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So, your Predators that are after you. Debt Collectors didn't validate your debt and you're wondering what you should do next? Well, here's some ideas and some tactics that you should use to continue your fight against these Predators. First off however, let's touch briefly on the law behind this non-validation and what it means for you and for them. Some people will tell you that it matters and that there's a difference CAN'T and WON'T validate, but this isn't true at all. The only thing that matters is this; that you requested validation of your debt (by Certified Mail), started the clock on the day they signed for it, and that you received NOTHING or a letter saying THEY CAN'T VALIDATE. In either case, you claimed your right under Federal Law to have your debt validated by these Predators and they DIDN'T or COULDN'T DO IT. IT'S THE SAME THING....NO DIFFERENCE. Don't let these Predators tell you that there's a difference, and now with that said, let's talk about what you should expect from them. Since they didn't validate your debt, they know they can't collect on that debt. (Note: If you receive one more phone call from that debt collector, KEEP TRACK OF THAT ON YOUR PHONE RECORDS. THEY'RE NOT ALLOWED TO CONTACT YOU UNTIL IT'S VALIDATED! THAT CAN WIN YOU MONEY IN COURT EASILY!) Now, since they know they can't collect it, they're more than likely going to sell it to someone else, so, let's briefly discuss what's going on behind the scenes concerning your debt. Let's say you have a $1000 debt and it's gone to collections with some agency. That agency probably deals with "junk debts" where they buy up hundreds of thousands of dollars worth of debts at a time for pennies on the dollar, but let's deal with just yours. So, you have this $1000 debt with the original creditor and they decide they can't collect on it, so what do they do? They write it off on their taxes and sell it to some Predator for usually 30-50% of the original debt amount. What this means is that your $1000 debt just got sold to someone for around $300-$500 dollars and they're hoping to collect the full $1000 from you. Well, they start harassing you and you request validation which they didn't provide, so here's where the next step comes in. They know they can't contact you again or collect the debt so what do they do...they sell that debt to someone else. Then another company starts to come after you. So, starting at this point, let's start your tactics here. Your next step should be to take the letter the Predators sent you, or if they didn't respond at all, a letter stating it wasn't validated, and send a copy of that letter (Certified Mail) to the Credit Bureaus. You should state that they are bound by Federal Law to only report accurate information and since that debt couldn't be validated, then it has to be REMOVED FROM YOUR CREDIT. When another Predator contact you, repeat the process until it gets into a cycle of 2 or 3 different Predators have come after you. Why you ask? Because it shows that it CAN NOT BE VALIDATED AND YOU HAVE DONE YOUR PART 3 OR 4 TIMES OVER AND IT'S TIME FOR IT TO STOP. Why does it matter how it looks you might ask again? Because, your final step to fight back is to sue these Predators and win! Don't get nervous thinking about getting sued. If they can't validate that debt, you want them to sue you. You want them to take you to court because you're gonna provide all your documentation and demonstrate that they didn't follow the Federal Laws dealing with debt collection and you're going to get it dismissed. It's also not a bad idea to sue them with this information in hand. Lots of times, when they sue you, they HOPE you don't show up to court so they get a "DEFAULT JUDGMENT" against you. But, that's now how we fight...WE SHOW UP IN COURT AND SHOW ALL OUR INFORMATION AND WIN!!! Remember, they only have 30 days to validate this debt and I don't care if they can do it 45 days after they signed for that letter of Request of Validation or if it's 3 years later...they only had 30 days. I hope this series of articles has helped you win and regain control of your life again. Dealing with debt collectors can be a daunting task for anyone but with this information and tactics, you can demand respect, regain your finances and control over your life. The final short article of this series is just a small list of things to remember and facts you may not know about creditors and dealing with them that may be very helpful to you! It's called "10 Things You NEED to Know when Dealing with Debt Collectors"...Good Luck Friends! |
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