Collection Agencies - transcanada credit. - Canada

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RE: transcanada credit.

Postby average_joe » Tue Feb 16, 2010 04:29:51 PM


I don't think your debt was sold to a collection agecny.The only thing Wells Fargo did is assign the account to a collection agency. I would call Wells Fargo up and find out which collection agency is supposed to be handling your matter now.
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RE: transcanada credit.

Postby alberts » Tue Feb 16, 2010 04:27:01 PM

yes however that is something else that i am wondering because we have gotten letters from a couple of different collection agencies about the same account. they have the same account numbers and everything.
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RE: transcanada credit.

Postby RichardC » Tue Feb 16, 2010 11:42:54 AM

So in your case the debt you owe has been transferred like this:

Trans Canada Credit --> Wells Fargo Financial --> XYZ Collection Agency.
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RE: transcanada credit.

Postby alberts » Mon Feb 15, 2010 08:57:26 PM

Wells Fargo has already sold the debt. However the statute of limations has long run out.
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RE: transcanada credit.

Postby RichardC » Mon Feb 15, 2010 05:15:32 PM

Janet, I've confused you. Ignore my comment about collection agencies buying debt; that’s what confused you and it was only meant to be another example of how debt can be shifted around from company to company. You can’t owe a debt to two different creditors.

You only owe WFF at this time.

Now, if WFF decides to sell the debt at some point to a CA, then you would no longer owe WFF and then become indebted to the CA that bought the debt.

Does that make sense now?
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RE: transcanada credit.

Postby average_joe » Mon Feb 15, 2010 11:24:10 AM

I don't think you understand what richard is saying.
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RE: transcanada credit.

Postby alberts » Mon Feb 15, 2010 11:11:22 AM

Richard but if you say I owe the company that bought the debt or the collection agency and I owe Wells Fargo then I owe two people the same sum of money, which is just wrong if Wells decided to let someone acquire the debt for a recuded amount then the other debt should be concluded an they should have no right to any money.
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RE: transcanada credit.

Postby RichardC » Mon Feb 15, 2010 10:48:59 AM

You don't owe two creditors; you still owe the money, just to Wells Fargo now.

Trans Canada Credit no longer exists; WFF gobbled them up as part of their entry strategy into Canada.
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RE: transcanada credit.

Postby alberts » Mon Feb 15, 2010 09:35:45 AM

Richard that is what I don't get how can you owe two people for the same account, when a creditor sells the debt they should forfeit all right to that debt.
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RE: transcanada credit.

Postby RichardC » Mon Feb 15, 2010 07:01:09 AM

Uhm no, that letter would just make them chuckle.

This happens with mergers and acquisitions, when Wells Fargo bought up Trans Canada Credit they took on all assets/liabilities of the company they bought. The agreement you signed with TCC is binding you to WFF now.

There is no way out of it and you still need to pay.

Think about it with debt buyers. When a collection agency buys up a debt for $0.02 on the dollar, do you think the original debt is no longer owed just becasue the CA bought it? You still owe the money in this case too.

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