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Options include paying back the past-due amount over time, loan modification or refinance, or deed in lieu of foreclosure. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender, if you need this assistance.
I am requesting that you provide verification of this debt. Please send the following information: The name and address of the original creditor, the account number, and the amount owed. Verification that there is a valid basis for claiming I am required to pay the current amount owed.
While debt validation requests can be a useful tool, they are not effective at resolving the issue. In most cases, creditors and collection agencies are able to provide the necessary documentation to prove the validity of the debt.
Here's the important part: You have just 30 days to respond to a debt validation letter with your debt verification letter. If you don't dispute the debt within 30 days, the debt is assumed valid. That means the debt collector can continue to contact you. You can still send a dispute after 30 days.
It's generally easier for first-party creditors to prove you owe a debt. They simply produce the original credit agreement that shows your name and identifying information, like your address and Social Security number.
Send the agency a letter by mail asking them to confirm their debt in writing. Search for the company name on the internet, review their website, call their number, etc. Do your homework. If they refuse to answer all of your questions, there's a good chance you're in the middle of a scam.
In this article, ?debt validation letter? means the initial notice a debt collector must send you under federal law, and ?debt verification letter? means a letter you send to the debt collector to request more information and/or to dispute the debt.
If you feel you've been contacted in error, send a letter disputing a debt in writing. Ask the agency to stop contacting you. If the agency can't provide proof, you owe the money, by law, they must stop collection efforts.