Collections Letter

[LarryC1]

Received letter from National Enterprise Systems who said they are collecting on behalf of Paragon Way Inc. thier client but the current creditor is Precision Rcvy Analytics. Who owns the debt? The original creditor was GE Money. Credit report shows charge off by GE. Paragon Way is a corrupt company from Tx.
colection agency is registered in the debtors state to collect debts. Any thoughts?

[MSbklawyer]

Who owns the debt? The original creditor was GE Money. Credit report shows charge off by GE. Paragon Way is a corrupt company from Tx.
colection agency is registered in the debtors state to collect debts. Any thoughts?

When these debt buying / collection / factoring companies get involved and they start bundling these debts and selling them back and forth to each other, THEY don't even know, minute to minute, who owns the debt.

If your plan is to pay the debt, you should -- and you have a right to -- see the original note that you signed that created the obligation. Otherwise you run the risk that you are paying the wrong person and may end up paying twice (or more) on the same debt.

But -- If your plan is to discharge the debt in a bankruptcy, then list the original creditor and list everyone else who has ever owned the debt or tried to collect on it as 'notice only' on your schedules.