Re: Credit card debts

Subject:

Comments:
: :1) Who still have the right to sue in case they decide to : :consider suing (the original creditor or the second : :or third buyer who owns the account). : : That right is transferred with the sale of the debt. : : :2)If the debts were sold and originally I have lied on : :the application, could the second or third buyer have : :the same right as the original owner to file a law : :suit claiming criminal charges by lying on my original : :application, or the original owner has to do that. : : If the owner of the debt knows that you lied on the : credit application, then they could probably mention : that in a civil lawsuit complaint. Criminal : complaints possibly leading to criminal charges : are a somewhat separate issue, which would have to : be filed with the police/prosecuter for your : jurisdiction. I'm not sure of the details for debts : that have been sold, although I would expect any : possible criminal complaints to be done by the : original creditor, before selling the debt. : : :3)After the debts have been sold, does the original : :creditor follow up on it, or just forget about it : :after that point : : Generally, it is considered to be not their problem : anymore. The original creditor will already have : charged-off the debt, and will have received some : percentage payment from the collection agency. Although : I have heard of some creditors checking to make sure : the collectors were behaving reasonably (e.g. in : compliance with the FDCPA), for corporate reputation : reasons. : : :4) When the original creditor sells the debts, does : :he sells it as a package ( just the debts), or he : :sells it with every detail involve in the accounts, such as: : :Late payments record, on time payments record,overdrawn : :records, Credit limit increase record,etc... : : I'm not sure how much info they transfer. : : :So the buyer can have a track of the account history : :in case of a law suit consideration. : : These bottom-feeder cheap-bad-debt buyers probably : aren't likely to be into suing, because they are : accustomed to getting old, stale, borderline hopless : debts, without much investment. : : :5) Your advice on a credit card debts that is three years : :and two months old in the State of Oklahoma. No suits : :have been filed against me yet and the original creditor : :and the second and third holders holders (buyers) of : :my accounts have charged off my debts as bad debts. : :I am at the point of holding a real job, should I : :consider a bankruptcy before starting my real good : :pay job or just wait and see if they would sue me : :first. : : Personally, I would *not* file for bankruptcy, unless : there was already an actual lawsuit in progress. : Meaning filed in court - *not* just a threat. There : is no point in taking such a drastic step if you : don't even know if it is necessary. : Please note that I am *not* an attorney, and nothing : here should be construed as, or relied upon as, : legal advice.

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