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If a debt collector buys your debt from your creditor are you still under contractual obligation to pay?
Wiki User
∙ 15y ago
Absolutely....the owner of the debt may hire anyone to collect it or sell it to anyone for any amount at any time. It is his asset. It does not change your obligations in any way.
The fact there is this whole huge collection business everyplace which do exactly that, (buy debt at a discount and make money by collecting it all)...should be a hint to you...and finally, why would you think what the person you owe does with his stuff and in no way changes what your agreement was, should change what you promised to do?
Wiki User
∙ 15y ago
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If a creditor sends your payment back to you do you still owe the debt?
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Who should the debtor pay when an account is sold by the original creditor to another lender or collector?
Yes, the debt still stands. It's how debt collectors stay in busniess. When the debt or account is sold, the debt isn't erased, merely transferred. In essence, the original lender has sold the whole contract. * The debtor makes any payment agreement with the collector not the original creditor.
Can you pay five dollars a month towards debt collection?
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Can you still be sued if a credit card company charges off your account?
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Do unpaid medical bills sent to collections ever go away without payment?
The non payment of any debt can result in a civil suit by the creditor. However, all U.S. states have SOL's which determine when a creditor can no longer pursue the debt through legal procedures. Please be advised, when the SOL applies it is the debtor's responsibility to bring forth that reason as a defense. Likewise, a creditor/collector can still pursue collection even after the expiration of an SOL by the usual methods, phone calls, letters and so forth. Even so, the debtor has the recourse to send the creditor/collector a letter of "cease and desist" which prevents future debt collection contact. If such a letter is rendered the creditor/collector must cease all contact with the debtor unless/until a civil suit is filed.
Do you still owe if the creditor does not cash the check or it was lost?
Yes, you still owe the money if for some reason the creditor does not cash your check or has lost it. The creditor can request a new check.
How do you get a debt collector to stop calling?
"If a collector contacts you about a debt, you may want to talk to them at least once to see if you can resolve the matter - even if you don't think you owe the debt, can't repay it immediately, or think that the collector is contacting you by mistake. If you decide after contacting the debt collector that you don't want the collector to contact you again, tell the collector - in writing - to stop contacting you. Here's how to do that: Make a copy of your letter. Send the original by certified mail, and pay for a "return receipt" so you'll be able to document what the collector received. Once the collector receives your letter, they may not contact you again, with two exceptions: a collector can contact you to tell you there will be no further contact or to let you know that they or the creditor intend to take a specific action, like filing a lawsuit. Sending such a letter to a debt collector you owe money to does not get rid of the debt, but it should stop the contact. The creditor or the debt collector still can sue you to collect the debt. "
Is homeowners ins required when homeowner dies and home is left to children and home is empty?
There is no legal requirement in the U.S.A. for homeowners insurance. If there is still a mortgage on the home though, insurance is almost certainly required by the mortgage contract, but this is a contractual obligation, not a legal requirement.
Should you include your charge offs on your bankruptcy?
A very good idea. Any charge off - which is really only an accounting entry on the books of your creditor - that you haven't received an offical agreement/notice that the creditor has actually forgiven the debt and relieved you of having to pay, (not just accepted it may be worth nothing and uncollectable), is still an obligation to you.
Can a creditor still charge interest rates if they are garnishing your wages?
If you have a garishee against your salary can the creditor still charge interest. Thanks Theo
