Reply #5: what gets ME is ...

[unblock]

why does the notification come from the NEW company???

actually, i know the answer, because i've personally done these notifications. the new company just bought the loans (or is subcontracting to service them) or maybe it's the same company all along but they just securitized and have to direct you to pay to a different lockbox.

anyway, the new company is on the hook to service all the loans and they have to get you to pay to the correct p.o.box, so they notify you with the correct info.

the old company is done with the loans, they got paid, so they don't care. they're off to the carribean with all that loot.

but from the point of view of the debtor, i just got an UNCONFIRMED letter saying 'pay me' instead of paying that guy! why should i believe that, and isn't that a big scam risk?

i mean, what's stopping someone with access to a debtor list from claiming to have purchased the loans, setting up their own p.o.box and collecting several days collections before closing down and fleeing? well, mostly people pay with checks, so there's still the issue of how to cash it all, and at least one debtor would call the old company to confirm, so maybe i'm just paranoid, but still....

seems to me these notification should at least include something on the old company's letterhead acknowledging the sale....