fixingwhatbroke Posted August 14, 2003 Report Share Posted August 14, 2003 I know this is probably a stupid question, but could someone explain why this would be important to know whether the debt is assigned or purchased. Thanks Link to comment Share on other sites More sharing options...
md Posted August 14, 2003 Report Share Posted August 14, 2003 If it is a purchased debt then the OC no longer has any vested interest in it. They sold it to a CA or someone else. You can no longer go to them and try to settle the account.If it is assigned then that simply means that they contracted with a CA to have them try and collect on a debt you still owe the OC. They still have a say on the account. For example, how low the CA is allowed to settle the account for and other terms. Link to comment Share on other sites More sharing options...
ADSOFT Posted August 14, 2003 Report Share Posted August 14, 2003 That's a very good question.Also, when a debt is assigned in most cases, even if the debt is legitimate you are not obligated to pay the CA but your still obligated to the OC.Read the top board on VALIDATION.When they(the CA ) has no legal right to collect the must remove the negitive mark from your CR. Link to comment Share on other sites More sharing options...
fixingwhatbroke Posted August 15, 2003 Author Report Share Posted August 15, 2003 Thanks for the info, I kinda figured thats what the terms ment but just wanted to make sure. Thanks again.BTW is it easier to do dv with a ca that has purchased the debt or been assigned the debt. my guess would be the purchased debt since the chances of them actually having any signed contracts or anything would be pretty slim. Just want to get your opinions.Thanks Link to comment Share on other sites More sharing options...
TexasLawyer Posted August 15, 2003 Report Share Posted August 15, 2003 Technically, "assigned" can mean "sold." Someone can assign a dent to someone else in exchange for consideration. Even though CAs use the term "assigned," they really mean that an account has been "placed" with them for collection. Link to comment Share on other sites More sharing options...
ADSOFT Posted August 15, 2003 Report Share Posted August 15, 2003 Technically, "assigned" can mean "sold." Someone can assign a dent to someone else in exchange for consideration. Even though CAs use the term "assigned," they really mean that an account has been "placed" with them for collection.Thanks for confirming that. That has caused so much confusion.Texaslawyer:If a contract/debt has an "assignment clause" in it, does the OC "HAVE" to release all interest in the debt before you are obligated to pay the CA??? If the CA doesn't own the debt and has rights to debt then what kind of wording would you have to use to request that the debt be sent back to the OC??? Link to comment Share on other sites More sharing options...
Recommended Posts