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 Posted: Fri May 16, 2008 9:41 pm |
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Just wondering is there any reason to validate debt that is current - for example, that maybe are not late yet or are only 1 month late or is that only supposed to be done for older debts or debts you are not sure about.
i was not sure if you needed the validation for records or not?
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luv2laugh
Joined: 27 Jan 2008
Posts: 64
Debtcc Points: 917
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| Posted: Sat May 17, 2008 6:20 am |
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Debt Validation is done with debt collectors. Under the FDCPA, In an initial communication with a debtor, you have 30 days to dispute it. They then need to stop all collection activity at this point until they can validate it. If they continue collections after you send a letter, you can sue them in court.
Validating with the Original Creditor is pointless for the most part as they are not bound by the FDCPA.
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Guest
Debtcc Points: 100
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| Posted: Sat May 17, 2008 8:24 am |
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Guest is right, original creditors are not bound by the FDCPA. Also, when others talk about debt validation, by that point it has either been charged off and sold to a Collection Agency, or they have a collection agency trying to collect their money for them.
If you are current, there are no problems with that.
If you want to get out of debt sooner, I started paying extra on my lowest balance cc until I got it paid off. I then took that money I was paying, and added it to the next lowest, and so on..Karen
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