When people get into debt, they automatically assume that they are going to owe this debt. What many people don’t realize is how many times a company will screw up each and every year when it comes down to someones debt. What you’re going to find out is that the other side can often be wrong.
Before you start fighting off that debt, you should highly consider writing a debt validation letter.
Why should I write a debt validation letter?
First off, you’re going to want to make sure that they owe you cash. What happens if you legally don’t owe them anything anymore? Would you give someone money just for the sake of it? No! No one is going to do this. Instead, I wanted to give you some strategies that you can use in order to ensure that you’re paying off the right debts.
Under the FDCPA, you’re allowed to validate your debt. You should always get proof when a creditor / debt collector is going after you.
What happens if they can’t verify your debts?
If the creditor is not able to verify your debts, they legally can’t collect your debts, nor can they contact you anymore. Also, on top of that, they can’t report that debt to the credit agencies. Now, you should see why it’s important to validate it.
How can I start the debt validation process?
What you’re going to want to do is send the company a letter stating that you want to validate your debts. Under your credit report, you may notice that some marks are popping up. This is when you want to take action. If you don’t take action, nothing is going to be resolved.
You may find validation letters here and here.
Next, you’re going to want to dispute this debt claim with the credit bureaus. Be sure to look up the Statute of Limitations on the debt. If that debt is past the SOL, you can state that the debt is too old to collect.
Generally, you’re going to have to wait 30 days to hear back from a collection agency. After that 30 days, if you don’t hear back from them, you’re going to want to send out a letter once again. Always make sure that your letter is certified.
The last step that you’re going to take if you find that it isn’t work is to take them to small claims court.
You’re going to want to do everything that it takes to get rid of this debt, as well as the mark on your credit report. By doing so, not only is your score going to rise back up again, you’re not going to have to worry about harassing phone calls, or the thought of owing someone money that isn’t theirs.
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