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Originally Posted by arejay  So I spoke to one of these "credit repair" companies to try and get a couple of questions answered prior to starting to go the repair route on my own. The representative explained something to me that sounded legit, but at the same time too good to be true. So I thought I would run it by everyone here to see what you all thought.
Basically the rep said that if you took out a loan with ABC bank and for whatever reason did not make payments on the loan. Eventually the loan gets "charged off". Somewhere at the end there ABC bank sells the loan/debt to another company, we'll call them 123 Bank. The rep said that since you never signed an agreement with 123 bank to repay the loan, you are not legally obligated to repay it.
Like I said, it makes sense, but at the same time it would seem to me that if it were true 123 bank would never have purchased the debt in the first place right?
Any input would be appreciated. Thanks! |
Ok 90% of the people don't know there rights.If you owe a bank and don't pay,they have 2 choices sue and get a judgement and garnish you wages.well banks don't want to do that so they either assign it to a collection agency to collect for them,or sell it for pennies on the dollar.When your told not to pay first dispute them with the ca.Remember you have no contract with b so they can sell it to c who will try to collect,can't have no contract with you so you dispute them.It can go through several ca.So don't let them bully you.
