they sold the accounts to some other company? If this is the case, it is not fair. The company should not have sold off your file to someone else as long as you are making the payments.

The company can sell the accounts only if they have stopped receiving money from you and the account turned delinquent. The contract signed with you in the beginning should have this point clearly explained. Go through your contact and see if they are doing anything against the terms and conditions. Yes, the new owner will have to abide by the same laws of collections as forced on the original creditor. They might add up some collection fees on it but it must be within the permissible state laws.