A collection company has filed a motion for summary judgement against me. The original bank refused to set up a repayment plan, because I could not afford what they wanted as a minimum. I lost my job when a major company in my area went under. The bank sold the debt to a collection agency who is now suing me for about $3,000.00 more then original debt. Does a collection company have the same rights as the original lender? Do I have any rights if I tried to work out a solution, but they refused?
Yes - as assignee of the debt they can get all of the benefits of the contract when the agency buys it. No, you do not have any rights because the original creditor refused to come to an amicable agreement.
I am an attorney licensed to practice law in Ohio and some Federal Courts throughout the United States. I am not answering your question to solicit you as a client and there is a good chance that I am not licensed to practice law in the state that you reside. I hope that you find my assistance beneficial and, at most, use my advise as a finger pointing in the right direction. An attorney client relationship is not established by posting back and forth online. One of the most beneficial aspects of working with an attorney is the attorney client privilege which does not exist when you post personal facts online to faceless strangers. Hire an attorney if you want specific legal advise. If you cannot afford one, call your local bar association or search "(your city) legal aid" online. The fact that you took the time to post your question online likely means that you could use the aid of an attorney. Call around your area and see if any local attorneys offer free consultations.
1 lawyer agrees
The other attny is right. But remember that this collection company if different than the first company and really may make a deal with you. It is worth a call to their lawyer to find out and if you have other debts as a result of a job loss, it is worth a free consult with a BK lawyer.