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Can a firm that bought charged off debt pursue the full amount of the charge off or are they limited to the purchase price of the debt?
They are allowed by law to collect the entire amount of the debt, regardless of the purchase amount. This is the reason many collection agencies are willing to negotiate a settlement.
If the agreement authorizes interest payments, and or other charges, (like expenses in collection or enforcing the agreement)...they are absolutely part of the rights another purchaser (the collection agency) may and does purchase. These terms are virtually always included in any loan agreement.
There is no requirement that any future owner of the rights be named in the original agreement or even have any knowlege of the original deal..for obvious reasons (like that requires knowing who the buyer, maybe years in the future, would be....loans of all natures are bought and sold, or transferred between companies for their own accounting/finance purposes all the time...daily, lord knows what other credits or things were int he original deal, etc). And rightfully so, as who you owe it too is entirely irrelevant to your obligation to pay, and pay the losses they incur for your actions.
It is frequently said the purchaser steps into the shoes of the seller.
What else can I help you with?
What happens if I return something I bought with a credit card?
If you return something you bought with a credit card, the merchant will typically refund the purchase amount back to your credit card. This will result in a credit on your credit card statement, reducing the amount you owe.
What is low profit margin?
A profit margin is the amount you make on an item verses that cost of the initial purchase i.e. Bought a widget at 100 sold at 200 profit 100 Low profit margin is when a very low amount is made on the item.
What should I do if I didn't get charged for something I bought?
If you didn't get charged for something you bought, it is important to act with honesty and integrity. You should contact the seller or store to inform them about the issue and offer to pay for the item. It is the right thing to do to ensure fairness and maintain trust in transactions.
What do you do if merchant has filed for bankruptcy after you have paid for a purchase with a credit card?
Nothing. You bought - and received - a product or service. You charged it, which means the merchant was paid by your credit card company. Your debt is now to the credit card company, and you owe it whether the merchant is in business or not.
Is asda a public limited company?
Yes asda is a public limited company. Asda's shares can be bought on the share market so that makes itpublic limited company.. Hope I helped.
What can you do if you believe that you were over charged for a car purchase?
If you agreed to a set price and bought it, not much.
What is the largest amount of land ever bought?
I believe it's the Louisiana Purchase :)
What happens if I return something I bought with a credit card?
If you return something you bought with a credit card, the merchant will typically refund the purchase amount back to your credit card. This will result in a credit on your credit card statement, reducing the amount you owe.
How did the Louisiana Purchase affect the U.S. and it's government?
they bought it
Can a person be charged with selling drugs if he bought it for another person with the other persons money?
yes....buying/selling drugs is illegal no matter who you purchase them for or who's money you use....In some states if you purchase drugs for someone else with money that they gave you its possible you could be charged with the more serious crime of Drug Trafficking....
What is equity participation?
An equity participation is the purchase of shares in a company which gives you certain amount of ownership in the company (depending on the numbers of shares bought).
What is the louisanna purchase?
its where the US in 1712 bought a huge amount of land that was called louisanna from france. but it was not just the state we know now. the purchase was huge. the US bought the whole middle of the present USA area.
What is the maximum amount a homeowners association can recover on a property bought at auction by a private investor in Colorado?
The answer you want is in the auction documents involved in your purchase. There is no standard.
What is purchase returns?
When some purchased supplies are returned back to suppliers due to some problem in supplies or due to any defect these returns are charged to purchase returns account and reduction in actual purchases.
Why if you bought a lot of games on your apple device then updated to 5.0.1 do you have to re-purchase some apps?
no, just go to app store go to updates, click purchased, and install apps for in app purchases just purchase them in the same way you will not be charged again
Who bought the Louisiana Purchase?
United States bought the Louisiana Territory from France.
What is the difference between bought and buy?
The word "bought" refers to a purchase in the past tense, where the word "buy" refers to a purchase in the future tense.
