by footloose » Thu Jan 06, 2011 08:37:00 AM
Home Depot's store charge cards are issued by CitiBank Canada which is the financing arm of Home Depot. That is why when you called Home Depot to try to settle your account, you got "Citicard payment services".
I believe the information that you received from "Citicard payment services" is incorrect. Here is what I think has happened. When the card went into default, Home Depot assigned, not sold, the debt to a collection agency to collect on behalf of Home Depot. Usually, a collection agency will try to collect a debt up to 6 months. If the C/A has no success in contacting the debtor, the debt is then turned back to the original creditor. The creditor then contacts another C/A and repeats the process all over again. If after several attempts to collect, using a C/A proves to be futile, the creditor will write the debt off and sell it to a debt buyer such as Aktiv Kapital. I have never heard of a debt buyer purchasing a debt from a creditor, and after being unable to collect, turning the debt back to the creditor.
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