if a bank absorbs OC do they become the OC

[oyImBeingSued]

my debt is with bank A. Bank B bought and absorbed bank A. Bank B is suing me claiming to be the OC.

Are they really the OC?

[Guest usctrojanalum]

For all practical purposes, yes.

[skippy1960]

I had this situation, forced case to trial. Bank B presented cardagreement of Bank A as the underliying contract. When they presented their witness to testify, witness was from Bank B. Witness never worked for Bank A and couldn't testify to contract/cardargeement. Objection by defendant Sustained, defendant wins case.

So you really need to be patient and check the documents the produce to support their case. You may catch them in the same issue. Further, you will need to make sure they address the change in ownership also, this is something they should bring during affidavit on there own. If not flush it out during discovery.

[oyImBeingSued]

in their summons they say that I opened an account with bank B...but I did not, I opened it with bank A...is that just semantics

[Guest usctrojanalum]

Yes. However, still deny it and state the reason for your denial.

[skippy1960]

USC makes another great point, he is on his game this morning. By denying that statement you opened account with Bank B, forces them to eventually address the Bank A situation.

[willingtocope]

And, there's a court case sited around here somewhere that says if the account was past due when Bank B bought it, that makes them a JDB,,,

[LearningasIgo]

The debtor's postition should be that the new "OC" is actually a kind of assignee. In other words, assume that they, just like a JDB or CA, have to PROVE they know anything relevant about the debt.

And consider this line of thinking: If bank A is bought by bank b, and bank b is assumed to be the OC, then what if bank b is then bought by a bank c? Then bank c is bought by a bank d? And so on. Would it make sense to give the caboose bank, which may be several banks down the line, the same OC status as the starting OC? Under the "for all practical purposes" argument, then there could be no end to banks buying banks and claiming OC statuses.

[Guest usctrojanalum]

Yes, but the process of acquiring another banking institution and buying huge pools of debt portfolio's are not even remotely close to being the same thing.

[willingtocope]

Yes, but the process of acquiring another banking institution and buying huge pools of debt portfolio's are not even remotely close to being the same thing.

Actually, since I now work with some people who were with Wells Fargo's IT when they bought Wachovia, there is much more similarity than you wouls expect. Not all banks use the same computer systems...converting from one to the other costs a lot of money. Bank B is just as likely to just put together a list of debtor names, account numbers, and balances as a JDB would.

[late2theparty]

... was there any activity on the account after Bank B purchased OC Bank A? Any payments made, any credit extended?

[oyImBeingSued]

... was there any activity on the account after Bank B purchased OC Bank A? Any payments made, any credit extended?

no. It is actually more like this. OC is bank A; used card; Bank A bought by bank B; used card, stopped paying, account past due; Bank B bought by Bank C; never recieved statement / card or anything from bank C, didnt even know Bank C owned the account until sued and did some research

[admin]

The other thing in your favor is that sometimes the new OC doesn't have the access to old records that would help their case.