Any way to tell

[DYLAN150]

Is there anyway to tell when your old credit card debt has been sold to a JDB?

[HHM]

You will get a letter from the JDB saying, "pay us, or else"

Other than that, you can monitor your credit report.
Once the credit card company puts the "charge off" entry...it is a good bet the debt is on its way to the JDB market.

Eventually, the JDB will show up on your credit report.

[DYLAN150]

HHM: would you say that Junk Debt Buyers are not as likely to sue as the OC?

[shark66]

HHM: would you say that Junk Debt Buyers are not as likely to sue as the OC?

I'd be interested in HHM's opinion myself...

In my experience, they are more likely to sue than the OC.

Good luck to us all.

[HHM]

The opposite, JDB's are more likely to sue. Most collection lawsuits are initiated by JDB's, not the original creditors.

[CCM620]

The negative credit stays on your credit report until 7 years after you defauled with the OC right? If its sold to a JDB a year after you default, it doesn't start the seven year cycle over correct? The only thing that can start the seven years over is if you make a payment I believe is correct.

[df04527]

Correct

[underwater59]

both of mine had been sold to jdb and both have sued me within a week of each other, i just let both get default judgements far as i am concerned they both can go pound sand it does show on my credit report both of the jdb that have bought it like its original where i am in default with them also now

[lotsahats]

Is it possible that a debt could just disappear altogether? I'm sure the odds of that happening are extremely slim, but my aunt told me about a debt that she defaulted on, back in the 80's. They harassed her for awhile, but eventually gave up. She was probably judgement-proof at the time, but she certainly isn't now.

[shark66]

Is it possible that a debt could just disappear altogether? I'm sure the odds of that happening are extremely slim

You've pretty much answered your own question here...

but my aunt told me about a debt that she defaulted on, back in the 80's. They harassed her for awhile, but eventually gave up. She was probably judgement-proof at the time, but she certainly isn't now.

Oh heck yeah, but I'd presume that the whole debt thing was a very different ball game back then. That being said, she's likely the only one who remembers the default in question...not to mention the fact that she's likely passed any SOL on any level, even if the creditor obtained a judgment against her back then...

Good luck to us all.

[DYLAN150]

HHM: One last question (thanks for answering) it's been my experience that once I received a letter from a JDB, stating they have my account and wanting payment of course, I request DV. Then I never hear from them again. They pass the account on to another JDB, why?

[GoingDown]

Are you sure the account is being passed to a new JDB and not just to a new collection agency?

From my experience, the standard policy of a JDB's was to respond to each new DV letter I sent to the collection agency they were using to collect my account, by simply bouncing the account to a new collection agency, and I then had to send a new DV letter or Cease and Desist letter to them and start the whole process all over again.


From the responses above, it looks like I really lucked out on not getting sued by JDB's. The vast majority of my defaulted debts were sold to JDB's, but none of them ever sued me.

My guess is that they actually checked for my employer and found none, and then did property tax search for my street address and found that I didn't own the house I lived in, and then probably did a few other searches on me and decided I wasn't worth going after.

[HHM]

It is really hard to generalize on this topic. Much depends on who were your original creditors, where you are in the country, how much is owed. etc.

But generally, a C&D letter or DV letter is a good way to show you are pro-active and it moves you to the bottom of the priority list (but it also tells the JDB that they have a live target and therefore a suit may be warranted, no way to know their internal decision making).

[df04527]

Yup I am pretty sure they review your credit report to look at your possibility of paying it back. For instance if you start getting approved for credit or have a card with room before you hit the limit they may believe it is worth the money to persue. No rule of thumb.