Obligations to Debt Collection Agencies ?

[joeblo]

Economic collapse
Lost income
Inability to pay debts (credit cards)
Debt collectors apparently bought debt
Now being harangued by them
What legal obligations do I have with or to them, I have no signed contract(s) or agreement(s) with them, I do have these with the original creditor ?

Thanks

 

[army judge]

Economic collapse
Lost income
Inability to pay debts (credit cards)
Debt collectors apparently bought debt
Now being harangued by them
What legal obligations do I have with or to them, I have no signed contract(s) or agreement(s) with them, I do have these with the original creditor ?

Thanks

You have no obligation to even speak with those idiots, so don't.

I suggest you consider filing bankruptcy.

Speak with a couple local BK lawyers and make a decision.

 

[despritfreya]

Assuming the original creditor sold or transferred the note/obligation you signed to a Junk Debt Buyer (collector), you now owe the $$ to the JDB. You have no obligation to communicate with the JDB but at some point the JDB will sue you, get a judgment and then collect upon the judgment. This happens every day. If you file bk the obligation should go away. The fact that you never heard of the JDB is not relevant. A creditor typically has the right to assign its interest in payment to whomever it chooses. Such an assignment does not eliminate the borrower's obligation to pay. It only changes the one to whom payments are made.

Des.