Yes, a debt buyer can purchase your debt. Debt buyers are companies that buy delinquent or charged-off debts from original creditors (banks, credit card companies, medical providers, etc.) for a fraction of the original amount. Once they own the debt, they attempt to collect the full amount from you—often using aggressive collection tactics.
How Do Debt Buyers Acquire Debt?
- Creditors sell debts in bulk packages to debt buyers at a discounted price (as low as pennies on the dollar).
- The original creditor no longer owns the debt and cannot collect on it.
- The debt buyer now has the legal right to collect, but they must still follow the Fair Debt Collection Practices Act (FDCPA).
What Are Your Rights if a Debt Buyer Owns Your Debt?
Debt buyers must follow strict FDCPA guidelines. They cannot:
❌ Harass or threaten you with violence
❌ Lie about the amount of debt you owe
❌ Pretend to be a law enforcement officer
❌ Call you at work after you ask them to stop
❌ Sue you for an expired (time-barred) debt
Can a Debt Buyer Sue Me?
Yes, debt buyers can sue you in court. However, you may have a strong defense if:
- The debt is past the statute of limitations (varies by state).
- The debt buyer lacks proper documentation to prove they own the debt.
- They violate your rights under the FDCPA.
What Should You Do If a Debt Buyer Contacts You?
✅ Demand proof – Ask them to provide a debt validation letter within 30 days of first contact.
✅ Check the statute of limitations – If the debt is too old, they cannot legally sue you.
✅ Do not admit to the debt – Making a payment or acknowledging the debt could restart the statute of limitations.
✅ Know your rights – If a debt buyer violates the FDCPA, you may be entitled to compensation.
Need Help Fighting a Debt Buyer?
If you’re dealing with harassment, lawsuits, or unfair collection tactics, The Wood Firm PLLC can help.
📞 Call us at 844-638-1122
📧 Email us athelp@protectionforconsumers.
Don’t let debt buyers intimidate you—know your rights and take action today!
