Legal Question in Credit and Debt Law in Illinois
I owed a credit card company approximately $8000. An agreement was made with the company to pay less (than original total) in four monthly installments. After the first payment was made, the company sold my debt to another company. Can the second company demand the entire original amount? Do they have uphold the agreement of the first company? I have been summoned to appear in court.
3 Answers from Attorneys
Hi. The second company wouldn't necessarily have to assume the agreement you had in place with the first company. However, you should contact them. It's usually in their best interest to try to obtain a settlement with you without litigating in court.
If you have been served a summons, there is no doubt whatsoever that you should hire an attorney to represent you and be sure to do so before the initial court date. You will save more money than the attorney costs you!
Was there a written agreement between you and the original collection agency, If so you may have a foot to stand on and ask judge to impose an installment agreement.
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