Can a Collection Agency Return the Debt to the Original Lender?
Date: Fri, 12/04/2009 - 14:36
As far I know, if the collection agency has bought the account t
As far I know, if the collection agency has bought the account then they would sell it to another JDB if unable to collect on it. But if they are only authorized by the lender to collect the debt then they might return it to the original creditor.
Now, if the lender is illegal then sending the C&D would suffice if you don't owe them on principal.
Quote:Originally Posted by spinstergirlOne more question, as I r
Quote:
Originally Posted by spinstergirl One more question, as I realized that one of my loans my be illegal in my home state, I was wondering if contacting the original lender with a CD letter and proposed payment plan may return it from the collection agency to the original lender? I know it might sound naive and certainly a longshot, but can it hurt anything? I am dealing with Alliance Asset Management and GECC (Cash Direct Express). |
Your PDL is through Cash Direct Express? Online or storefront? What state do you live in, how much did you borrow, and how much have you paid back?
alliance is a bottomfeeder.please answer unclewulf's questions.i
alliance is a bottomfeeder.please answer unclewulf's questions.i have dealt with them two years ago,and they love to violate the FDCPA.also GECC aka CASH DIRECT EXPRESS is most likely illegal so you only owe what was borrowed.either way i would file AG complaints with your AG and the IL AG.as that is where alliance assett is located.
Cash Direct Express is an online lender. They also go by Governm
Cash Direct Express is an online lender. They also go by Government Employees Credit C(something). After doing a little research I believe they are no licensed to lend to residents of Ohio. I sent an e-mail modeling the "dealing with illegal lenders" to them on Saturday and am waiting to hear back.
Whoops. I"m in Ohio. I've paid roughly 330 in "renewal" fees and
Whoops. I"m in Ohio. I've paid roughly 330 in "renewal" fees and borrowed 500. This was a refinance of an existing loan, so I likely overpaid the first one.
Quote:Originally Posted by spinstergirlOne more question, as I r
Quote:
Originally Posted by spinstergirl One more question, as I realized that one of my loans my be illegal in my home state, I was wondering if contacting the original lender with a CD letter and proposed payment plan may return it from the collection agency to the original lender? I know it might sound naive and certainly a longshot, but can it hurt anything? I am dealing with Alliance Asset Management and GECC (Cash Direct Express). |
What you really need to do is inform this collection agency they now have 5 days after their first initial contact with you to send you a letter of collection via the mail, and if they don't do so you will file a complaint with the FTC that they are not following the FDCPA (Fair Debt Collection Practices Act), especially if they contimue to call after you inform them you want the proper documentation in the mail. This will cover your butt if this collection agency should decide in the future to claim they DID send you a letter of collection (but really didn't). Also make sure you let the FTC know, in your complaint that this company continues to call you even after you informed them you want a letter of collection via the mail. IF and WHEN you receive a letter of collection, you can then request debt validation, you will have a 30 day window to request this, don't wait a minute, send out a debt validation letter the minute you receive a letter of collection.
By the way, when it comes to illegal lenders, you can expect almost any tactic, they make their own rules, so the answer to your question is yes, they probably could and would give the debt back to the original lender.
