I got DV letter, and HELP!
Date: Sat, 09/29/2007 - 20:56
I requested "proof that the collection company owns the debt", "your license numbers and regitered agent", "idntify the original creditor", and so on.
But, the collection agency ONLY sent me "copy of the original signed loan aggreement".
in this case, my questions are,,,
(1) Is it OKAY I pay to them? and can I trust them to pay?
(2) When I make a payment deal with them, which one is better? phone or letter.
plz, help me.
Thanks in advance.
Did it include the info about how they arrived on the amount you
Did it include the info about how they arrived on the amount you owe?
I personally would follow up with a letter and a phone call, don
I personally would follow up with a letter and a phone call, don't forget to ask for the person's name. I always forget about doing that :oops:
ladybug
volleyballmom..I think no. My debt is about the car. They ju
volleyballmom..I think no.
My debt is about the car.
They just sent me the copy of original signed loan agreement.(like retail installment contract, application for vehicle title and registration, credit application statement.)
and one more paper(I do not know what it is),
eff. date / post date / amount / code / description / principal / interest / balance
Seems like they gave a partial validation. They gave you docume
Seems like they gave a partial validation. They gave you documents including one bearing your signature, and they also included something that lists original amount owed and interest.
This could be accepted in court as proper validation by some judges.
You would need to check your states laws on allowed interest rates (or check the contract for the interest should the loan default.) And find out if your state requires any licensing or bonding, then find out if they have these things.
If you decide to pay it, I would send a pay for delete settlement letter. The older the debt is, the lower amount you can offer because real old debt is bought for next to nothing so they will still make money. Make sure that the condition of this payment is on the items being removed permanently from the reports and that the account is closed for good.
Quote:eff. date / post date / amount / code / description / prin
Quote:
eff. date / post date / amount / code / description / principal / interest / balance |
Not sure but I think Principal is the original amount owed, Interest is the interest they charged and balance is what is currently owed. So you could calculate what they charged and make sure it follows your states guidelines.
goldenbast...Thank you! It helped me a lot. Thanks again. :D
goldenbast...Thank you!
It helped me a lot. Thanks again. :D
Now that you have the proof it is yours you need to work out a b
Now that you have the proof it is yours you need to work out a budget to get it taken care of if you are unable to pay it all at once. You could also ask about settlements if it is going to take you longer than 3 months to pay the debt.
