bottom feeders
Date: Tue, 07/21/2009 - 16:38
So here is my question, if let's say I defaulted on my capital one credit card and they sold it too a bottom feeder type of collection agency such as Leading Edge. Since Capital one sold it to them, wouldn't they have a legal right to collect on the debt? I guess I don't understand how they would have my capital one info and not be authorized to collect on the bedt. Once capital one sold it, doesn't that release me from owing them?
I am kind of confused and more than a bit naive about debt collections. I have fallen behind on bills and have been contacted by several different agencies over the past 3-4 years and have made arrangements with all of them and have paid off many of them. This was all before I found this site and have learned so much (thank you, thank you, THANK YOU!!) from all of you wise folks. But now I am a little worried that I may have paid off someone who did not have the autherity to collect because I had never asked for debt validation (that changes from this point forward, now I will always send a DV letter).
Thanks for any info.
basically you are saying you went past 180 past due which led to
basically you are saying you went past 180 past due which led to chargeoff? then Cap1 sold your debt. As far as releasing you from debt..umm dunno I'd get that DV letter out and see what other replies you get here.
No, actually I am just asking if card card company sells bad deb
No, actually I am just asking if card card company sells bad debt accounts to another compnay, like those bottom feeders such as Midland, doesn't that automatically make Midland the authorized debt collector?
If they can prove it, sure. The problem is that many, many times
If they can prove it, sure. The problem is that many, many times they don't have proper documentation - especially for older debts. That is why it is *always* advisable to ask for validation, and if you are suspicious of the debt - let them take you to court so you can request Discovery.
The original creditors very rarely sell the debt in 180 days, it's usually contracted out to a collection agency. The junk debt buyers, on the other hand, buy *old* debt in large chunks.
Basically, if they send you the dunning letter properly, with the proper info on it, and behave in a proper manner (according to the Law *and* as befitting a business) and all the ducks are all lined up - it's likely all good.
The more they act like a common thug - the less likely the debt is valid or provable as valid in a court of law.
**Keep all documentation in your files for 7 years.**
