A dumb question probably

If a creditor sells your debt to a collection agency are you still obligated under the same terms you had with the original creditor ? I'm sure there must be something in the fine print however, the loan didn't originate with the collector and it would seem reasonable that at the point of sale a new agreement would need to be made. Well, it was worth a shot anyway..............dare to dream. I mean really, I didn't make any deal with the collection agency. Maybe some slick lawyer can pick this apart and find a loophole........

No I am sure the terms would be completely different since they will probably their money a lot faster than the original creditor.   I am positive of all the details and it varies from one collection service to another, I just know that once you make an arrangement to pay and don't complete it, they have grounds to sue you.

My brother successfully made payment arrangements with an aggressive collector. He explained his situation, told them he was able to make payments of $50 per month and that's all he could afford.

They agreed! But they also added that if he ever misses a payment, his entire sum is due within 24 hours, no arguments.

So he's paying them off - at $50 a week. And there's no bankrupcy showing on his credit - so he's happy that it hasn't destroyed everything!