Legal Question in Credit and Debt Law in Massachusetts

Re: bank selling debt to another bank

Absent special circumstances, debts can be assigned from one creditor to another. Of course, the terms of the loan cannot be changed unless there is an agreement to the contrary. Please feel free to contact my office for a free initial consult based on the facts of your specific situation.

Re: bank selling debt to another bank

You may wish to speak with an attorney regarding this matter as soon as possible .

Re: bank selling debt to another bank

I agree with Warren that you should speak with an attorney as soon as possible. You will want to be careful how you handle the fact that you may have acknowledged that the debt is valid.

Debt collection agencies are very good at steamrolling debtors with paperwork and court process that they don't understand.

The end result is that the creditor usually obtains a judgment, which is good for 20 years and accrues 12% judgment interest. Once they have a judgment, they can attach your wages and attach your property.

I specialize in debtor-creditor litigation, and charge a reasonable hourly rate to (i) make all communications from the debt collector stop; (ii) avoid or respond to court case; and (iii) attempt to discharge or settle the alleged debt.