Transfer of Claim

[ccfriend]

I am just over a year into my ch 13 plan. I checked PACER last night and noticed that last week a new document was inserted. When I clicked open the document it was a transfer of claim. Prior to the bankruptcy the debt was with MBNA and then it went to Ecast Settlement. This new transfer has the debt from Ecast Settlement going to Bank of America. Any ideas why it was transfered? I know that MBNA is now part of BoA, but I haven't seen any other debt go from a settlement back to the creditor.

[rrockinggramma]

probably B of A wants the money from the trustee instead of it going to ecast. It shouldn't effect your plan or payment at all.

[Nicollette]

I've been in my plan a little over two years now, and I've had three or four claim transfers. My attorney had said its nothing to worry about. It happens quite a bit.

[AngelinaCatHub]

Claim transfers are buy outs for discounted accounts. It is done all the time as in commercials asking if you wish cash for your insurance payments for such. 'Hub

[catleg]

This is funny because I've never heard of accounts going FROM Ecast TO any big banks before.

My guess would be that since they've stopped lending out the front door and they've got access to all that federally backstopped money, they decided to take some of their chapter 13 accounts back onto their books.

Great success. High Five.

[justbroke]

This is funny because I've never heard of accounts going FROM Ecast TO any big banks before.

You may not have heard of this, but it could be lucrative for the Banks. While the Banks traditionally didn't meddle in the "junk debt buying"... just think about it.

I bet they're just desperate for other revenue streams. While most Chapter 13 claims are moved around a bit and end up with eCast Settlement, LVNV, or B-Real (B-Line)... I don't see any reason not to buy some of it as an investment... if you can get it at $0.01 or $0.02 on the dollar!

[catleg]

Here is something else interesting.
ECast Settlement Corp is/was owned by Bear Stearns.
When BS failed, there was a shotgun wedding with .. JP Morgan Chase.
So now ECast Settlement Corp belongs to JP Morgan Chase.

[oldhack]

I don't know where ECast resides in all this, but MBNA ceased to exist in 2005 when it was acquired by Bank of America. So, the debt was destined by be absorbed by somebody.