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assignment contracts as close as I get to a magic bullet in that defense brought to you by your legal leg up calm your damage if you're being sued by debt collectors we say in the law that there are no magic bullets in that defense but getting the assignment contract may be as close as again a magic bullet is a tool or action so powerful and significant that simply invoking it can be a game-changer it can feel easy magical and so people on the internet are always looking for magic bullet to strawman very certain weird uses of the Uniform Commercial Code crazy stuff like that you name it even bankruptcy but these things never work because there's no free lunch anywhere anytime anyway there is something that it's almost a magic bullet though it isn't magic doesn't work all the time and can take a lot of work to get so that's why it's not magic right but if you do get it it will make your life easier and it will often be enough to win your case provided you know what to do with it I'm talking about the assignment contract and this video applies only to people who are being sued by debt buyers not by the original creditors if you've got an original creditor this video is not going to apply to you so what is an assignment contract to know what that is let's step back a bit and look at the debt collection industry as you know they operate on scale massive scale you have a large number of things dozens you know hundreds maybe who charge-offs debts and these debts go to them and these companies go to the market and sell those debts by the tens of a thousand to tens of thousands of accounts at a time at auction so we could be talking hundreds of millions of dollars at a time at an auction it's a very large-scale business we've pointed out it's the company suing people often filed dozens of cases at a time but the debt sales are much much bigger their national or even international another bomb scale and they're also designed for efficiency of course if everything else is in the business the standard Excel involves three main documents not to is you may have been led to believe it includes a bill of sale which that collectors routinely provide and response to discovery and you probably know about the list of accounts which debt collectors often do not provide in response to discovery for some reason and which ones one of the three weaknesses I've discussed in another video and the bill of sale was just a document which says that the bank the selling bank is selling a bunch of accounts to the debt collector and it refers to the list of accounts usually as an exhibit you know as an exhibit to the to the bill of sale which...