I'm brand new here on CreditNet and I could really use some credit advice...badly! I'm pretty deep in debt...owe alot on quite a few cards...the most urgent issue is one for about 10K that has just been turned over to a collection agency. They keep calling and they're getting nasty... I probably owe, but no way I can pay anything. From what I read here there are some things I could do to keep them in line and/or stall. Should I send a debt validation letter? Should I send a cease and desist letter? If so, what type, and when, and how? ANY GOOD ADVICE WOULD BE GREATLY APPRECIATED!!! Thank you in advance...
I'd send a validaiton letter, but first know what happens if they do validate....Don't blindly send a validation letter without knowing what the outcomes are. And don't talk to them on the phone anymore....they usually get you to admit to things you have no idea you're admitting to.... My suggestion is to read on the board about validation letters....then send one out. Good Luck!
Thank you, Erica...but what do you mean: "...but first know what happens if they do validate....Don't blindly send a validation letter without knowing what the outcomes are..." what happens if they validate? what are the outcomes? am I going to make things worse in some way? I'm confused...
Read this thread: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&pgnum=1&postid=211443#post211443 It's not meant to scare you, because from what I've seen it's a very rare occurance, however, you just need to know what you're getting into, and be sure you have a complete understanding of the FCRA and FDCPA, and know what the CA really needs to provide you with to validate.
sprungli, I think what she means is that *if* they do validate, are you prepared/willing to settle, or capable of dealing with a judgment if they file one.
Sorry...I'm just new at this whole thing (but I know I need to get smart...FAST!) First...as far as "validating"...do I really have a choice either way? I mean, if I do it or not, they are still coming after me and harassing me - (I have no money to pay either way) - so isn't it better to at least "start the paper trail" as oppossed to just letting everything happen without me doing anything? Second...where exactly is the info on the web site about validation...and cease and desist...and all that stuff? It sounds like I need to do some serious reading, and fast, to get educated on these subjects? sigh...I can hear them paging me on the office PA and I know it's the CA trying to get a hold of me....yuk!
As I read more, I see that the process of validation has it's neagtive side: if it ticks the CA off, they can in effect accelerate the process of collection. So, again, is it better to leave it alone and wait and see...or "validate" and risk the consequences? (Either way I owe the money and I don't have it to pay...10K!) Thanks for the help...
Just looking to get some clarification...and I may have picked an unfortunate time to sign on...as a newbie, I'm looking for some legitimate advice from the veterans and it seems like perhaps some CAs have started to mess with things here? I've read alot, some of it contradictory...but now some of it seems like it may be a set up from CAs... Just want some truthful assistance...is there anything wrong with sending validation letters to get started (30 days is winding down)... Thank you to all (non-Borg...)
Welcome Aboard Sprungli, Two thoughts; Erica gave you fantastic advice. There are no megic pills when it comes to fixing this stuff. The only smart thing you can do at this early stage is to study hard before you do anything. That's what Erica meant. Take this first month and just read your bunns off. The second thought is that you are excatly where you are supposed to be, confused. Rest assured not one single one of us were NOT confused when we first began. There will come a time when all of a sudden you wake up one morning and it all seems to "fit". It's at that point you're ready for your first letter. Here's a message I posted on another thread; I joined this board 9 weeks ago. The first day I spent 18 hours reading these posts. The next day I really got serious. I've read AT LEAST 20,000 posts. Studied FDCPA and FCRA 10 times. Printed out and studied AT LEAST 20 Cases (lawsuits filed against CRA's and CA's). Of course I'm a bit fortunate to be able to bring myself up to speed very quickly because I'm self employed and was in a postiton to take a lot of time off to read, read, and re-read. After 9 weeks the stack of stuff I have printed out if 2 feet high, (that's feet not inches). And I'm a Financial Planner in the first place, and have been since 1980 so I had a "leg up" to begin with. ALERT -> I AM JUST NOW STARTING TO GET A HANDLE ON THIS STUFF AND LAUNCHING MY FIRST ROUND OF LETTERS! Now, you are more than welcome to be here and will be treated with the utmost respect but for your own sake, please study this entire thread before you do anything yet.; http://consumers.creditnet.com/stra...2315#post212315 Even though many suspect this person was a plant we still feel this thread provides an excellent case study of what can happen if we act too quickly. I'm telling you this because we care about you and how successful you are going to be, not because I'm being mean. *********************** Good luck Sprungli. We'll be here to help.
When an account gets turned over to collection the collection agency is required to send you a notice of your rights WITHIN 5 DAYS OF INITIAL CONTACT. In the notice they will give you 30 days to dispute the debts validity so you should have a little time. Have the done this?
Butch, I do believe they have done the initial letter as she stated above: "Just looking to get some clarification...and I may have picked an unfortunate time to sign on...as a newbie, I'm looking for some legitimate advice from the veterans and it seems like perhaps some CAs have started to mess with things here? I've read alot, some of it contradictory...but now some of it seems like it may be a set up from CAs... Just want some truthful assistance...is there anything wrong with sending validation letters to get started (30 days is winding down)... " At this point, they apparently are pursuing her by mail and phone. IF this IS the case, I would then send out a validation. At least it would slow them down some before any other collections could continue. But, if they do properly validate, you need to be prepared to offer some sort of settlement.
