Explanation Please
Date: Wed, 03/19/2008 - 09:18
Do they purchase the debt off of them, do they work on behalf of them, does interest stop once it goes to a collection agency?
Any answers would be appreciated.
A collection agency can work on behalf of an original lender or
A collection agency can work on behalf of an original lender or they can purchase the debt for as low as pennies on the dollar. Some even purchase real old ones where the statute of limitations has expired. These are bottom feeders as I call them.
Thanks Frogpatch! How can you tell if they do in fact work on
Thanks Frogpatch!
How can you tell if they do in fact work on behalf of them or did purchase the debt "legally"?
Is there some sort of document I should be requesting from them.
I don't want to pay a company that may not apply the money to the right place nevertheless just poclet it.
You can demand validation of the debt. Authority to collect the
You can demand validation of the debt. Authority to collect the debt, and title or assignment to it, are two of the itemss they should be required to prove. Look at this letter:
http://www.debtconsolidationcare.com/collection-agencies/better-structure.html
Send it certified mail, return receipt requested. You want to be able to prove they got it.
