Debt Validation letter for a debt already paid
Date: Tue, 08/24/2010 - 14:56
Debt Validation letter for a debt already paid
Hi Nelly,
I've heard that once a debt is sold to a collection agency that the original creditor was paid because the debt is "insured" it's something called "loss prevention". With that being said how would i go about disputing a debt my dad and myself have been battling with this "private" student loan company. We have 7 loans with this company and totally unfair terms and they have sent our account to 5 different collection agencies, in the last 3 years and ive seen the inquiries from every last one on my credit report. The 5th agency just called me to verify my social, if the loan company was paid because they insured the debt then how do you tailor the debt validation letter to combat this.
I've heard that once a debt is sold to a collection agency that the original creditor was paid because the debt is "insured" it's something called "loss prevention". With that being said how would i go about disputing a debt my dad and myself have been battling with this "private" student loan company. We have 7 loans with this company and totally unfair terms and they have sent our account to 5 different collection agencies, in the last 3 years and ive seen the inquiries from every last one on my credit report. The 5th agency just called me to verify my social, if the loan company was paid because they insured the debt then how do you tailor the debt validation letter to combat this.
Forget everything you have heard because it is totally wrong.
Forget everything you have heard because it is totally wrong.
You are in default for a private student loan. For starters, they are NEVER sold to collection agencies, only assigned. Your lender would have filed a default claim with your guarantor or third party. You and your cosignor still owe the debt.l..you signed promissory notes agreeing to the terms. How are they unfair. Everything was outlined in the promisorry note that both you and your cosignor signed.
'
They will sue you and your cosignor...this is standard procedure with private loans.
