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be careful on settling

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Posted by catballou ( on April 28, 2004 at 21:38:18:

In Reply to: Re: Settle or not pay?? posted by Andrea on April 28, 2004 at 08:00:59:

a bought debt means the OC has no say or control over it. a assigned means the OC still owns rights and have to be the one who sues. assigned can go thru many CAs b4 they sell it. when bought..they paid a few cents on the dollar per account. so they can settle for what amount they want, cause its almost all pure profit. and no, settling can simply get the balance sold yet again to another CA, who starts it all up again. make sure you have properly worded legal documents from them or you will find the balance haunting you again. be VERY CAREFUL when you "settle" with a CA. did you say how old your debt is? i assume its still in SOL?

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