question category: Debt Collectors

if my bank has sold a debt to a debt collection agency, am i legally responsible to pay them
Submitted on: 24th Oct 2009 by Non-Member | Total Answers: 1

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Re: if my bank has sold a debt to a debt collection agency, ...

Yes, anyone can sell or assign a debt owed to them lawfully to a debt collection company. Its an extremely common practice. Many banks use debt collectors as agents to collect the debt, some actually sell the debt to the collection company.

The right to collect the debt is now with the debt collector and you should make an arrangement with them just as you did with the original creditor.

It is often easier to make an arrangement with a debt collector than with a bank - but if you need help with that click on my name and contact the Debt Advice Foundation.

If you do not pay the debt or make an arrangement, the debt collector (or the original creditor) may instruct a solicitor to take court action against you.

Submitted on: 26th Oct 2009 by Darren Member

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