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I suggest you pay the debt off or be prepared to face the creditor in open court.

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โˆ™ 2006-05-01 19:05:33
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Q: What should you do if you received a call about a 6-year-old debt that you haven't received collection letters on in a few years and the creditor said it's getting ready to be turned in for litigation?
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Is the original creditor required to notify you of debt before using a third party collection agency?

Yes, the original creditor should have notified you that you had an outstanding balance. The creditor also notifies you that they will be submitting your debt to a "third party" collection agency. This is usually the final notice before your debt is sold. If you never received a notice, it is not required that the original creditor send you notice, all it is is common curiosity that they do.


Why original creditors sale accounts to a collection agency?

Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.


Can you be sued by a collection agency for fees if you settled the debt with the original creditor?

Yes. If a debt is defaulted on, there are several penalties that can be assesed by the collector. They can sue andmaybe received a judgment. Collecting on any judgment, however, is a different matter. Proof of payment to the original creditor would provide an affirmative defense to a lawsuit from a collection agency.


When accounts are purchased by another lender which do you list when filing for bankruptcy?

You list the creditor or collector of the last notice your received. For example if you received a collection notice from an agency for a debt from Capital One you list it in that form. XXX agency for Capital One acct.


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Sundry Debtor is a person who bought goods or received service from us (Customer) Sundry Creditor is a person whom we received the goods are service (Our Vendor)


Can a creditor and the collection agency who purchases your account from the creditor both report the same debt in separate instances to a CRA?

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If creditor received a judgment and you make arrangements to pay the bill can the creditor still repo your car?

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What if your out on worker's comp unable to pay your bill's you try to make payment agreement creditor says it's not acceptable can they sue you or can a collection agency who brought the debt sue you?

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If the monthly statement is not received where do you send the payment?

If the monthly statement is not received, you still need to send in your payment. If you do not have the address, you need to call your creditor to see where the payment should be mailed to.


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By the Fair Debt Collections Practices Act, the creditor may collect for ten years from the date of judgment or last payment, which ever is latest. That means if you received service (bought something) on 1 January 2010, failed to pay on it, and the creditor obtained the judgment on 1 December 2010, they may continue collection, garnishment, until 1 December 2020, provided they received nothing each time they attempted garnishment. If they received as little as one cent, the time resets each time they receive payment. Your best course of action is to pay the balance in full as soon as possible.


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Can you sue a creditor for not updateing my credit report after a payment was received?

Creditors update credit reports on their schedule, some update every month, others update every other or every third month. If you are in a hurry, contact the credit bureaus and have them contact the creditor themselves. You can sue a creditor, but you have to try contacting the creditor first (via mail), then file a complaint with the FTC, then contact the credit bureaus. If the account still hasn't been updated, you can go ahead and sue the creditor.


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