Collection Agency No Longer Exists

I still owe a collection agency and was making payments. The Agency was forced to close immediately and lost their legal license. Will they still go after me for the balance

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Apr 07, 2011
Collection Agency No Longer Exists

If the agency lost its license to operate, then it is no longer entitled to collect from you. However, if it was collecting a debt on behalf of a creditor you owe money to, the creditor is likely to turn your debt over to a different agency.

I am not sure what is apt to happen if the agency owns your debt because it bought it from the creditor. If you know that your debt was sold to the agency, I suggest you contact your state attorney general's office to see if it can tell you what will happen to the debt now that the agency has lost its license or that you try to get that same information by contacting a consumer law attorney in your area who helps consumers resolve debt collection problems.

Good luck!

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