Re: Validation questions, clearing up confusion

Posted by LadynRed (199.91.33.254) on September 11, 2003 at 17:32:56:

In Reply to: Validation questions, clearing up confusion posted by down and out on September 11, 2003 at 16:06:58:

CA's do NOT get any paperwork, such as contracts, when they buy bad debt portfolios. All they get is a 'tape' with just the pertinent data on it -dates, amount owed, etc. They never get a contract and when you request validation they are supposed to get back to the OC and get the proof from the OC. If the OC is no longer involved, well, there's nowhere for them to go to GET that contract, so they cannot produce a damn thing -- and you win (more or less).

"So if you said to them, I would like to know what you bought the acct for and I will pay you that why wouldn't they jump on it, especially if you don't have anything worthwhile for them to get."

** The name of the game is PROFIT !!!! If they buy a debt for pennies or less on the dollar, but they can squeeze the WHOLE thing, or even HALF, out of a debtor, the profit margin is still HUGE !

If you're sued, they must sue you where you live NOW, or where you lived when you opened the account. That's what is provided for in the FDCPA. Anything else is improper venue.

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