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Third Party CC Debt Buyers?
I have always thought of myself as a credit guru, but I was asked this question he other day and I do not know the answer, maybe you can help. Person's Debt was charged off from the CC account. CC company sold this debt to a third party. Third party said that they were going to sue this person if they do not settle. Apparently the debtor also proved that they currently hold the debt from the credit card company. The question is, how likely is the third party going to sue, are they abel to sue, even though there were zero agreements between them and the consumer, if they do sue, and win, and the person doesn't have the funds to cover, will it eliminate them from being able to negotiate a settlement, or will it hit them with the full amount owed and start garnishing their wages?
3 Answers
- Anonymous9 years ago
Are you likely to be sued, that is anyone's guess. I used to work for my counties justice court and have seen people sued for very little money
If you do not pay, they have the right to take you to court and seek a judgment. If they do this, they can then attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you may own like cars and homes.
If a judgment is entered on your credit report then you credit is further negatively impacted, and this will also stay on your report for 7 years.
You should make a payment arrangement with the collection agency, tell them what you can afford to pay, do not let them talk you into what you can not pay. the can sue you before any agreement is reach
- Go with the flowLv 79 years ago
Credit cards sell debt to collection agencies all the time.
These agencies have full right to sue a person.
They can garnish wages and go after assets.
- breckenridgeLv 45 years ago
in case you study by the settlement you signed, there is surely slightly that provides the creditor the main appropriate to sell the debt. That settlement additionally obligates you to pay the 0.33 social gathering sequence corporation that buys the debt. some agencies do have in-domicile sequence depts. even with the undeniable fact that, they finally provide up on each getting paid and sell the debt to sequence agencies. the unique creditor recoups a minimum of area of what you owe. the alternative, which you would be seeing greater of, is that the unique creditor might only sue and get a judgment.
