Chances are less of getting a reply to your debt validation letter when the SOL period has expired. You can consult an attorney for help.
Wed, 09/12/2012 - 16:02
I’ve two collection reportings on my credit report that I have already disputed with the three major credit reporting bureaus and also sent a debt validation letters to the collection agencies via certified mail/return receipt requested. None of the CAs has responded yet. Someone told me not to pay on the accounts or settle them unless they delete the account as doing these would ruin my Fico score and there is a credit card clause that my lawyer would get paid by the CAs if we win the case in court. What do you say?
The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.
The debt settlement program typically lasts between 6 months to 4 years time.
At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
Savings a customer realizes from use of a debt-relief service may be taxable income.
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