Consumer Protection Law
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Hi, I am being sued by a law firm in Houston tx that is claiming national collegiate trust as the plaintiff. On my credit report this loan is reported three times. One which is nct, the other by nco financial systems, and then by Oxford coleection agency. My question is how do I find out who owns the private loan now? Response 1: You need to request for validation of debt from the law firm that is suing you. If the NCT no longer owns the debt and has sold it to a debt buyer, the law firm must provide you with evidence of ownership. Otherwise, you can file Motion to Dismiss for Plaintiff's lack of legal capacity to sue because it no longer owns the debt. However, from your post here, it appears that information that you have been given by NCT's representative may not be accurate. NCO and Oxford are both collection agencies and not debt buyers. NCT may have just charged off the account and sent it to collections instead of selling it and may still own the debt. I'm confused since it has been reported by two other agencies. Response 2: You have multiple reports because the debt was sent to collections. Usually, what happens is that if a creditor sends an account to a collector and the collector is unable to collect the within a certain period, the creditor would turn around and take the account from that collector and send it to another collector to see if the current collector may succeed where the previous one had failed. The time frame is about six months to one year. Unfortunately, once assigned the account, the collectors may report the account to Credit Reporting Agencies. If nct doesn't own the debt anymore can the lawyer sue under their name or is this fraud( the plaintiff is misrepresented)? Response 3: No, the lawyer cannot sue on behalf of NCT if NCT no longer OWNS the debt. However, as stated previously, you may have been given wrong information by NCT's representative. It is quite likely that NCT still owns this debt. If the debt has been sold /assigned, the Plaintiff's name on the lawsuit should be "so and so, assignee of NCT. If the Plaintiff's name is XXXXX XXXXX means that NCT is still the creditor. In any event, you need to do a validation of debt and ask the law firm to provide evidence that NCT still owns this debt and has not sold it yet to a debt buyer.
Below is a sample letter. MODIFY AS APPROPRIATE.
RE: Validation of Debt
This letter is being sent to you in response to a notice sent to me on (insert date letter sent by collector). Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692(g) that your claim is disputed and validation is requested.
This is NOT a request for "verification" or proof of my mailing address, but a request for VALIDATION made pursuant to the above named title and section. I respectfully XXXXX XXXXX your offices provide me with competent evidence that I have any legal obligation to pay you.
Please provide me with the following: a copy of credit card agreement, assignment of debt, the name and address of the original creditor, and the original account number. Also, please show me that you are licensed to collect in my state and provide me with your license numbers and your Registered Agent.
Your anticipated cooperation in this regard is greatly appreciated.
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