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 Posted: Thu May 18, 2006 2:12 pm Subject: Waiting for CA to DV |
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I tracked my certified letter, to the CA. online. it arrived. I am waiting for their reply.
Can anyone please tell me what is acceptable proof that the debt is mine and that the CA owns it? Also, what else must the CA send me to verify and validate this debt?
Thanks.
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RSB
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| Posted: Thu May 18, 2006 2:26 pm Subject: |
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Validation of debt is very important under the federal laws. The FDCPA act clearly explains that debt collectors must go by the federal rules while attempting collections.
The CA must send you proof of the details they had from the original creditor. Though it is not necessary for them to give their licensing info, but you can request for it. They must be licensed in your state first before collecting the money.
The details of the debt must be put clearly in writing before you make any commitment. Review the interest rates and charges added on the account. Do read this page for more information on the debt validation process.
http://www.debtconsolidationcare.com/validation.html
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john
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| Posted: Fri May 19, 2006 6:47 pm Subject: |
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Should there be a form stating that the credit card sold the account to Asset?
Thanks for the info.
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RSB
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| Posted: Sat May 20, 2006 3:41 pm Subject: |
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RSB
Read the link posted above on debt validation. When a collection agency is recovering the amount on behalf of the original creditor, it should be clearly mentioned in writing that the OC has authorized the CA for further collections. The same thing applies if the debt is sold out. Without these papers, the CA cannot prove their legitimate collection. Many people are not aware about these requirements and hence pay to any CA asking for payment. Later, some other agency comes with a payment request. Since your accounts were not updated by the previous company, unfortunately your money went into the wrong hands. So, it is important to have these papers before making a payment.
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curlycarl
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