Legal Question in Credit and Debt Law in Texas

Loan Contract

If you had a loan with a loan Co.,and you lost your job and couldn't pay,and the debt was sold to a collection angency,can They sue you even though you signed a contract the original creditor and not them?


Asked on 3/22/07, 6:26 pm

2 Answers from Attorneys
Lewis Palomino Law Office of Lewis Palomino

Re: Loan Contract

Yes.

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Answered on 3/22/07, 7:22 pm
Peter Bradie Bradie, Bradie & Bradie

Re: Loan Contract

Yes. What you signed is called commercial paper. That can be bought and sold, so long as it says, "Pay to the order of...". The holder of that paper has the right to sue to collect upon the note.

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Answered on 3/23/07, 1:42 pm


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