If a credit card company violated a payment agreementand sold my debt to third party, what can I do?

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If a credit card company violated a payment agreementand sold my debt to third party, what can I do?

I entered into a 12 month payment agreement with a credit card company. They had access to my account to pull payment every 18th. They pulled payment in May and on 06/10 they sold my debt to a 3rd party. The credit card company said there is nothing they can do; I should deal with the 3rd party collections company. Since I was in compliance of the agreement, can they sell that debt for non-compliance? Did they violate the agreement? Can I get restitution or at least get the debt back to the credit card company?

Asked on July 19, 2010 under Bankruptcy Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Did they say that they sold your account for non-compliance?  I think quite the contrary.  They sold your agreement for an amount up front to another company, probably for less than the agreement was worth paid in full, to get quick cash.  Is that in violation of your agreement?  Probably not but you need to read your agreement to be sure.  Hopefully you have a copy.  What does it say?

Be aware that the party that purchased the agreement must comply with the terms as agreed. They bought the contract lock, stock and barrel.  I would indeed contact them to make sure that things will proceed as agreed. Be firm and know your rights.  Good luck.


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