Anyone familiar with FMC collection agency?

They can indeed collect the full amt but most will settle for less. Especially junk debt buyers. If at all possible, send them an offer cuz on such a sizeable debt they more than likely will sue for it!
Just my opinion,
Ang

My apologies if this is duplicated. For some reasom my posts disappear in the middle of a thread. I will try again. My wife an I are separated. She lives in Indiana.I live ib Illinois. She is a 50-50 co-owner of a 100K condo joint tenancy with right of survivorship. My wife is the sole occupant.

She has 70K in credit card debt. Encore and FMC collection agencies are sending letters of collection. The creditors closed her accounts after 6 months of non payment and turned them over to these collection agemcies.

Her only means of support is the money I send to her. This is not from a divorce decree, it is voluntary.I don't have enough to pay for a chapter 13 every month and I don't wants to have a lien (if it comes to that) put on the condo. If that happens, when she sells the condo eventually, all the equity will go to the collection agency.
Is there any way out of this?

Thank you

I found this statement on another post. Is this true? My wife ows 70K to credit card companies and this debt has been turned over to a collection agency. Is it true they can only sue for what they paid for the debt??

I find this hard to believe. Please advise.

This is the amazing statement from another post:

" debt collectors -- can't sue you for more than they paid for your $68,600 debt and it's probably only 2 or 3 cents on the dollar).

This completely contradicts the reply to my post that states the collection agency can sue and get a judgement for the full 70K owed to the original credit card company!

Which answer is correct??

Unfortunately debts are liquid able assets. They can be sold and purchased. Once sold they buyer becomes the new owner of the debt. Let's say for instance that you sell something to someone for $20, they can't pay you back for it. You could sell that asset to a collection agency for say $5. That $20 debt belongs to them now, just as if they had sold the item to your customer in the first place, it thusly entitles them to the full $20. It's sad I know, but it's legal.

However I would send them a debt validation letter to make them prove that you actually owe that amount to them and they have the legal ability to collect on it. You can find a good template for a validation letter in the first link in my signature. Send it certified mail, return receipt requested. Until they can provide proper validation they must cease all collection activity.

I have a completely contradictory answer from another advisor to my question. Is there anyone that actually knows the correct answer? This is important!!

This is the advice given to me by another advisor:

"These junk debt buyers must prove they are the right person to pay. They excel in blurring this line. Typically they operate on guilt and catching the debtor off guard. They call (instead of write) and aggressively hammer the debtor. The debtor knows they failed to pay a debt and they assume they not owe the junk debt buyer. Hogwash. The junk debt buyer doesn't want to talk about how they have popped up out of the pavement instead of clear up their relationship, they make horrid threats and often illegally pursue a debtor. Junk debt buyers will file suit and usually the debtor is so ashamed and afraid they never go to court. Wrong! Wrong! Wrong! The debtor should go to court. They should show up and tell the judge they have no contract with the junk debt buyer to prove they owe a dime and if they did buy a contract, then the debtor only owes exactly how much the junk debt buyer bought for the contract. If the junk debt buyer paid $150 for the $3,000 debt, then they can not get an order from the court for more than $150.

This is the law. This is what anyone dealing with these people must insist on and what a judge would insist on. Once the creditor sells off the debt, the junk debt buyer (who is still a third party) must prove they are the legal party the debtor now owes. They must prove the debtor owes them. This requires a contract signed by the debtor (OP). Now we understand why they prefer to catch people off guard with an aggressive phone call out of the blue. Until such time as there is legal proof to the contrary, the debt junk buyer is not a party in interest. And they still can not collect more than they paid for the debt.
HELP !!