Before I found this site I had already started what I thought were good ways of trying to clean up my credit. I made an agreement over the phone with Ashwood Financial to pay $86 a month on a debt of $2900. I looked at my credit report and it said the original debt was only $1900. I've made one payment already and the next isn't due until 4/25/05. My question is, is it too late to send a Debt Validation or any other type of letter? Or have I already commited myself to paying this debt. I feel like I shot myself in the foot.
Under FDCPA, the CA cannot attempt to collect amounts you do not owe. If they have represented that you owe more than allowed by the original contract, they have violated FDCPA, whether they convinced you to pay or not.
Was the original debt from a credit card, with interest, and where the contract allowed for late charges? When was the last payment to the original creditor, and what was the balance at that point? From that, what should the balance owed be now?
The original debt is from a loan that I received from Lincoln Tech when I attended classes there. On my report it says charge off as of May 2003. That's the last update on my credit report from Experian, and it has my past due balance as $1942.00. I couldn't tell you the last time I paid on it since last month. It has to be years ago.
Do you believe the debt is beyond SOL for legal action based on when the last payment was made? Can you substantiate the date last paid? Do you believe the debt amount reported is incorrect? Have you contacted the original creditor? Was it a government guaranteed student loan?
I attended Linc. Tech. from 2/98 to 12/98. So if you count from there it would be 7 in Dec. My credit report has Ashwood Financial listing the account being open on 9/1/2000. I know before last month Ican't remember ever making a payment on the loan. On my report the debt is $1942.00 but the reminder to pay they sent me has $2832.00 on it. So I don't believe the debt is correct. The Linc. Tech site I attended closed down. The loan was directly from Linc Tech, I'm pretty sure it isn't through the government. Thanks again for any ideas about what I should do.
It's never too late for a validation letter, they only don't have to provide validation if it has been paid -- paid isn't payments/paying! Sassy
