Re: First Time Experience With CA (original post 7/26 13:47:22)

Posted by Paul (216.127.82.99) on July 28, 2004 at 22:49:15:

In Reply to: First Time Experience With CA (original post 7/26 13:47:22) posted by HopefullyWiserDefinitelyOlder on July 28, 2004 at 22:18:49:

Worldwide Asset Management is a debt buyer.

Debt buyers purchase the accounts receivables due on credit card accounts.
They do not purchase the accounts; they only purchase the rights to the money
due on the accounts. Since you have no contract with a debt buyer, they cannot
sue you under their own name. Some may try, but you can get the case quickly
dismissed, since they would lack “standing” to sue you under their own name.

They can only legally sue people as “assignees” of the original creditors.

Debt buyers are not banks and cannot purchase a “banking contract” since they
cannot fulfill the responsibilities of a nationally chartered bank. They can only
purchase the accounts receivables due on the original contract which you still
have with the original creditor.

Only a chartered bank can purchase a banking contract.

That is why debt buyers sue as “assignees” of the original creditor.

Incidentally, this is why you only have to list Original Creditors on Bankruptcy
petitions. A bankruptcy discharge extinguishes any claims from any
assignees (debt buyers) due from the original contract. BK attorneys often
have you list everyone to get them off your back, but you only have to list
the original creditors to erase all claims from subsequent assignees to the
original contract.

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