Buying debt works both ways: some people acquire other people\u2019s claims, others are told their own debt has been sold. This page is for both.<\/p>\n
If you are buying a debt<\/strong>, first check whether it exists in law: whether the limitation period has expired, whether the contract has been challenged, and whether the debtor has assets worth enforcing against. A time-barred claim against someone with no assets will still be nothing but paper after you buy it.<\/p>\n
If your debt has been sold to debt collectors<\/strong>, check that the assignment was lawful. It is often defective, and the claim against you is then invalid in whole or in part.<\/p>\n