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I just got a letter from a law firm claiming to represent Cap One that I sent a DV letter to back in May. They did not provide any of the information I requested, i.e. the agreement that authorizes them to collect the debt, the signed agreements between myself and Cap One detailing the circumstances under which the account may be charged off or assigned to an outside collector or law firm, and documents validating the amount and how much is principal and how much is interest. All they sent was copies of some old account statements.
They make the claim in the letter that those old account statement copies should be sufficient for them to resume collection activities. How should I respond?
They need to provide the following as validation:
* Proof that they own the debt or that they have been assigned.
* Account statements from the original creditor (which probably they've provided in your case)
* Copy of the credit card application or the loan agreement duly signed.
(Remember that the account statements associated with the original are capable of fulfilling such requirements)
Well, they can't just send a computer print-out of your debt. They have to send proof that you actually owe such debt. As per the FTC norms, a CA can't report your debt the bureaus unless they get it validated.
Also remember, that if you receive summons to appear at the court in response to your validation request, then they may be denied judgment if they haven't validated your debt within the 30-days period.
response to DV letter
They provided no proof that the owned or had been assigned the debt. And they provided no accounting showing what was interest and what was principal. All they sent were copies of some old account statements. And that was in response to a DV letter sent in May of last year, 2010, which they only responded to this month, February 2011.
I did send them a CMRR letter back stating that what I had requested was not a "verification of the alleged debt" but a "validation" and until I received all 3 of the information items requested, and had had sufficient time to verify them, that the alleged debt was not validated.
Aaron what do you mean exactly by,,,
* Copy of the credit card application or the loan agreement duly signed.
(Remember that the account statements associated with the original are capable of fulfilling such requirements)