Settlement or validation             Click here to Print



#Natalie - Says,

Hello,

On May 15 2010 I received a call from a collection agency. So I sent them a letter of my intents (registered certified mail sent May 17, 2010). The contents of the letter stating that I had received the call from them, and that I was making a settlement offer (original debt: 1533.79; settlement offer: $750), I did not in any way acknowledge or accept that the debt was mine and stated that according to the FDCPA i have the right to dispute the debt. I set them a deadline of 15 days to respond, and they responded within May 30 2010.

They responded stating that they had contacted their client with the settlement offer, and they rejected it and countered with the amount of $1025.35. I have written a counter offer for a full settlement amount of: $945.55. Should I send this to them or start the validation process?

I the debt validation letter can i mention the things to be attached? like:

1. Agreement with your client that authorizes you to collect on this alleged debt.
2. Agreement that bears signature of the alleged debtor wherein he promises to pay the creditor
3. Complete payment history on this account so as to prove that the debt amount you wish to collect is correct."

or should i use: "Please provide me with the following:

What the money you say I owe is for;
Explain and show me how you calculated what you say I owe;
Provide me with copies of any papers that show I agreed to pay what you say I owe;
Provide a verification or copy of any judgment if applicable;
Identify the original creditor;
Prove the Statute of Limitations has not expired on this account
Show me that you are licensed to collect in my state
Provide me with your license numbers and Registered Agent"

Thanks

#Aaron - Says,

Hi Natalie,

Though you haven't acknowledged the debt, you have already made a settlement offer. This shows that you agree to the debt. You should have sent a debt validation letter at the very beginning. I don't know if the collection agency will validate your debt now. Still you can try.

If you want to send the debt validation letter, send it through certified mail, requesting a return receipt. Add the second part "Please provide me with the following:...What the money you say I owe is for;" into the letter.

Can you tell whether or not this collection agency is there on your report?

Thanks,

Aaron

#Natalie - Says,

Hi,

Yes this collection agency is listed there on my report. However, I have already send in the debt validation letter through certified mail. So how long do I wait for the answer to the validation? What should I do if they are able to validate the debt? or may be unable to validate it?

Thanks

#Aaron - Says,

Hi Natalie,

Wait for more than 30 days. If they fail to validate your debt, you will be able to remove the collection listing from your credit report. However, if they doesn't even answer to your validation request, you can send in a follow up letter mentioning that they failed to validate your debt, and thus you are going to dispute this debt.

As for the dispute you can send dispute letter to the credit bureaus, again through certified mail requesting return receipt (CMRRR). You will get sample dispute letter with this community. Attach copy of the proof of your validation letter along with the dispute letter.

Thanks,

Aaron

#teal - Says,

should we settle down our expenses or should we take validation.
#Aaron - Says,

Hi teal,

Can you please be more clear on what exactly do you mean by
Quote:
should we settle down our expenses or should we take validation.
Do you mean to say that you would like to settle on all your debts? or may be seek a validation on these?

Thanks,

Aaron

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