3rd Party Legal Entitlement on Unsecured Debt

Hello,

Even though this is my first post on AskMeHelpDesk, I have frequented the site on a semi-regular basis. Generally, my questions are already answered. But, I think I have a problem with this one.

I have an Unsecured Debt, (Credit Card), that was charged off and sold to a collection agency. The agency has gone to arbitration and was granted an "Award."

After contacting Mr. Bud Hibbs about this issue, he stated that the Award - on it's own - carries no weight and that the collection agency has one year to actually act on the award. He suggested that I "slow" down the process by requesting validation and stringing out my replies.

After looking over reasons why I feel that this debt collector is NOT entitled to this money, I am questioning whether or not they can legally be allowed to collect as a 3rd party on an unsecured debt.

I do know that, as a 3rd party, whether or not I pay these guys off will have no real baring on my Credit Report since they do not have the legal authority to dismiss any charges/debt reported by the original creditor. If I'm current in assuming this is true, then why would I pay them off?

So, my question [finally ] is this:

* Does a 3rd Party have any legal entitlement to collect on an unsecured debt?

Also, just to add, my father took a student loan out for ME. Because of some honest confusion, (and our mail-carrier was held up a couple of times), the debt was reported to another collection agency. I actually think that this agency is an in-house department. That aside, I requested a copy of the Promissory Note which clearly states that the debt will be owed to anyone possessing the note, I.e 3rd Party. Does this usually apply to Unsecured Debts as well?

- Thanks and I apologizie for being so wordy.