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 Posted: Mon Nov 20, 2006 4:47 pm Subject: Another ? about debt validation |
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What is the correct info the company is supposed to give you to validate the debt. I sent a debt val ltr to Paragon Way. All it listed was the company & the amt. Don't they have to give more detailed info than that?
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lgall
Joined: 27 Mar 2006
Posts: 186
Debtcc Points: 3563
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| Posted: Mon Nov 20, 2006 4:54 pm Subject: |
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did they give you an account number? When a debt is bought by a CA it no longer belongs to the original creditor, so they never really have any hard facts.
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
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finsfan13
Moderator
Joined: 17 Feb 2006
Posts: 7021
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| Posted: Mon Nov 20, 2006 4:57 pm Subject: |
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Yes I did get an acct#. I thought they had to show how the balance was accrued. This is from a payday loan from Cashnet that I of course paid way too high interest on. I don't feel I owe the balance.
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lgall
Joined: 27 Mar 2006
Posts: 186
Debtcc Points: 3563
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| Posted: Mon Nov 20, 2006 5:00 pm Subject: |
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I don't know if they have to show how the balance is accrued..They never seem to.
_________________
"It's a treat, being a long-distance runner...."
Allan Sillitoe, The Loneliness Of A Long-Distance Runner
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finsfan13
Moderator
Joined: 17 Feb 2006
Posts: 7021
Debtcc Points: 59875
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| Posted: Mon Nov 20, 2006 5:00 pm Subject: |
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A debt validation should contain the following information. See here.
But it is often hard to get everything you requested. At least you should have the info that authorizes the genuine collection by a CA.
Get in contact with the loan company. Show your state laws and make them aware about your paying more than the legal amount. If you are successful on the dispute, get the account marked closed so that you don't have to pay to the CA.
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FlyingCats
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Joined: 05 Aug 2006
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