Old Charge Ofg

[Echeek12]

Hi

I had an old charge off for insecure line of credit with First National bank but must have been bought out a few times and is now with susquehanna. I never heard from them after default in July 2010. Well I get a call from a collection agency asking for almost double of loan. I told them I never had loan with susquehanna. Am I legally liable to pay susquehanna?

Thanks

[Echeek12]

PS - never received anything from transfer

[DaBears]

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@Echeek12 wrote:
Hi

I had an old charge off for insecure line of credit with First National bank but must have been bought out a few times and is now with susquehanna. I never heard from them after default in July 2010. Well I get a call from a collection agency asking for almost double of loan. I told them I never had loan with susquehanna. Am I legally liable to pay susquehanna?

Thanks

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What state do you live in? What is your states SOL? If the OC did sell the account to a CA it is very likely that susquehanna owns the debt now and you are responsible for the unpaid debt. It never goes away.

DaBears

[Echeek12]

I live in Pennsylvania. I never received anything v from any of banks it was transferred to. Doesn't there have to be paperwork for them to collect ?

SOL is 4 years here.

Any guidance appreciated.

[Sheisaking]

Hi! 

If the debt was valid with the original creditor and was sold to the current company, you are still liable. The debt is not invalidated just because the company collecting it has changed. To the best of my knowledge, the original creditor is not required to inform you of the sale of your debt to another company. You, however are still responsible for the debt.

Hope that helps :-)

[Sheisaking]

I forgot to add this:

If the new collection company is asking for double the amount, they may be charging interest, late fees, collections fees, etc. If you have intention of paying the debt, you can try going back to the orginal company to see if you can't pay it directly with them, then ask them to contact the current collection company to let them know it has been paid. That's another option.

[DaBears]

They are well within the SOL for suing you if they wish to do so. If the OC is listed on your credit reports with a $0 bal then they sold the debt and can not accept payment from you. If there is a balance then I would contact them to see if they can recall the debt from the CA. If they can then the CA would need to delete their TL. Worse case scenario is you will need to handle that debt some how with the CA before they seek legal action. You do not want a judgement on your credit reports.

[Echeek12]

I guess my question is dice susquehanna took over shouldn't they have documents that show they can collect on this. When my loan was transferred they had files.

Also, should the CA have to verify that they have this contract, etc. can't I ask them to validate. With the switch over of banks, won't it be harder to pin down paperwork?

[DaBears]

You cab send a DV letter and if it comes back validated then I would PIF or settle the unpaid debt. 

[RobertEG]

You can send a request for debt validation/verification, but the debt collector is not required to provide you proofs in order to verify.

If the DV is now untimely, it imposes no cease collection bar on the debt collector, and they can choose to ignore it, and go on about their business.

A DV request will impose a cease collection bar, if timely, until they provide verifcation, which requires that they investigate and convey a determination to you that they have adequate documentation to verify the legitimacy of the debt.  They need not send that documentation, or "prove" the legitimacy of the debt or their ownership as a requirment of the administrative debt verification process under the FDCPA.

If you have your own basis for concluding either that the debt is not valid or that they dont have title to the debt, you can bring your own action, and get a determination on that issue from the courts.