Debt Validation and Debt collection - Do you have to pay

[ Bookmark this page! ] [ get HTML Version ]

How to Get Out of Credit Card Debt
Credit card debt is a major cause of over one million bankruptcies each year. The reason is the sad fact that many people get a credit card without researching and reading the fine print. By the time annual fees are added on, along with spending indiscriminately, payments are missed, which causes their balance to skyrocket. Although we all like to place the blame on the credit cards and the credit... Read debt consolidation article



Secret to Getting Out of Debt
Think About Your Money In A New Way To Get Out of Debt!

Everyone has heard that to get out of debt they need to earn more and spend less, and keep earning more and spending less as a permanent life style. If this is common knowledge, why is it that millions of people who are making middle class incomes cannot seem to get and stay out of debt? The conventional thinking suggests that a va... Read debt consolidation article



Debt Validation and Debt collection - Do you have to pay
It happens all the time. Debt collectors try to collect on debts that consumers have no knowledge of or never owed in the first place. So, what do you do when a bill collector demands payment in full on a debt that you never knew existed? You need to request a validation of debt.

A validation of debt is a request for proof that the collection agency that is contacting you owns the debt/or has been assigned the right to collect the debt on behalf of an original creditor. A validation of debt also includes a complete payment history, starting with the original creditor, and a copy of the original signed loan agreement or credit card application. This may be a debt you really owe or possibly a debt that was sent to collections by mistake. Either way, debt collectors can be very unapproachable. It is important to remember that you also have rights. According to the Fair Debt Collection Practices Act, Paragraph 809, - Validation of Debts:

"(a) Within five days after the initial communication with a consumer in connection with the collection of any debt, a debt collector shall, unless the following information is contained in the initial communication or the consumer has paid the debt, send the consumer a written notice containing:

(1) the amount of the debt;

(2) the name of the creditor to whom the debt is owed;

(3) a statement that unless the consumer, within thirty days after receipt of the notice, disputes the validity of the debt, or any portion thereof, the debt will be assumed to be valid by the debt collector;

(4) a statement that if the consumer notifies the debt collector in writing within the thirty-day period that the debt, or any portion thereof, is disputed, the debt collector will obtain verification of the debt or a copy of a judgment against the consumer and a copy of such verification or judgment will be mailed to the consumer by the debt collector; and

(5) a statement that, upon the consumer's written request within the thirty-day period, the debt collector will provide the consumer with the name and address of the original creditor, if different from the current creditor.

(b) If the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector. (c) The failure of a consumer to dispute the validity of a debt under this section may not be construed by any court as an admission of liability by the consumer.

The information presented in this article only covers some of the more important aspects of debt validation. It is important to do your research and fully understand your rights and obligations prior to attempting any type of communication with a debt collector.

Alan Barnes IAPDA Certified Debt Arbitrator President and CEO of Debt Regret http://www.debtregret.com

What do you want to do?
Bookmark this page before you lose it
Search this site for FREE information
Help spread the word. E-mail this page to a friend

Debt Management plus Budgeting

Debt management (specifically unsecured) is the first step to taking control of your money! Add a household budgeting plan and you've got a powerful tool for money management.

Together, budgeting and debt management build financial security and independence. Yes, you can reduce debt and save for your future financial security at the same time! It can be done.

Anyone can do it and everyone deserves it!

In fact, it's the only budgeting plan that makes perfect sense. Budgeting to include debt management in your personal finance plan builds a good strong defense against credit card use.

Unexpected events and expenses play a significant role in creating debt for most of us. A good budgeting plan that prepares you for those events and provides a strong foundation to fall back on is essential for successful debt management.

This is where most self-created budgets fail. Even the best intentions are doomed if you are you guilty of this common oversight? Without a complete plan, we fall right back into the old credit card trap. Feeling helpless and cornered into using credit to just make ends meet.

Free yourself from the burden of credit card debt. You will never be financially independent as long as you have to depend on the credit card companies to survive.

Quit investing in the credit card companies and start investing in yourself!

Yes, I know the feelings all too well. Barely making ends meet, budgeting chaos, struggling to maintain "everything's O.K." while finances continue to get worse and worse. Stop the feelings of inadequacy and failure!

