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The term assigned in this instance means the original creditor has assigned or given the right to collect the debt from you to another entity, such as a collection agency. If there is a proper assignment, you no longer owe the money to the original creditor and it may likely refuse to accept payment. Now your debt is owed to the company the debt was given to. Sometimes, unpaid debts are sold to collection companies for maybe 50% or some other higher or lower percentage of the unpaid amount. Now the collection agency owns your debt. This is why you might be able to make a deal with the collection agency to pay less than the amount owed. If a collection agency pays 50% of the debt, then contacts you, it will want the full amount. If you can't pay it they will sue. However, suing and collecting the full amount through garnishment is a slow, time-consuming process. Often the agency prefers to get something more than it paid in order to make a profit. If the agency paid $500 to buy a $1,000. debt, it might be very happy to get a payment from you in a short time for $700. That way it made a quick $200 with not much work. Remember when dealing with collection agencies that claim the debt has been assigned to them for collection, you have a right to see that assignment in writing before sending them anything.
What else can I help you with?
Can a collection agency file a judgment on you for credit card debt in Texas?
No. A collection agency has no legal authority. They can refer the account to a collections attorney who can then file a lawsuit for the debt owed. Yes! A collection agency has the right to file a lawsuit as the assigned creditor under the agreement that you signed when applying for the credit card.
Can they prosecute legally in India for a credit card debt from HSBC bank in India?
Yes, HSBC can legally pursue legal action in India to recover outstanding credit card debt. The bank may initiate legal proceedings through the appropriate channels to collect the debt, which can include legal action in court. It is important to address the debt promptly and seek guidance from a legal professional if needed.
Debt collectors sent a summons?
If you have received a summons from debt collectors, it means they are taking legal action against you to collect the debt. It is important to respond promptly by seeking legal advice or negotiating a repayment plan to avoid further legal consequences. Ignoring a summons can result in a default judgment being entered against you.
What is the Difference between an attorney and debt collector?
A debt collector is a person who collects debts owed to other people. An attorney is a person qualified to represent parties in a court, and who is specially trained in the law. A debt collector can be an attorney, but need not be one.
Is it legal for a debt collection agency to discuss your debt with your landlord?
In general, debt collection agencies are required to follow the Fair Debt Collection Practices Act, which prohibits them from discussing your debt with third parties, such as your landlord, without your permission. If a debt collection agency is sharing information about your debt with your landlord without your authorization, they may be violating the law.
Can a child be obligated to pay a parents' credit card debt when they are of legal age if they were assigned a card as a minor?
no
If credit card debt was sold to another company do you still owe to the original credit card company or the one it was sold to?
If the original debt has been "assigned" to a second organisation then you owe the second organisation (e.g. a debt collection agency that buys defaulted debt ... for about 14p in the pound) If the original debt has not been "assigned" then you owe the original creditor (i.e. the credit card company) It is a question that many credit card companies and the debt collectors they appoint from time to time are very cagey about. Ask them whether or not it has been assigned as you have the right to know this and also ask for a copy of the deed of assignment.
After 7 years can the creditors still claim you owe?
In general, YES. Depending on your state of residence and the categorization of the debt under that state's law, a debt and/or civil court award regarding such debt may "follow you around" indefinitely (until it is discharged by bankruptcy procedure). Look into the type of legal vehicle for the debt in regards to your state's laws; there may be a statute of limitations for the debt you are concerned about.
Is it legal for a creditor to sell your debt?
Yes, it is legal for a creditor to sell your debt to a third party.
If a client hires a collection agency but then cashes my payment can the collection agency still collect their fee?
Technically, yes if there is a signed contract between the agency and the creditor which expresses in detail the relationship in terms of file assigments. For example, many contracts agencies use clearly spell out the right of entitlement once the debt has been physically assigned. Thus, if in the above question, the debt was assigned to the agency, the agency has the right to ask for its commission cut. However, if the debt was not assigned, the agency would not be entitled to a commission cut. Again, it is important to review "file assignment' language in the contract between agency and creditor.
What did Hamilton believe in regards to the debt the states accumulated from fighting the Revolutionary War?
The national government had the obligation to pay the debt.
What did Hamilton believe in regards to the debt the states accumulated from fighting in the revolutionary war?
The national government had the obligation to pay the debt.
What did Hamilton believe in regards to the debt the states accumulated from fighting revolutionary war?
The national government had the obligation to pay the debt.
What are the release dates for Assignment Foreign Legion - 1956 The Debt 1-15?
Assignment Foreign Legion - 1956 The Debt 1-15 was released on: UK: 28 December 1956 USA: 29 October 1957
Can you file bankruptcy against a divorce order in North Carolina?
Whether you can eliminate a debt that resulted from a divorce decree will depend on the type of debt. If you owe child support or alimony from a divorce then you will not be able to eliminate the debt in bankruptcy. If the divorce assigned some debt to you as part of the divorce and it was not assigned as child support or alimony then you may be able to eliminate the debt in a Chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to eliminate debt assigned to you that is in the nature of a property settlement and not child support or alimony.
Can a collection agency file a judgment on you for credit card debt in Texas?
No. A collection agency has no legal authority. They can refer the account to a collections attorney who can then file a lawsuit for the debt owed. Yes! A collection agency has the right to file a lawsuit as the assigned creditor under the agreement that you signed when applying for the credit card.
Is it possible for you to transfer debt to another person?
Yes, it is possible to transfer debt to another person through a process called debt assignment or debt assumption. This typically involves the original debtor and the new debtor agreeing to the transfer of the debt responsibility.
