How to Find Out if Your Debt has Been Sold

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Not all debt gets sold. In fact, most unpaid credit cards do not get sold. The accounts we don't pay are more likely to go from one collection agency to the next, and at the direction of your bank or original lender.
That said, many debts are sold, and even resold.
How can you find out who your debt was sold to?
Check out the video.
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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

Опубликовано:

12 сен 2024

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Комментарии : 19

@tonya8315 3 года назад

thank you

@lp1506 4 года назад

The original creditor is qvc/synchrony and portfolio has the debt. I no longer have an account with the original bank. My credit report only shows a previous qvc account that I closed over 7 years ago, but I don’t owe anything on it. This is a newer account that I stopped paying in 2016. The sol is near.

@MichaelBovee 4 года назад

What is your goal regarding the account now with the PRA, the debt buyer?

@lp1506 4 года назад

Well since it’s been with PRA for almost 4 years and the sol is just about up (either this month or next), I won’t do anything. I can’t pay it.

@LaurenCaseyy 4 года назад

Hey Michael, quick question: I am defaulting on an Amazon Chase credit card. I also have a Visa/Chase with USAA bank. My question is, will my credit card with USAA be affected since it is a Visa as well?

@MichaelBovee 4 года назад

Not because it is a Visa card per say, but because creditors do periodic reviews, and they can see you late with other creditors. Some will shut your account or lower your limit, even though you are current with them. More on that here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-plyprEfW7kE.html

@lp1506 4 года назад

Hey Michael. How do I find out the last payment date (sol purpose) if it’s not showing on any of my credit reports? The original creditor also is not showing on my report. Thank you.

@MichaelBovee 4 года назад

Who is the original creditor? Is a debt buyer now showing, and if so, who is that? You probably have a good guess of the year you stopped paying. I would look at the bank transaction records to determine when payments stopped. You may have to ask your bank to pull those records from archives. You can also ask your bank. If they have quick access, they can look it up on the phone and tell you.

@trushatg 3 года назад

Hey Michael any tips on negotiating a debt after judgment with discover. After they are trying to wage garnish me? Also How do I make sure that I make an agreement with the correct person?

@MichaelBovee 3 года назад

Check out my resource for negotiating a judgment here: consumerrecoverynetwork.com/question/can-you-settle-credit-card-judgements-like-other-debts-stressed/ It will be tough to get any reduction if there is an active garnishment, unless you use your court to show how any garnishment would create a hardship.

@trushatg 3 года назад

Michael Bovee If I have no w2 income and can’t be garnished does that help me at all? I honestly just want to set up a payment plan with them to get this over with.

@MichaelBovee 3 года назад

Setting up a payment plan should be pretty straight forward. You generally have to call the suing collection law firm to set that up.

@rendiewmit86 4 года назад

Do debt buyers generally contact the debtor first before they sue you?

@MichaelBovee 4 года назад

If they have your correct address, yes, you typically see something in the mail first.

@lepup1 4 года назад

What if a debt buyer has bought my debt, but is unreachable? It seems like they are just letting the debt accumulate. According to my credit report, I STILL owe the original creditor (Bank of America) x amount, but they say they have sold the debt when I called them. They gave me the company name and number, neither of which has ever called me. And when I call them I get nothing. Just a recording of something... Meanwhile, the debt on this account is still growing according to my credit report. The total owed is over the credit card's original limit now! What should I do?

@MichaelBovee 4 года назад

What is the name of the debt buyer they say they sold it to? BofA has not been much for debt sales since 2015. When did you stop paying on the account?

@suzanaintern2011 3 года назад

When my debt is sold would be the best time to try to negotiate? Thank you

@MichaelBovee 3 года назад

Most of the major debt buyers select accounts to sue on in batches (They do not sue everyone right out of the gate). Most of us want to avoid being sued, so if you have the resources, settling with a debt buyer early is better. Many debt buyers have helpful monthly payment terms on the settlements they approve. It can help you get a settlement out of the way early, even if you do not have a lump sum.

@suzanaintern2011 3 года назад

@@MichaelBovee thank you