Genesis Financial Solutions

It's a scam! Hold onto your wallet and run for your life!!!

These people are CA/JDB. Offering to put your old debt on their house-brand credit card [often at exhorbitant interest rates] is a slick way to get you to pony up on a debt that they might not be able to collect on any other way. I've seen this trick tried for decade-old out-of-statute debt, bogus accounts of one type or another, you name it. I've also seen it used as the 'carrot', offsetting the threat of legal action [the 'stick'.]

Take, ferinstance, an out-of-statute debt that's ten years old. That's uncollectable pretty much anywhere, right? They say 'Gimme', and you tell'em to pound sand. They can't sue because it's so old, so they're stuck. Unless...... So they offer you a sweetheart deal. Put the old debt on a shiny new card, with super-easy payments. You can pay it off over time without straining yourself, right? Thing is, by taking their bait, you've just brought the debt current, and reset the statute of limitations. So now they can sue if they take a mind to. And if you miss a payment, they'll be on you like dirty underwear.

Please don't fall for this. And if you need my advice on debt validation, it's in my signature.

Thank you for that information. I thought there was something fishy about it, but wanted to put it out here.

Hey, that's what we're here for.

I received two letters from genesis yesterday. The statue ran out over a year ago. I wasn't going to respond to them unless they sent me another letter. Then I was going to DV them.

We also got two letters in the mail today offering a great deal to pay off this debt that is in my husbands' name. They only problem is that he doesn't remember ever having the account they claim exists. How do we find out if he ever owed the money in the first place? It doesn't show up on free credit report.com and we have been married 3 years and I am confindent no attempts have been made to collect on anything at all (he works out of town and is never here to check the mail).

does the letter have a 30 day disclosure on it giving you the right to dispute the debt? If it is the first time they have ever contacted you then it should. Send them a debt validation letter.

Also what state do you live in?

Use this letter and format it to your needs. Send it certified mail return receipt. Don't sign a name, only type your name.

Your Name
Your Address
CITY/Town, STATE ZIPCODE

Date: March 9, 2005



Collection Agency Name
Address
CITY/Town, STATE ZIPCODE

Re: Acct Ref. # XXXXX and XXXXX

To Whom It May Concern:

This letter is being sent to you in response to a alleged debt. Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.

This is NOT a request for verification or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you
.
What I need you to provide as the debt validation is as follows:
1. What the money you say I owe is for;
2. Explain and show me how you calculated what you say I owe;
3. Provide me with copies of any papers that show I agreed to pay what you say I owe;
4. Provide a verification or copy of any judgment if applicable;
5. Identify the original creditor;
6. Prove the Statute of Limitations has not expired on this account
7. Show me that you are licensed to collect in my state
8. Provide me with your license numbers and Registered Agent
9. Proof that the collection company owns the debt/or has been assigned the debt. (You are legally entitled to collect this particular debt from me.) This is basic contract law.
10. Complete payment history, starting with the original creditor. (I need to have proof of my payment history with original Creditor, what the amount of the debt was when the creditor assigned the debt to your company, and what fees/interest has been tacked on to this debt and how you/they determined these fees.) This requirement was established by the case Fields v. Wilber Law Firm, Donald L. Wilber and Kenneth Wilber, USCA-02-C-0072, 7th Circuit Court, Sept 2004..
11. Copy of the original signed loan agreement or credit card application. (My contract with the original creditor establishing the debt between us.) This is also basic contract law.

At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major Credit Bureau's (Equifax, Experian or TransUnion) this action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent

I will not hesitate in bringing legal action against you for the following:
1. Violation of the Fair Credit Reporting Act
2. Violation of the Fair Debt Collection Practices Act
3. Defamation of Character

If your offices are able to provide the proper documentation as requested in the following declaration, I will require at least 30 days investigating this information and during such time all collection activity must cease and desist.

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes any listing any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.
If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.

It would be advisable that you assure that your records are in order before I am forced to take legal action.



Best Regards,

I am so glad I found your site and your insight! I received this letter from GFS a few days ago, and after the 2nd reading I was anxious to call them. Obviously the offer was just too good to be true, as shown by some of the entries here.

My question. If I have already made payment arangements with other collectors without getting the information that you show in your depbt velidation letter, is it too late to request that information or am I stuck making these payments.

Thank you again for your information.

Jorge

I recieved a letter from these people yesterday. Called them this morning and wanted me to give them the social security number. They say they can't find the account number and to disregard. Luckily, I know for a fact that the credit card mentioned has never been issued to me. I was worried that someone else was using my information.

I'm glad to find this information to ease my thoughts. It's a shame such things exist in this world. Why can't everyone be honest and kind!