Ask Experts Questions for FREE Help !
Ask
    thernel's Avatar
    thernel Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 31, 2011, 01:46 AM
    Sold debt
    HI this Joe. L just want to ask. If City Bank or any other Bank in the Gulf have their Debt collection agency.dose it Means they sold your credit to them? If they sell your credit to them. What will happened to the bank and will the bank still after you?

    Thanks you
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jul 31, 2011, 08:59 AM

    First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

    Your question is unclear. Debts can be assigned to an in house department or external agency for collection. In those cases, the bank retains the debt. Or the debt can be sold to a third party who now own the debt and can choose how to collect it. If the debt is sold then the original owner no longer can collect on it.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How can I get my original lender to accept payment after they've sold the debt? [ 6 Answers ]

A collection agency has purchased my debt. I want to pay it but I do not trust the collection agency. Many of them are unethical. Even if they have legitimately acquired the debt, they try to collect more than the actual debt by 1) increasing the amount due, or, most commonly, making offers to...

Debt Collection on Sold Property [ 1 Answers ]

Question - Bought a mobilehome for $24,000.00 - $20,000.00 cash for which title was released to me and $4,000.00 payments to be made over 3 years. Paid 6 months of payments but due to lack of work in the area that I had moved to defaulted never heard from party they never heard from me after 6...

Sold debt lawsuit after statute of limitations [ 1 Answers ]

We began receiving mail from attorneys and mediation companies offering to help us a with a lawsuit. We weren't aware of any lawsuit, and have not received a summons or notification of any kind. The case number and such was listed on the legal help solicitations and it turns out it was a debt...

Old Credit Card Debt has been sold [ 4 Answers ]

I just received a letter yesterday, 5/15/2007, about a credit card that I had forgotten about. I opened it in 1999 when I was going through a divorce. The debt has now been sold to another company for collection. The last time I used the card was September 1999. I checked my credit report, and the...

Sold Debt [ 1 Answers ]

If a company that I owed a debt to sells it to another company or collection agency does the Statute of Limitations start over? If the debt is sold and the new company puts it on my credit report will that stay on my report for another 7 years? Thanks for any imput.

View more questions Search