on the Today Show they have an financial expert named Jean Chatzy. She stated one time that if a bank bought out your credit card bank, that you were not legally bound to the new bank for the amount you owed the original one. Is this true.
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Read More Answered By: Anthony Smith |
The statemetn you refer to is a gross overstatement, at least as it applies to Missouri residents. There are time that one can successfully defenda a suit by the purchaser of theri previous creditor. If your loan agreement does not confer the right to the successors of the lender, then you can defend a suit by a purchaser. This can be expensive to do. If they allege that you owe less than $5,000.00 then you may spend more than the alleged debt to defend just such a suit. If they allege more, then it might be worth spending $4,000 or so to not have to pay more than $5,000 to the purchaser. Unfortunately, many people agree to lona arrangements whe3re they are liable to the lender for its legal fees if they collect a debt agaisnt you, but do not insist that the lender agree to the pay the borrower's legal fees if the suit is unsuccessful.
Good luck |
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