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Originally Posted by gldskr
Firstly, CC debt is not bought and sold, only the collection rights. "Accounts" are pooled into a trust according to specific criteria. The trust then sells bonds against these pooled accounts profiting from the spread.
What occurred regarding the two attorneys is a simple assignment of the collection rights. While H&D and HLS may claim to represent their client, Cap. 1, this is not inconsistent as Cap. 1 is merely a debt collector as well. The true owner of the alleged debt is the trust.
What they are saying in their lawsuit is not " I am the owner of the debt and I demand payment", but rather, " I own the collection rights to the debt and in order to profit from my efforts, I strongly urge you to make payment ". In the former case the plaintiff has standing, in the later he does not; But the court will not differentiate the two, that is your responsibility.
Once the owner of the alleged debt is determined, you will then know who has standing to sue. This can be determined in various ways.
1. If a personal account actually exists that is acruable to you, there will be a 1099 C issued to you evidencing such. This is the chargeoff that is required after 6 months of a delinquency. This never happens, however, although a chargeoff appears in your credit report. The chargeoff doesn't prove ownership, only that it was held on Cap. One's books, as it was the underwriter of the bond so it was allowed the writeoff. But if you do get a 1099 C, it came from the owner.
2. Demand at the outset, the name of the trust your alleged account has been pooled into. This is an issue of standing and jurisdiction. It is the trust that owns the "account" and only it can demand payment. Cap. 1 is merely a servicer, among other functions.
3. Demand at the outset the assignment agreements from one DC to another. This will prove that the DC's have no authority to demand but to persuade and you have not denied them this right.
Now, if you allow the court to presume the DC is the owner of the alleged debt, he will certainly do so to your detriment. If you challenge standing, the odds are in your favor.
gldskr
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Gldskr, Once again you have nailed it! This post provided the missing parts of the Trust issue that I tried to use years ago in a battle against wolpoff. Eventualy losing because I didn't know how to present it correctly in court. But they were held off for 7 months before the judge allowed them the win......... Thanks!
I wonder if this could even be argued in the district court? Cause the debt attorneys will howl and the blob ain't gonna wanna rule on it either. It gets into a whole other realm that they don't want to touch. It shows them ALL for the absolute frauds that they are!