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Can they do this? Legal/money stuff Back 7 yrs ago I was a stupid, naive college student uneducated on financial matters. I got a credit card, did good for awhile making payments on but then stuff happened, money ran short and I ended up maxing it out (thank goodness my limit was only $1,000). For the longest time I ignored the attempts debt thinking it would go away. And they did finally until last year when I got a letter from a firm stating they were going to start garnishment on my wages. I didn't think there was anything I could do at that point, so I left it alone and let them start garnishing my wages (25% per month...ugh). Garnishments last 6 months in GA then they have to refile. I'm in 3rd month of the 2nd set of garnishments. On Friday I got a letter from another firm stating that Mastercard had sold them my debt and they were attempting to collect. Can they sell the debt to someone when another firms already collecting it? or was it just a mistake? What do I need to do? Should I call mastercard first or the firm? |
You need to get on the phone and start talking to these groups...I haven't a clue if they can or can not but I am sure you can't afford a lawyer either to find out. I don't know if one of those credit agencys that I see on tv can help you or not. |
If I read correctly, they can sell your loan or debt just like a student loan or house mortgage. If you get a crappy company then that really sucks. customer service is gonna be tough. really though, sometimes I feel like, I'm not gonna pay, what're gonna do? |
you need to do some date checking. yes they can sell your debt. credit is just like any other commodity. instruments of debt can be bought and sold on the open market, but check the dates. there are statutes of limitations that render the debt dead. 7yrs is cutting it pretty close depending on the state and the type of debt. straight credit card debt runs out and is uncollectible after a time. some debts such as taxes, child support and suprisingly grocery debts never run out. it is not unlike crimes, I mean in most states you cannot prosecute a rape after 7 yrs, but you can a homicide. so check the last time you actually accrued debt on this account and the last time there was any activity etc... then contact free legal aid and ask their advise for your state on the statute of limitations. you may be able to tell the collection people to piss up a rope. however, the fact that you have been paying on it, in the form of garnishment may have restarted the clock, in some instances the clock is started/restarted everytime there is 'activity' on the account, including so much as a payment. contact legal aid for a correct answer. |
Yes they absolutely can sell your debt. They sold my mortgage twice :rolleyes: I went from Soverign Bank to something else I forget, now I am with Bank Of America, they do it all the time. I would also get on the phone and start seeing what can be done. They don't want to loose what is owed , so I would think they will work something out with you. Good Luck The firm collecting the debt has nothing to do with the credit card itself. They are debt collectors they work for everyone not just a specific credit card company. |
What everyone has said it true. Next time for future reference always be smart and call the CC company up and make a payment plan out. When it goes to the collection agencies they are ruthless becuase they get a percentage of what they collect. They are also allowed to tack on "Administrative" fees that brings up what you owe. The CC company tend to be a bit more accomodating and sometimes will allow you to settle for a lower sum so they can just get something from you. Good luck. I do suggest you keep meticulous records of what you pay. That way it will get paid off and you have proof of every penny you paid. |
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I do wish I'd know about settling w/ the CC company before it gets sent to a collection agency. I know its legal to sell it to a collection agency but is it legal to sell it if its already in collections? I'm already having garnishments taken out of my check for this CC debt. |
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