How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Dwayne B. Your Own Question
Dwayne B.
Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 32369
Experience:  Practicing for over 20 years and helped a number of businesses with litigation.
11068102
Type Your Business Law Question Here...
Dwayne B. is online now
A new question is answered every 9 seconds

TO BUY COMMODIFIED DEBT AND CONVERT IT OR RESTRUCTURE IT TO

Customer Question

I'M TRYING TO BUY COMMODIFIED DEBT AND CONVERT IT OR RESTRUCTURE IT TO POSITIVE TRADELINES ON PERSONAL AND BUSINESS CREDIT FILES
JA: What state is this in? And when did the issue begin?
Customer: CALIFORNIA
JA: Have you consulted a lawyer yet?
Customer: NO BUT I KNOW OF COMPANIES DOING THIS
JA: Please give me a bit more information, so we can help you best.
Customer: WE BUY TIER 3 DEBT FROM DEBT SELLERS AND WHEN WE ASSUME THEM OR TRANSFER THEM TO MY LLC -I WILL RESTRUCTURE THEM WITH POSITIVE INFO - LIKE A CREDIT CARD VISA $5,000 10 YEARS OLD AND IT IS CHARGED OFF AND WE BUY IT AND RESTRUCTURE IT TO A POSITIVE LIKE THE ORIGINAL.
JA: Is there anything else important you think the Corporate Lawyer should know?
Customer: WE WILL BUY THE OLD DEBT VIA AN ABSOLUTE ASSIGNMENT OF DEBT AGREEMENT FOR THE PURPOSE OF REPORTING THE OLD DEBT IN THE NEW ACCOUNT OWNER NAME MINUS THE NEGATIVE AND ONLY THE POSITIVE FOR THE NEW OWNER
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Corporate Lawyer about your situation and then connect you two.
Submitted: 6 months ago.
Category: Business Law
Customer: replied 6 months ago.
HERE IS AN AD FROM A COMPANY -Do You want to learn the real method of posting
Positive Primary Tradelines to any consumers' credit report.
And do it for Pennies on the dollar.
This is the only method that works.FACT: All Debt started out as positive, otherwise the Creditors would not have
originated the debt in the first place.FACT: Debt Tradelines go negative when the debtor fails to keep the payments current.FACT: The process can be reversed, a bad debt can be turned into a good tradeline.
Every debt must be paid. Every debt in history has been paid. If you don't pay, your lender pays.
This is the natural law of consequence, as sure as gravity.This Course shows you the process to convert bad debts back into positive primary tradelines and get them posted to any individuals consumer credit report for credit score enhancement (higher credit score)This is not the UCC or AU methods which do not work.Real Seasoned Positive Primary Tradelines
Such as Major credit cards Visa, MC, AX, Discover
Auto Loans and Mortgages can be bought for pennies on the dollar converted and posted to any credit report.
It is being done everydayConverting Commodified-Debt-Instruments into Positive Primary Trade Lines Posted to a Individual Consumers Credit FileGo to the following website for informationConverting Commodified-Debt-Instruments into Positive Primary Trade Lines Posted to a Credit FileRead more: http://www.usfreeads.com/3635941-cls.html#ixzz4AqC9UMAZ
Expert:  Dwayne B. replied 6 months ago.

Hello and thank you for contacting us. This is Dwayne B. and I’m an expert here and looking forward to assisting you today. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Also, I can only answer the questions you specifically ask and based on the facts that you give so please be sure that you ask the questions you want to ask and provide all necessary facts. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Interesting business idea.

I don't see a question in the posts you made although they are quite lengthy and it is possible the website trimmed them off a little.

Is there a specific question with which I could assist?

Customer: replied 6 months ago.
I'M ASKING THAT THIS WILL WORK - THERE SHOULD NOT BE A PROBLEM RESTUCTURING DEBT IN YOUR NAME AND TRANSFERING IT TO ANOTHER ENTITY WITH A POSITIVE TRADE LINE FROM A NEGATIVE.
Expert:  Dwayne B. replied 6 months ago.

There shouldn't be a problem so long as you have a proper agreement to transfer the debt to your name.

You would also want to be sure that you receive all of the documentation in an admissible form to be able to "prove up" the debt. Many debt collectors fail because they don't have anything other than an entry on a spreadsheet to prove the debt.

I'd suggest you get with a local attorney and have them draft your agreements, don't use an online form, as well as the requirements you have as far as documentation they will provide.

If your question has been answered then I'd offer my best wishes to you and ask that you please not forget to leave a Positive Rating so I receive credit for my work.

Of course, please feel free to ask any follow up questions in this thread. I want to be sure that all of your questions are answered. In addition, once you issue your Positive Rating the question will lock open and you can come back to it anytime in the future if you think of something else.