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Debilee1010

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collections closed my account and didn't tell me
I have been paying $50 monthly for at least 3 yrs on $5,000. I went to pay my $50 and was told they closed my account. Gave me another collector they apparently sold it to?? Will I still have to pay this new collections tho I have no contract with them?

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Loans and collections can be sold to other lenders, without the applicants permission. If you check the fine print on your original loan documents; you'll find confirmation.

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I am aware of that but apparently this can go on forever selling from one to another. So I assume again I have to negotiate another payment plan with this new collector?? Obviously if I could have paid it in full before I would have. I know some collections have scare tactics in order to get the money. Do I still have to respond to them now. They didn't send me a registered letter instead a letter thru regular mail. I could just say I never received their letter. Suggestions anyone??? What's my next more.

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