azneb

Asset and Arbitration

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I did.   Before I had a clue as what I was doing I just wrote on the letter they sent me.  I wrote "I dispute this, plz send original signed contract."    ONce I found this board I sent a legit validation letter and also disputed it on Experian.     Only thing I got from them was a letter saying "they understand I am disputing accuracy of their records.   They are unable to determine the nature of the dispute"  

Experian sent me a letter saying it was verified.  I sent them a letter from here questioning Experian and for proof it was validated otherwise remove from m credit.

 

Your thoughts?

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If you want arbitration, send Asset an election letter. 

 

I hope your agreement has JAMS.  If it does, make sure to mention that you elect arbitration via JAMS.  I'd like to know more about who the OC was and what year the alleged account was opened and what year was the default to determine what agreement might work best.  Also the ballpark figure they are trying to collect.

 

Here is a sample election letter - (Make sure to send CRRR)

 

Your name

Your address

 

Their name

Their address

 

Date

 

Re:  Account #___________

 

Dear __________________,

 

 

This letter is in response to your letter dated XXXX and received on XXXX, regarding the collection on the account number listed above.

 

I dispute this alleged account and elect private contractual arbitration via JAMS to resolve the dispute.

 

Regards,

 

Your name typed

 

*Depending on who the OC was - the above sample might change a tad.

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I did.   Before I had a clue as what I was doing I just wrote on the letter they sent me.  I wrote "I dispute this, plz send original signed contract."    ONce I found this board I sent a legit validation letter and also disputed it on Experian.     Only thing I got from them was a letter saying "they understand I am disputing accuracy of their records.   They are unable to determine the nature of the dispute"  

Experian sent me a letter saying it was verified.  I sent them a letter from here questioning Experian and for proof it was validated otherwise remove from m credit.

 

Your thoughts?

 

The requirement for validation when you challenge a debt is so low you can trip over it.  NOTHING in the FCDPA requires that they send you the original signed contract.  Especially in the online application era when none exists.  There is NO signed contract in a CC debt.  You apply they approve and send a card with TOS. 

Validation when a consumer requests it means they have to provide the name of the original creditor, amount owed, and date of the debt.  That is IT.  

 

The standard of proof to validate a debt for reporting is not much higher.  Experian does not have to prove it was validated you are confusing this with asking for the METHOD of validation.  i.e. HOW did they validate it.  The collectors do NOT have to meet the same burden of proof that would sustain a lawsuit in the courts for either reporting or validating with the consumer.  The common mistake that consumers make when requesting validation is that they demand information or documents that the debt collector simply does not have to supply under the law.

 

If they are not suing you and you elect arbitration they are not obligated to enter into it simply because they are trying to collect. Most likely they will ignore this request as well.  

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If they are not suing you and you elect arbitration they are not obligated to enter into it simply because they are trying to collect. Most likely they will ignore this request as well.  

 

If the agreement states that either party may elect arbitration to resolve a dispute and the creditor once notified of the election of arbitration sues you in court, you have them on a nice violation - breach of contract, fdcpa and possible state violations which in some states actually treble the damages.

 

That is why if your agreement says you are entitled to arbitration, it is good to elect it "early" before they sue so that you can use the strategy to rack up some violations against them. 

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