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Arrow Financial - Validation???

Date: Tue, 12/11/2007 - 07:04

Submitted by kbowers
on Tue, 12/11/2007 - 07:04

Posts: 14 Credits: [Donate]

Total Replies: 8


I have been battling this company since the summer. I had two First Premier Bank cards several years ago. I paid one off and continued payments on the other. During my "debt days" it was charged off for non payment, but I never heard about it. It was just listed as a charge-off on my credit report. I repeatedly contacted FPB to provide information and they NEVER ONCE acknowledged my correspondance.

Long story short, I received a notice from Arrow Financial over the summer for the account. I sent them a valiadation request in July and never heard from them until they started to call again a couple of months ago. I again asked for validation.

I just received "validation" which consists of a bunch of financial forms with the name blacked out. In their letter, they do not make any reference to the amount owed now. When charged off, it was $722. The first letter from Arrow asked for $950.

This can't be proper validation, can it? If not, what is my next step? They are now on my credit report as a collection item and so is the original account with FPB. Can that be listed twice?

I can handle this company, no problem, but before I proceed, I would like some feedback.


That doesn't sound like validation to me..what did they validate?? The amount? Nope. They even blacked out the name..why would they do that? Sounds fishy to me. I would send another letter, again asking for validation, -proper- validation. Ask them to provide a breakdown of all charges and to explain why the charged off amount is $722 and yet they are claiming $950, also ask them to provide proof that the extra is legal. (like a signed contract stating how much interest can be charged on a defaulted account).


lrhall41

Submitted by goldenbast on Tue, 12/11/2007 - 10:17

( Posts: 2884 | Credits: )


Based on what the original poster had to say, that ain't proper validation! Don't send'em one damn dime until they validate the debt properly.

Some of what they have to show you are:

- Documents with your signature, establishing that the debt is yours and that you agreed to pay it.

- A complete account history, starting with the OC, and including all payments made and a breakdown of any interest, penalties, and fees that have been added.

- Chain of title or assignment of the debt, to prove that they are legally authorized to collect it from you.

There are more requirements. Look around the site and you'll find'em. Sorry, but I gotta run now. Food's on!


lrhall41

Submitted by unclewulf on Sun, 12/16/2007 - 14:24

( Posts: 3172 | Credits: )