Sent Validation Letter, Company sent back every statement si

Submitted by Mercury2234 on Tue, 08/17/2010 - 00:36
Forums
Credit repair

Hello All,

I sent a letter EXACTLY like the one listed on this forum requesting the following:

1. The agreement which authorizes you to collect debt on the assumed debt.
2. The signed agreement from the debtor confirming to pay the debt
3. The documents regarding the payments made on this account and validation of the amount.

They just sent me ALL my statements dating back to 2003. No follow up letter, or signed agreement.

I was wondering what would be my next process? Do i sent a follow up Validation Letter reiterating the RELEVANT documents I need?

Thanks all,

Aaron

Hi Mercury,

Welcome to this community :)

They just sent me ALL my statements dating back to 2003. No follow up letter, or signed agreement.

This validates the amount you owe. However, you can ask them to provide documentation that prove their authority to collect on this debt.

Not all collection agencies send all the three documentations. You can also ask your original creditor if they have handed over the collection powers to this collection agnecy. Also, check your credit report for the account details.

Thanks,

Aaron

Tue, 08/17/2010 - 06:30 Permalink
Mercury2234

Hi Aaron,

What if they dont provide the documentation for authority?

Also, how long would it take for them to begin the process for court? I am single, no assets...really, just out of college. I also live in Florida, so any car under $4000 can be kept (mine probably worth less).

I RECENTLY Just last week received a job offer that I will begin on Monday, where I was unemployed for the 1 year. I am really trying to make this right, but at the same time, I am trying to be smart about this.

Should I contact them to settle? Or wait it out? What are the steps for a settlement and in addition, whats the average rate they are willing to take?

Thanks SO MUCH!

Thu, 08/19/2010 - 00:56 Permalink
Aaron

Hi Mercury,

What if they dont provide the documentation for authority?

To prove the validity of the debt a collection agency is supposed to provide you copies of your monthly statements as proof of the outstanding debt amount that you are required to pay. In addition they are required to provide the original signed contract with the original creditor, and proof that they have the authority to collect the debt from you.

However, this does not mean that a collection agency will provide you all the three documentations. In case they don't provide you proof of their authority you have the option to inquire with the original creditor if the debt has been handed over to this collection agency.

After the validation, you can contact the collection agency and settle the account. Get the settlement agreement in writing.

Thanks,

Aaron

Thu, 08/19/2010 - 09:51 Permalink
Mercury2234

Hi Aaron,

How long would you presume I have before they take matters to court? As mentioned, TODAY was my first day at this new job. I have already made plans to pay my debt, but I would like to do so for family members first.

At the same time, this is a really great job and what I am most afraid of is that they might garnish my wages and my direct supervisor and team members might know about my situation. Bear in mind, this is a Fortune 500 company, so payroll processing is completely at the other end of the country. Would garnishment of my wage be an issue for my employment?

Other than that, no assets...

Thank you SO MUCH!

Tue, 08/24/2010 - 00:53 Permalink
Aaron

Hi Mercury,

How long would you presume I have before they take matters to court?

This will depend on the collection agency itself. Rather than letting them sue you, you can negotiate a payment arrangement with the collection agency. Get the agreement in writing, and also request the collection agency to agree to a "Pay for delete" (PFD) agreement.

If the collection agency agrees to PFD, the negatives will get removed. However, not all collection agencies agree to PFD.

Thanks,

Aaron

Tue, 08/24/2010 - 11:25 Permalink