I had a credit card account for many, many years. I went through some hard times, and it got charged off, eventually, by a major bank. Because of excessive over-limit and late fees, plus absurd interest, I feel I have paid the account off many times over the many years. Anyway, I ignored the CA. The bank originally told me it had been sold to a CA. In any case, they charged it off. Since then, it has gone through several CAs. Interest continues to accrue. (I thought this was illegal.) I tried to settle with the original creditor, but they say I can't. I've gotten letters telling me I have 30 days to dispute. I've gotten messages identifying the current CA as the original creditor. (I found that out when I called the number to try to settle.) I've now gotten messages that the OC has instructed them to file. What is my best procedure? I want to do whatever will allow my credit rating to be redeemed the quickest, but at the lowest cost. Should I start insisting on validation? Should I just call and offer a settlement? Should I file suit for the fact that the account is continuing to accrue interest? (Unfortunately, I do not have a copy of the messages falsely identifying the CA as the OC, or the lawsuit threat.) TIA
nanook Send CA this. Here is the Val Letter you want to send . Don't make any changes on it and don't hand sign it. Your Name Address City State Zip Company Address City State Zip Date RE: Account #_________/Original Creditorâ??s Name Dear Sir/Madame: Thank you for your recent inquiry. This is not a refusal to pay, but a notice that your claim is being disputed. This is a request for validation made pursuant to the Fair Debt Collection Practices Act. Please complete and return the attached disclosure request form. Be advised that I am not requesting a "verification" that you have my mailing address, I am requesting a "validation;" that is, competent evidence that I have some contractual obligation to pay you. You should also be aware that sending unsubstantiated demands for payment through the United States Mail System might constitute mail fraud under federal and state law. You may wish to consult with a competent legal advisor before your next communication with me. Your failure to satisfy this request within the requirements of the Fair Debt Collection Practices Act will be construed as your absolute waiver of any and all claims against me, and your tacit agreement to compensate me for costs and attorney fees. Sincerely, Your Name don't sign - - - Include the following on a separate sheet of paper - - - CREDITOR DISCLOSURE STATEMENT Name and Address of Collector (assignee): _________________________ Name and Address of Debtor: ____________________________________ Account Number(s): ____________________________________________ What are the terms of assignment for this account? You may attach a facsimile of any records relating to such terms. Have any insurance claims been made by any creditor or assignee regarding this account? YES/NO Has the purported balanced of this account been used in any tax deduction claim? YES/NO Please list the particular products or services sold by the collector to the debtor and the dollar amount of each: Upon failure or refusal of collector to validate this collection action, collector agrees to waive all claims against the debtor named herein and pay debtor for all costs and attorney fees involved in defending this collection action. ________________________________ Authorized signature for Collector Date_______/_______/_______ Please return this completed form and attach all assignment or other transfer agreements that would establish your right to collect this debt. Your claim cannot be considered if any portion of this form is not completed and returned with the required documents. This is a request for validation made pursuant to the Fair Debt Collection Practices Act. If you do not respond as required by this law, your claim will not be considered and you may be liable for damages for continued collection efforts.
