vette00057 Posted January 5, 2008 Report Share Posted January 5, 2008 Got a letter, guessing its from a CA or JDC. How do I know if this has been assigned to them or if the OC still owns it? Link to comment Share on other sites More sharing options...
Debt Guy Posted January 5, 2008 Report Share Posted January 5, 2008 The easy way is to call the OC and ask. They won't bite. Link to comment Share on other sites More sharing options...
Moriah4 Posted January 5, 2008 Report Share Posted January 5, 2008 Sometimes CR will show sold and a O balance under the OC as well.Blessings Moriah Link to comment Share on other sites More sharing options...
vette00057 Posted January 5, 2008 Author Report Share Posted January 5, 2008 Thanks!My CR's don't reflect the CA, the OC shows that the account was closed by the credit grantors request. The last date updated was 10/2006. How long does it usually take before an OC sells the debt or does that vary quite a bit? I responded to a CA from this debt with a DV. If the CA doesn't own the debt, do they have any obligation to respond to the DV? Link to comment Share on other sites More sharing options...
Debt Guy Posted January 5, 2008 Report Share Posted January 5, 2008 How long does it usually take before an OC sells the debt or does that vary quite a bit? Varies a lot. Some sell at 90 days past due and some never ever sell. Creditors who sell regularly do so mostly between 180 days past due and 18 months past due.I responded to a CA from this debt with a DV. If the CA doesn't own the debt, do they have any obligation to respond to the DV?No, the CA is not required to respond ever. But, if the DV was timely as defined by the FDCPA, the CA must cease collection activity until the debt is validated. Keep in mind that validation is nothing more than the name and address of the original creditor -- which you already know. So, what is the point? Link to comment Share on other sites More sharing options...
vette00057 Posted January 5, 2008 Author Report Share Posted January 5, 2008 Thanks for the info! I thought the validation had to have more than just name and addy of OC. e.g.) some sort of proof that the debt is yours. Unless we are talking about two different things.You mention that the CA is not required to respond ever. Is this assuming the CA does not own the debt?I sent a DV to the CA because I do not agree with the debt and initially thought the debt was sold to a CA and am now not sure. I also though that if I send a DV and the CA (or OC) cannot validate it, then all black marks must be removed from my CR and the battle is won. Is this not the case?The OC was Famous Barr and was bought by Macy's. I called Macy's and they said that I had to talk to the credit company that issued the store card. So I called the credit company and they said they couldn't help me because it was sent off to collections. If collections doesn't own the debt the OC has to, by law, deal with me. Isn't that correct?I am getting the runaround with these folks! When I talked to the CA they said they couldn't tell me anything about the debt either, just that I owed them money! Thats when I learned my lesson and am trying to do everything in writing.Maybe I should cough up the $$$ and get a lawyer... Link to comment Share on other sites More sharing options...
Debt Guy Posted January 5, 2008 Report Share Posted January 5, 2008 I thought the validation had to have more than just name and addy of OC. e.g.) some sort of proof that the debt is yours. Unless we are talking about two different things.Nope. The creditor does not have to provide any proof until and unless you are in the discovery phase of litigation.You mention that the CA is not required to respond ever. Is this assuming the CA does not own the debt?Makes no difference. You should download and read the FDCPA.I sent a DV to the CA because I do not agree with the debt and initially thought the debt was sold to a CA and am now not sure. I also though that if I send a DV and the CA (or OC) cannot validate it, then all black marks must be removed from my CR and the battle is won. Is this not the case?No. You really have a lot of bad information in thy head. Long ago in the middle of the last century when Congress drafted the FDCPA the intent of the validation process was to allow a consumer to determine who the original creditor was so they had a vehicle to make sure the CA was coming after the right person. It has never been and was never intended to make a CA jump through the hoops of proving anything to anyone.The OC was Famous Barr and was bought by Macy's. I called Macy's and they said that I had to talk to the credit company that issued the store card. This is typical in those cases where a creditor issues a card with another company name on the face of the card. Macy's is not the OC.So I called the credit company and they said they couldn't help me because it was sent off to collections. If collections doesn't own the debt the OC has to, by law, deal with me. Isn't that correct?This is another of those ideas you have that is just flat wrong. While I think it is good business for the OC to provide the information you seek, there is no law that makes them dance to your tune. It is not unusual that they refer you to the CA.Which leads me to think that the debt has not been sold but has been placed with a third party contingency agency for collection.I am getting the runaround with these folks! When I talked to the CA they said they couldn't tell me anything about the debt either, just that I owed them money! Thats when I learned my lesson and am trying to do everything in writing.Not surprising. There is no money in jumping through hoops for you -- most CAs consider it a dodge. Maybe I should cough up the $$$ and get a lawyer... I'm not sure why you say that. What are you trying to accomplish? Exactly what is your beef with the OC/CA? Do you owe the debt? Link to comment Share on other sites More sharing options...
Rena7 Posted January 6, 2008 Report Share Posted January 6, 2008 hi! What happens if one of my credit cards got transfered/sold & it shows on my credit report that its zero balance. What does that mean? Link to comment Share on other sites More sharing options...
Debt Guy Posted January 9, 2008 Report Share Posted January 9, 2008 RenaIt means that the balance due to the original creditor is $0 -- they sold it so you don't owe them anything anymore. Someone else bought the debt and you now owe that creditor. Link to comment Share on other sites More sharing options...
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