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Jason2528
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Subject: Student Loan
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Wed May 27, 2009 9:16 am
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I have a student loan debt from 2001. Few days back I received a call from a CA to pay the dues or face the law. I sent them a validation letter and they replied only with the original loan contract that I had signed. They also mentioned an amount that is double the due amount. I called and they threatened to sue me if I did not pay the amount that was mentioned. I checked my credit report but the CA is nowhere mentioned in it, are they not reporting to the bureaus? What should I do?
Thanks in advance for any help. |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Wed May 27, 2009 9:36 am
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Hi Jason,
When you send a debt validation request to a collection agency, they should reply with your account payment history, along with the original loan contract. The CA must provide you with the following records:
1) Amount you have already paid.
2) Amount you owe.
3) Any late fees that has been charged.
4) The method of calculation of the late fees.
I would suggest, that you contact your original creditor. Ask him whether the CA has been assigned to collect your debt. If your creditor confirms, you can request him to pull your accounts from the CA.
Good luck to you. Keep me updated about any progress.
_________________
Looking forward to a debt-free life. |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Wed May 27, 2009 10:50 am
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Hi Jason,
The FDCPA prevents collection agencies from threatening debtors. You can consult an attorney and file a case in a small claims court. You can request the court to demand a proper validation of your debt from the CA. After the matter is settled in court, before making any payment to the CA, you should send them a Pay for Deletion Letter.
You will find a sample Pay for Deletion Letter in the following link: http://www.creditmagic.org/repair/pay-for-delete.html . The CA should send you a written agreement in their company letterhead, that the debt accounts will be removed from your credit report. The debt account can either be listed on your report as "Paid" or "Accounts Closed".
_________________
SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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