In today's fast moving society it's not unusual for the average family to be living way beyond their means. With that in mind, quit blaming yourself. This is the world we live in. Many of us have gotten trapped by society's expectations.

I made the decision to stop the madness and help myself! You can too! A budgeting plan that includes managing debt will help you succeed at money management.

Create a plan based on your individual needs...set your own goals...and begin your journey to lifelong financial security and independence! After all, we all have different needs and obligations, so everyone's plan has to be designed to suit their unique situation.

The key to financial success is to live within your means!

The key to independent wealth is living below your means! But wait...we're getting way ahead now. After living way beyond your means for so long, it's hard enough to scale down to reality. Once you have that mastered, and see how much money you didn't even know you had, you'll be eager to scale down even more!

Debt management is crucial for any budgeting plan to succeed. And, likewise, a good household budgeting plan is essential for any debt management program to succeed.

One cannot be successful without the other. Like "peanut butter and jelly" most of us can't have one without the other. They just go together!

Cheryl Johnson is a mother of four helping herself and others become and remain debt free. Publisher of http://www.simpledebtfreeliving.com Simple Debt Free Living - A self-help plan, ideas, and resources for debt reduction, personal budgeting, frugal living, and extra income opportunities.


Top rated articles for debt consolidation

1. Debt problems - Online debt consolidation guide
Online debt consolidation programs help individuals to research, apply and take part in debt reduction programs. The consumer can manage the financing of debts at the click of a mouse. With the proble... Read debt consolidation article

2. Debt Problems - Dealing with Debt
Are you tired of attending untimely harassing calls from your creditors reminding you about the due payments? Is making huge monthly payments becoming tough for you? If your answer to the above questi... Read debt consolidation article

3. How to Lower Your Debts
The cash balance of the several Americans today, shows a negative record. They are not adequately knowledgeable about the planning of cash. It would be a wise decision to choose financial management a... Read debt consolidation article

4. Debt consolidation loans - Advantages and disadvantages
If you have multiple high interest credit cards and other financial obligations, debt consolidation or some other debt management strategy may be in order. As you are by now aware, with a debt picture... Read debt consolidation article

5. Choosing the best debt management services
Regardless of age many consumers are guilty of committing financial suicide. For some people juggling bills and robbing Peter to pay Paul is a vicious and endless cycle. The average American lives ten... Read debt consolidation article

6. Legal debt help - How to get legal debt help
There are valuable and legal companies who can provide help with your debt. Whether you need some non-biased advice or debt management help, you can find reputable companies to assist you in getting o... Read debt consolidation article

7. Bad credit debt consolidation - Your options to reduce debt with poor credit
To reduce your debt with a poor credit history, you have several options. While none will solve your credit problems overnight, they can help you get on better financial ground. A debt consolidation l... Read debt consolidation article

8. Debt Consolidation or Credit Counseling
With so many debt reduction options available to you, it's easy to get confused on which is the most effective. Debt consolidation allows you to lower interest rates and payments on your own. But cred... Read debt consolidation article

9. Debt Consolidation To Solve Your Debt Problems
The problem of acute indebtedness begins with a single credit card. As soon as you get your first job, you start using your credit card to make purchases. Soon afterwards, in the hope of getting a pay... Read debt consolidation article

10. Debt Consolidation Loan for a Better Life
Times have changed, so have the rules. Gone are the days when people used to get credit only for their necessities like home, medical emergency or education, now one can get credit for just about anyt... Read debt consolidation article

1. Student loan and debt
2. Consolidate debt and be debt free
3. Clean up debt with debt consolidation loans
4. Debt and Bill Consolidation - No Credit Check
5. Debt Negotiation - What You Must Know
6. Debt Plan to become Debt Free
7. Bad credit - Create a payment plan
8. Steps to Get Out of Debt
9. Debt Management Using Consolidation Loans
10. Debt consolidation loan - Why choose a loan

Debt consolidation, debt counseling and debt management in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi,



Debt Validation and Debt collection - Do you have to pay
Debt consolidation, debt counseling and debt management services in Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,

Debt management, debt counseling and debt consolidation in Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin and Wyoming.