Re: sale or assignement

Posted by Drew (24.59.27.46) on December 17, 2003 at 14:16:32:

In Reply to: sale or assignement posted by Toys34238 on December 17, 2003 at 13:31:44:

The attorney that has taken my husband to court has produced documents claiming the account was sold to him. It appears that the account was actually "sold" three times within a 2 month period.

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This establishes the fact that he has the right to sue your husband. Is he licensed in your state?

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Once from the original creditor to a collection agency, from that agency to another and then from the third to the attorney that has it right now. It says the accounts were sold for $1. Can this be right?

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Yep, by law, in order for the sale to be legal, there has to be an exchange of money for property rights. You can pay as low as a dollar? Some attorneys buy up batches of accounts for pennies on the dollar, sue and make a fortune on them. And it is legal. By law you can sell a car for $1 and transfer it as a title and it still be a legal sale. However he is still a third party debt collector since he bought delinquent (charged off accounts)
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Is this really validating the account? What else should I ask him to produce?

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This is not validation. He has only established that he has the legal right to collect on an account he has purchased. Validation requires of the third party to establish that the account actually belongs to the consumer that they are trying to collect from. Validation means that they have to prove that the account is the account of the debtor and that they have the right person and that they have the right amount. To request validation, you ask for validation of the debt meaning that they have to prove that the account belongs to you. They need a signed application, a contract, and/or cancelled checks showing that you paid on the account. They need something with the signature. They also need an accounting of the debt and the charges. It is not enough for them to come in with a computer handout showing computer information. They need something with your signature on it to prove proper validation.

Good luck.

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