Validating a debt
If this occurs, you must send a second validation letter requesting proper proof in the form of copies of your signed contract with the original creditor, or the collection agency's contract with the original creditor to collect on the debt.
Before you do, you need to understand the dos and don'ts of debt validation.
This article is a great place to start, followed by Debt Validation Myths, two comprehensive resources that should leave you well-prepared for dealing with a debt collector. Let's say you borrowed money from your friend, Paul. As times goes by, you think you might still owe Paul money but you are not sure how much.
Then out of the blue a guy named Bob comes up to you and says he is collecting the money you owe Paul.
Bob is acting just like a collection agency or debt collector.
The Fair Debt Collection Practices Act (FDCPA) allows consumers to request a debt validation at any time.
You are only allowed to request debt validation from a third party debt collector.She currently works in the real-estate industry as a consumer credit and debt specialist.Edwards has experience working with collections, liens, judgments, bankruptcies, loans and credit law.These companies do not spend much money at all for these debts, sometimes paying less than 1 cent on the dollar.Even if the debt is not a large debt, they often hire an attorney to send out mass form letters to debtors in the hopes of collecting.This does not mean that the debt will be considered valid by the credit bureaus and the courts if you do not file a timely dispute. In your letter, request written proof that the debt belongs to you, the name of the original creditor, and proof that the collection agency is licensed to collect in your state.Tags: Adult Dating, affair dating, sex dating