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Personal Debt


Michael Bovee: When trying to negotiate debt settlements with Capital One Bank, it’s important to know that their process is different from most of the other banks out there. Knowing how to strategize can make or break a settlement, so they’re important to know before you give Cap One a call.

Bovee doesn’t always recommend requesting debt validation from a debt collector (When to Request Debt Validation from a Debt Collector)

And from another source …

Letter for challenging the validity of a debt

The following sample letter is published as an example, and is not endorsed or recommended by Arlingtoncardinal.com

Under the Federal Debt Collection Practices Act, you are allowed to challenge the validity of a debt that a collection agency states you owe to them. Use this letter and the following form to make the agency verify that the debt is actually yours and owed by you. Keep a copy for your files and send the letter registered mail.

Date

Your Name
Your Address
City, State Zip

Collection Agency
Collection Agency Address
City, State Zip

Re: Acct # XXXX-XXXX-XXXX-XXXX

To Whom It May Concern:

I am sending this letter to you in response to a notice I received from you on (date of letter). Be advised, this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.

This is NOT a request for “verification” or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your office provide me with competent evidence that I have any legal obligation to pay you.

Please provide me with the following:

What the money you say I owe is for;
Explain and show me how you calculated what you say I owe;
Provide me with copies of any papers that show I agreed to pay what you say I owe;
Provide a verification or copy of any judgment if applicable;
Identify the original creditor;
Prove the Statute of Limitations has not expired on this account;
Show me that you are licensed to collect in my state; and
Provide me with your license numbers and Registered Agent.

If your offices have reported invalidated information to any of the three major Credit Bureau’s (Equifax, Experian or TransUnion), said action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing legal action against you for the following:

Violation of the Fair Credit Reporting Act
Violation of the Fair Debt Collection Practices Act
Defamation of Character

If your offices are able to provide the proper documentation as requested, I will require at least 30 days to investigate this information and during such time all collection activity must cease and desist.

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel. This includes any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.

If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.

I would also like to request, in writing, that no telephone contact be made by your offices to my home or to my place of employment. If your offices attempt telephone communication with me, including but not limited to computer generated calls or correspondence sent to any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter.

This is an attempt to correct your records, any information obtained shall be used for that purpose.

Best Regards,

Your Signature
Your Name

Judgment Proof

According to BCS Alliance (Best Consumer Solutions) creditors don’t sue those who are judgment proof: Most people would pay their debts if they had the money, so most accounts that fall into the hands of outside debt collectors (as opposed to internal offices) are owed by those who are considered “judgment proof” — a person who has few assets with debt that is unsecured. If a creditor is convinced you’re broke, he will probably not sue. The biggest threat for debtors with no physical assets is a wage garnishment (See more … What are the Odds You Will Be Sued by a Debt Collector?).

Attorney Bret Nason explains how being taken to court works in Wisconsin. Debtors are served with a summons and complaint. You will probably be personally served by a sheriff’s deputy. You will have about three weeks to answer the complaint.

What Happens When You Get Sued and There is Wage Garnishment?
Bret Nason says is unlikely that creditors can garnish wages for someone making less than $7,000 per year (See What Happens If I Get Sued?).

Being Judgment Proof Is Not Always Permanent
According to Nolo.com being judgment proof is, in some cases, only a temporary condition and your financial situation could improve. For example, you could resume working or inherit some property. Nolo.com says that if a person is judgment proof, it does not necessarily mean that they should ignore your creditors and debts (See also … What Does Judgment Proof Mean?).


How to Stop Debt Collectors from Calling Your In-Laws, Family, and Co-Workers

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