payday loan sold
Date: Thu, 07/01/2010 - 12:35
minnesota but that i owed $250. now it appears they sold the note to a collection
agency. does the collection agency have to be lincensed in minnesota? what can they
do? do i owe any more to them than the original $250? should i tell them to send information to me in wrting and not do business on the phone?.
If the original loan was illegal, then it doesn't matter whether
If the original loan was illegal, then it doesn't matter whether the collection agency is licensed. When a creditor sells a loan, the purchaser "steps into the shoes" of the original creditor and acquires all the rights the original creditor had. So if the original creditor only had the right to collect on the principal then the new owner only has the right to collect the principal.
I would recommend that you get all communications with the collection agency in writing/email, or at least keep a log of your conversations with the collection agency.
NEVER admit to owing a debt, or make payment arrangements to a v
NEVER admit to owing a debt, or make payment arrangements to a voice on the phone. As OVLG Attorney suggested, get everything in writing. The next time they call, tell them they are trying to collect on an illegal debt, and they have 5 days after their first initial contact with you to send a letter of collection through the mail, that is a federal law (FDCPA).
