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Jane T (LLC)
Jane T (LLC), Lawyer (JD)
Category: Legal
Satisfied Customers: 8435
Experience:  Experienced attorney; contracts, internet, business, finance, employment, RE, consumer, & more.
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I have run across a company that will assume ownership of ...

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I have run across a company that will assume ownership of my unsecure debt. They say that they send the debt holders new contract terms when they send them your payment (i.e. lower interest rate, lower payment, etc)

1. Can the company legally assume my debt?
2. Can new contract terms be enforceable once debt holder accepts payment?

Dear cliffwilson,

What kind of unsecured debt is this (credit card, other, etc.)?

Is the lender a bank?

Customer: replied 9 years ago.
credit card, store card Lender is major financial institutions that issues credit cards such as capital one


When consumers sign agreements for loans (credit cards or otherwise) they enter into a contract with the lender. That normally means that unless the lender agrees to have the original contract changed or altered, in any way, the orginal borrower remains liable under that loan contract under the same terms it was first made. Simply because a lender accepts payment from another party or in anyway does not mean they "must" change the terms of their original loan. While others can offer to take over a loan or request for changes to be made, a lender does not normally have to agree to do so (unless the loan agreement specifically says they have to, and loan agreements do not normally say such things; in fact, many loan agreements say that such loans are not assignable (or that they cannot be taken over by others - without approval or at all).

You should contact your state's Consumer Protection Office, here, to discuss this company's offers and to learn your full MS rights to see what MS laws provide for consumers in that state.

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