zaiman14 Posted October 27, 2007 Report Share Posted October 27, 2007 I have another JBD saying they legally purchased a debt and all rights associated with it. This also includes arbitration (my word lately). So are they successor of the OC (i.e. the original debt) if the purchase it and are they able to enforce the contract attached? They call themselves the successor of the debt. Anyone know how that works?Thanks a lot. You guys are awesome! Link to comment Share on other sites More sharing options...
Bodhi Posted October 27, 2007 Report Share Posted October 27, 2007 There can only be one OC. They are still a CA and have to abide by the FDCPA and the FCRA. Is the debt older than seven years old? Link to comment Share on other sites More sharing options...
zaiman14 Posted October 27, 2007 Author Report Share Posted October 27, 2007 No. It's only about 5 years old. They say that they can take legal action based on the original contract (unsigned but given at purchase supposedly). So I'm hearing arbitration again and they say they can do it because they bought the debt from the OC and got all the OC's rights per contract with it.Thanks! Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted October 27, 2007 Report Share Posted October 27, 2007 Yes, they can legally sue you for it. However, JDB rarely get everything they need in order to make a good case. If you do it right and challenge them there is still the possibility of not paying. Link to comment Share on other sites More sharing options...
willingtocope Posted October 27, 2007 Report Share Posted October 27, 2007 I don't remember where I saw it, but there was a post around somewhere that said one of the courts held that the arbitration clause did not carry over to the JDB. You might want to do some searching.... Link to comment Share on other sites More sharing options...
Textoy Posted October 27, 2007 Report Share Posted October 27, 2007 They can take legal action however, arbitration would have to be written into the original contract.The OC, by tax law, has to write the debt off for tax purposes. Some, then assign a CA to recover a debt and pay a fee, percentage, to them for whats recovered. If nothing is recovered in x time, then it is not unusual to sell the debt to a JDB for pennies on the dollar. Any money collected by the JDB is his to keep. The JDB also inherits the rights of the original contract BUT he also inherits the Date of first deliquncy of the debt (SOL of the original debt). Many JDBs try to fool you into thinking their puchase date is the SOL date NADA, nope, no way. SOL is still relative to the OC account. Now, if the original debt SOL has expired, they cannot sue. If they do, thats your defense. SOme of these JDBs confuse it even further by outsourcing the collection and they appear as the OC. Makes it even more confusing as well as convoluted legal hassle. Anyway, if past SOL you can send a Cease and Desit ltr to shut them up Always keep your OC records especially if something happens (i.e lifes many foils) for handling the new breed of JDBs. The JDBs can keep things alive by selling the debt after a year (to get around a FDCPA hole) and let another JDB harass you. Another cease and desit but make sure no CR post (most likely violation) because original OC date is past 7 years. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 27, 2007 Report Share Posted October 27, 2007 Urban Myth, Legend, Whatever Link to comment Share on other sites More sharing options...
willingtocope Posted October 27, 2007 Report Share Posted October 27, 2007 Urban Myth, Legend, WhateverWhich post? Link to comment Share on other sites More sharing options...
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