VIC Right to Know the Purchase Price of a Debt?

[settle]

The ANZ sold my credit card of $10,000 to debt collectors. Do I have a right to know as a consumer what they paid for the debt?

Can anyone help with this, as I'm being taken to court for the $10k?

 

[Lance]

Hi,

I'm not sure it really matters. $10,000 is $10,000 regardless of who owns it or how much they paid to pursue it. Are you trying to only pay the debt purchase value and not the full $10,000.

Anyway good luck. I don't believe you are entitled to know the details of a transaction between ANZ and the debt collector.

 

[settle]

I have been led to believe that I can pursue or the court can order a discovery of documents which furnishes the contract or purchase price of the debt by the debt collector

Any guidance on this would be greatly appreciated

 

[Rob Legat - SBPL]

What they sold the debt for is irrelevant. It doesn't change the amount you owe, just who you pay it to.

The process of selling debt ahead of its maturity is an old, well founded practice called 'factoring'. No one would ever buy the debt for its face value in a commercial situation. It's a gamble as to if/when the payment will come, and how much it will be. If you went bankrupt tomorrow, they'd get nothing.

You might be able to get an order for a copy of the document, but the point of it would be to confirm that you owe the debt collector the money.

 

[settle]

Thank you

How is the system fair in allowing a debt collector to pay for it and I, as a consumer, do not have the opportunity to pay for it at the price that sold it for?

 

[Rob Legat - SBPL]

Because it's not your asset to sell. It's your liability. While it may seem harsh to you, it's a very fundamental concept.

The closest you'll get is if you'd made an offer to settle the debt and pay immediately.

 

[settle]

Thank you for your help I will keep you posted of my outcome