Should I request a DV letter even though I know the debt is

Does the amount look right to you? Many times the CA's will try to tack on additonal fees and inflated interest.

If the debt is yours, and you know its valid, my suggestion would be to make arrangements to pay it.

Yes I think the amount looks right, they add alot of interest before it even got turned over. And I have settled two of my debts already but can't do anything with this one until I save up some more $. I didn't think I needed to send a DV letter but just wanted to see what everyone thought.

Tks

If you know it is yours, sending a DV will pretty much just buy you some time. But it doesn't hurt to send it anyway; if they don't validate it then they can't try to collect until they do.

An advertisement from debt collection attorneys of Edelman, Combs, Latturner & Goodwin, LLC,
"Even if you know the debt is valid, you have the right to know that the debt buyer actually owns the debt. The debt buyer must be prepared to provide you with a copy of an assignment of the debt that specifically refers to the debtor by name, address, and account number. Also, beware: making even a small payment may revive the statute of limitations on an old debt which would otherwise be uncollectible".

If you know it's yours and you know it's valid then sending a DV letter is pretty much a stall tactic that will save you maybe 30 days or so until they start calling you.

I don't understand why you are saying that 3rd party collection agencies are collecting debts illegally especially if it is a valid debt. Also, pulling a credit report is only illegal on certain debts. Debts can stay on your credit report for as long as your state law allows.

Or many I misunderstood.

The only way they can get a default judgement is if you fail to answer your summons or fail to show up for court. Also, the type of debts you are talking about, the ones being resold constantly, are usually out of the SOL which no judgement can be gained from that anyway provided that you answer your summons stating that the debt is out of the SoL and that the collection agency needs to prove that it is within the SoL.

Also, while you do have the right to dispute a debt, even if it is valid, doesn't mean that after a dispute is resolve that you still won't owe any late fee's or interest stated in the origional contract if it is found in favor of the debt and not the consumer.

You no longer owe the debt once the debt is "charged off" What that means is that the original creditor recieved a business tax deduction from the IRS for a non-paying account.

The alleged debtor owes nothing.

Therefore the third party debt collector does not have a signed note or a contract that he gave you credit does he? Basic contract law says that if you "have no note you cannot collect".

They cannot validate the debt.

If you don't know your rights you don't know your options.

I cannot train you in this forum how to stop illegal debt collection. I am a consultant for attorneys all over the country and we are winning are cases against third party debt collectors. I realize that you are defending your business of debt consolidation by asking all these questions.

I want consumers to know that third party debt collection is illegal and a scam and that the original creditor only gets pennies on the dollar if anything. And that the debt collector keeps all the money collected. Do you think that's fair? Do you agree that something is wrong with this picture? Especially when they break the law illegally looking into your credit file without your permission.

I have many credit consumers coming to me saying "I have paid a debt consolidation company monthly fees for years and my bank account has just been swept and I find out that I have a default judgment against me for that credit card. "What happened!"

What happens in most cases is that the debt consolidation company told them "don't worry about the summons" we are taking care of it.

Do you think that's fair?

Well, it tells me that the debt consolidation company doesn't know how to stop third party debt collectors from illegal debt collection.

Do your own research and know your rights. There consumer protection laws in place to protect you from third party debt collectors.

See: http://www.budhibbs.com/

An advertisement from debt collection attorneys of Edelman, Combs, Latturner & Goodwin, LLC,
"Even if you know the debt is valid, you have the right to know that the debt buyer actually owns the debt. The debt buyer must be prepared to provide you with a copy of an assignment of the debt that specifically refers to the debtor by name, address, and account number. Also, beware: making even a small payment may revive the statute of limitations on an old debt which would otherwise be uncollectible".

Actually debts are assets which are transferable. If a CA is merely collecting on the debt while the original creditor maintains ownership then there will be an assignment contract giving them the right to collect on it. However the creditor can choose to sell the debt after charge off. How they "write it off" at the end of the fiscal year is they claim it as a loss as if they had paid that amount to you (as if you were an employee but it's a different type of filing) but they may still transfer/sell these assets to another entity as long as they have validation documents to back it up and they have the correct licensing requirements to collect in the state in question (business license, surety bond, and have a registered agent) then they may collect on the debt.

I had these questions long ago myself and contacted the IRS in regards to the filing process and it was confirmed.

A charged off debt isn't the same thing as a written off debt and you are describing a written off debt. Charged Off basically means R9 or Bad Debt. You still owe it.

I do agree that if you are unsure of a debt that it should be validated. You only want to have to pay it once. But when it's validated you should pay it, or if it is validated and out of the SoL you should pay it when you can in one lump sum.

Debt do not just go away because they are no longer with the creditor.

Um we have a conspiracy theory going on here eh! :lol: I would love to see these defenses when you go to court.You would be buried under the weight of the evidence. Please do realize this site does not advise anyone to follow incorrect advice.

FYI, what you said about paying in lump sum for time barred debt. It's a good idea, that's why I'm saving them for last :) I know I can take care of my recent debts first and the older ones won't hit my credit nor can they be sued upon. They'll get paid off, just at a later time.

Lawexpert, I believe you are wrong on a few of your points. I don't have much time to write now, but I will be back with my rebuttal later.

Every negative report I have on my CBR is out of the SoL. I guess why it took me so long to get many of them taken care of was because I knew I needed to take care of them at once instead of dragging it out.

Interesting, I'll keep that in mind.

P.S.

11 more months (or less) until I'm debt free.

I hope to be (bad) debt free by April of this year. And in good debt with a home, car and just 1 credit card.

I have one open credit card, a Fashion Bug card. I'm a guy and don't have any use for it. The only reason I got it is because 1. No fees, 2. No use for it so I know it will keep a zero balance, and 3. It reports positively on my credit report monthly.

I HAVE A COUPLE OF QUESTIONS TO ASK. SHOULD IS SEND IN A VALIDATION IF I KNOW THE DEBT IS MINE. THE ONLY THING IS THE OC CHARGED IT OFF TO A CA AND THEY ARE TRYING TO COLLECT MORE THAN THE ORIGNAL CHARGE OF AMOUNT