themom Posted September 30, 2004 Report Share Posted September 30, 2004 CA sent a photocopy of a signed credit application from 1997 that kid filled out on college campus. Fine print at bottom says "First USA will review my credit history and income to determine whether I qualify for a card, and if so, my credit line". Also included are about 10 credit card statements with a cover letter stating they have enclosed "information to the above referenced claim". There is no indication that they own the debt. Original credit line years ago was about $1,000 -- CA is saying balance is nearly $3,500!What now? Is this proper validation? Thanks so much!A Mom trying to help a foolish kid Link to comment Share on other sites More sharing options...
DocDon Posted September 30, 2004 Report Share Posted September 30, 2004 When was the last payment made, and what state are you in. We should check the SOL first. Link to comment Share on other sites More sharing options...
themom Posted September 30, 2004 Author Report Share Posted September 30, 2004 I'm not sure when last payment was made....my guess is summer of 2003 (that statement was included in the packet showing a payment). Kid lives in PA and hasn't made consistent payments on the debt. Thanks, DocDon. Link to comment Share on other sites More sharing options...
DocDon Posted September 30, 2004 Report Share Posted September 30, 2004 Well, doesn't sound like SOL is the way to go. The part that makes validation what it is, is something with a signature on it. Sounds like that's what you received, so I'd say it covers validation. Assuming that your young one was 18 when the paperwork was signed...Just because the credit limit was $1,000 doesn't mean they don't tack on late fees, overlimit fees and interest.Your best bet would to have them contact the creditor directly and have the entire payment history sent (to see if it in fact matches the CA's). You'll also be able to see how they arrived at that number.From there, try to work with the OC directly - not the CA. Direct the communication to their executive offices. Try to settle the account if it's been charged off. Link to comment Share on other sites More sharing options...
Guest Posted September 30, 2004 Report Share Posted September 30, 2004 I personally would come back at them with the fact that there is not a total and complete accounting history.They are saying you owe 3500.. make them SHOW you where they got those figures. I mean how do you know that is the true and exact amount you have to pay?Just my thoughts Link to comment Share on other sites More sharing options...
themom Posted September 30, 2004 Author Report Share Posted September 30, 2004 I'll have kid contact the original creditor to see if she can settle. Do you have an idea of what a reasonable offer would be? All new to this. Thanks again. Link to comment Share on other sites More sharing options...
admin Posted September 30, 2004 Report Share Posted September 30, 2004 I wouldn't settle until you go all the way through the debt validation process. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted October 6, 2004 Report Share Posted October 6, 2004 Sounds like they validated. Also sounds like you need more info from teh Kid. You can continue the validation process with the CA, see if it comes up on kid's CR, then dispute the account with the OC via the FCRA. You may get to talk to them and settle. Just remember: anything the OC forgives <$600 is reportable to the IRS as income to the Kid. Link to comment Share on other sites More sharing options...
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