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Has debt validation requirements been met?


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I started debt validation with the company that supposedly purchased my charged off account. They sent back all contract information from the original creditor only. No assignment proof etc. I cannot find where the original installment agreement states the contract may be assigned to a third party either?

Do I accept this as proof the third party has the right to collect?

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That would be sufficient to prove they have the debt now. You have to read the cardholder agreement to see the exact wording regarding assignment of your agreement to third parties.

This is a point I'm arguing now - whether a purchaser of a debt can come after you for the interest charged by the original creditor in spite of the fact they purchased the debt for pennies on the dollar.

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What about the charge/payment history of the account to properly establish the DOLA? Did they send that as well? Are they licensed in your state? What about any records of charge off or insurance payments regarding your account? Hope you asked for that information. Id say at the very least if you asked for the payment history and they did not provide it, they didnt validate, imo.

J

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They got you on the signed contract. Shoot them another DV letter with the following requests:

• Documentation verifying that I did in fact have an outstanding balance from this account.

• An explanation on how a calculation was made on what I purportedly owed.

• An explanation of the procedures used to inform me of such an outstanding balance.

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is this something they *have* to show you?

A lot of ink has been spilled on that subject.

Unfortunately, the burden is not all that heavy on the creditor/CA. All they really have to say is that they put a stamp on the letter and mailed it out to you. If and when it ever got to you is not their problem. I am not saying that is right but that is the reality until courts start changing their minds.

But the point of this tactic is to make these people talk (that is, put it in writing). Hound them enough so they have to respond (especially if you CMRRR).

Odds are they are going to send you useless babble that you can use to your full advantage.

I have hounded a number of outfits myself and I am using the crap they have sent me against them. Much of the stuff I have gotten back as a response has been totally contradictory and plain idiotic and all those letters are gold.

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This is a point I'm arguing now - whether a purchaser of a debt can come after you for the interest charged by the original creditor in spite of the fact they purchased the debt for pennies on the dollar.

Can you help me understand that?

A dealer buys a car at an auction for $1000

The dealer finances it through his bank at 19% interest

The value of the car is $4000

If I want to buy the car, there's no law that says I have to pay $4000 for it. If I offer $3000 and the dealer accepts, he can't sue me later for $1000 claiming that the value of the car is $4000 so I owe another $1000.

Likewise, if someone hits the car and totally damages it before it was sold, the dealer could only sue for the actual loss, $1000 (at least in Ohio) and would have to eat the interest. Again, in Ohio, an insurance company would only reimburse for $1000, unless it was insured for an appraised value of $4000.

I would think that (in Ohio at least) a CA is limited to actual damages in court of what they paid for an account (an assigned account being something different). BTW, some punks stole my car and wrecked it. They were both convicted (probation of course). I'm suing the idiot, and the idiot juvenile and his parents (allowed by Ohio law) and my attorney said I'm limited to the $800 I paid for the car, not its replacement value or actual value of $1700. I can get up to treble the amount of $800 as punitive damages.

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BTW, some punks stole my car and wrecked it. They were both convicted (probation of course). I'm suing the idiot, and the idiot juvenile and his parents (allowed by Ohio law) and my attorney said I'm limited to the $800 I paid for the car, not its replacement value or actual value of $1700. I can get up to treble the amount of $800 as punitive damages.

Awesome!!!

Keep all of us posted on how you nail the punks in court.

800 clams is such a paltry amount. Is there not a way to sue for a higher amount in small claims court?

Aren't there other things that you can sue the punks for?

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