Bank Employees, Collectors & Lawyers Do NOT Understand Common Sense Concept BUT…. YOU DO! … HOW CONVENIENT!
The Following Are Two Ways Of How Banks Can Get Paid Twice From One Loan:
1) All Collectors will admit they are well aware debts are bought and sold as a daily practice within the Financial Industry.
If the Collectors are well aware debts are bought and sold then why can’t they understand how crucial it is for The Canadian Borrower and Private Lender to ask for proof of ownership of the debt.
The Bank could have sold the debt. All the Collectors we have investigated some how can NOT grasp this common sense concept.
The Following Example Illustrates The Above Common Sense Concept:
The Canadian Borrower signs a Loan Contract in January.
The Creditor / Bank sells the Wet Ink Loan Contract / Debt without informing The Canadian Borrower in April.
December the Creditor / Bank sends the file to a third party Collector.
The above example illustrates at the time the Collection Company created the original collections file with the Creditor, the Creditor would no longer be the rightful owner of the debt due to the fact they sold it!
If the Collector is successful on collecting then the Bank Just Got Paid Twice !
This is why Collectors should be asking the Creditors / Banks for verifiable proof they are in fact still the rightful owners of the debt before they start the collections process.
2) If you signed a loan contract with the Bank, then the Bank decides to sell the debt and receives payment from the Buyer of the debt, then you come into some money and decide to pay the Bank out, in this situation the Bank Just Got Paid Twice !
To use the information presented in this blog to get out of debt here is a LINK worth checking out or email us at UnitedWeStandPeople@gmail.com .