What Do I Do When My Debt Is Sold?

MoneyTips

Just like assets can be sold, so can debts. It's possible that your auto loan or mortgage could be sold by one lender to another. If your debt is in good standing, the terms and conditions of your agreement generally apply, but things relating to the servicing of your loan such as due dates and payment arrangements may change.

The new loan servicer must notify you within 30 days of assuming your loan, providing the date of transfer and the contact information that you will need to continue your payments. Since the due dates may change and any autopayment functions may need to be established, you should act as early as possible and contact the new servicer to work out details and verify that your loan terms remained intact. Mistakes can happen, and it's less costly to spot them early.

If you already sent your payment into the previous servicer, don't panic. You have a 60-day grace period that waives late fees if you mistakenly sent the payment to the wrong lender....

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