• When you stop paying a debt, the bank can sell it to a company called an acquirer.
  • How can you identify if the bank sold your debt?
  • To find out, you have two options, first you can ask the financial institution directly, or check your credit history.

When you stop paying a debt, the bank can sell it to a company called an acquirer, how can you identify if this happens? We tell you.

Many people recommend not paying debts, because «nothing happens»; however, it does happen, says Ángel González Badillo, general director of the civil organization Defense of the Debtor.

  • The financial institution can sell it to an acquiring company, after 90 days without payment
  • The bank can start a commercial judicial process to recover it (this will depend on the amount of the debt, you have to check the risk levels, says the Debtor Defense manager)
  • The financial institution deducts it because it recognizes it as uncollectible

How can I confirm if my debt is still with the bank or has already been sold?

González Badillo explains that many times, collection offices They use the issue of the sale of debt as one more strategy for the client to pay, they tell them that now they are the owners of the debt. Most of the time it is not true.

Thus, debtors have the right to speak to the financial institution with which they originally have the debt and inquire about the status of the debt. «Unfortunately some entities do not provide the information to the debtor,» he says in an interview for Business Insider Mexico.

But there is another way, perhaps easier, to know if your debt was sold by the bank: the special credit report.

The general director of Debtor Defense, explains that first of all you owe request your credit historyRemember that once a year it is free, and if you ask for it more than once in that period it has a cost.

Credit bureau

Once you have it, you should check, the summary of your credits will appear at the top: if your debt was sold, that debt will appear in zeros, “it is as if you have no debt to anyone; However, further down in the detail you will find the name of another company together with the CV key (expired account sold), that means that now she will be the one with whom you must negotiate.

Credit bureau

These are the problems that are generated when a bank sells your debt

The general director of Debtor Defense assures that the problem of a bank selling your debt is that the acquiring companies are not regulated by anyone: neither Condusef, nor Profeco, so they are managed in a legal loophole.

This is something that he also wants to put on the Debtor Defense agenda in his collective action against duckling banks.

The fact that the acquiring companies are not regulated gives rise to them not respecting agreements with the debtors and inflate the amounts of the debts.

“If with the bank, a client had a debt of 60,000 pesos, they increase it to 160,000 pesos, they argue that it is because they recalculate the ordinary and late interest. It also happens that they make offers of payment, and they do not respect them, then the clients pay according to the agreement they made with them, and they sell the debt again, and that means that they now owe another company ”, explains the lawyer.

Do you have a problem with collection offices? Write to us editorial@businessinsider.mx

NOW READ: The «duckling» collection offices are multiplying – and they are more violent than the traditional ones

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How do I know if the bank sold my debt to a collection firm?