I had two Cap 1 cards that were charged off and sold to collection agencies over five years ago. Yesterday I got a statement for each card from Cap 1? I didn't know this was legal. Can they actually bill you once they have sold the debt?
Can they actually bill you once they have sold the debt?
No, once a debt is sold off to a collection agency, the creditor can't bill you anymore. However, are you sure that these debts were sold off. The creditors do not always sell the debt to a collection agency. They sometimes just assigns the debt to a collection agency. This collection agency can also be the creditor's in-house collection agency. So, you need to find that out.
Also get hold of a copy of your credit report to check who now holds the accounts.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.