Who Owns the Debt?

iVillage Member
Registered: 04-05-2010
Who Owns the Debt?
Mon, 04-05-2010 - 11:17am
I have been unemployed for about a year, and have been unable to continue payments on my credit cards. About a month ago my daughter was able to repay a long-standing loan to me, and I contacted the Collection Agency for the largest debt and made an offer of 40% which was accepted almost too quickly. During the course of the conversation, I mentioned that I understood that this company had purchased the debt from the credit card company, which the agent steadfastly denied. This flies in the face of everything I have always heard about debt collection. Was he lying to me?
Community Leader
Registered: 03-17-2003
Mon, 04-05-2010 - 1:06pm

Hi jayjay48.

Your question is excellent: who owns the debt?

To be more specific you want to know if your credit card company