In Florida, once a debt is assigned to a collection agency, does that agency need to get a settlement proposal approved by the original lending organization? For Example, once CreditCard assigns the debt to DebtCollector, and the Debtor proposes a settlement, does DebtCollector have to ask CreditCard if they approve of the proposed settlement or does DebtCollector actually own the debt and act independently of CreditCard? It seems to me DebtCollector probably bought the debt from CreditCard for pennies on the dollar and makes money by trying to get dimes on the dollar from an otherwise lost debt. Can someone explain how this works?

