Re: bank one buyout
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Posted by Drew
(24.59.27.46) on January 14, 2004 at 22:55:26:
In Reply to: bank one buyout posted by shermanhater on January 14, 2004 at 22:45:21:
Whoever buys your account will assume all the responsibilites associated with that account. Once a company sells your account, they have to send you a notice that they are selling your account. (I am not sure if this also applies to accounts that are in default status though). Afterwards you will get a notice from the new owners of your account stating that they are honoring the original contract you signed. If they have any new clauses and provisions for your account that was not included in your contract but is part of their company policy, they must send you notice of that explaining the terms. They must also give you a choice as to whether you want to continue in the account. If you don't, they will close the account and you are responsible for paying off the balance at the contract rate. If an account has gone to collections in-house, they might not be able to sell it to the current buyer. They may have to continue the collections themselves or they will sell it in batches to a collection agency.
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