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Ralelen | I just recieved a letter from Financial Recovery Services trying to collect on a debt that ....? |
....that was written off by the original creditor five years ago. They are asking my to respond or this debt will be valid. What should I do? I know for a fact that this was written off, and I also believe that FRS just purchased this debt in order to collect on it. Should I dispute or not respond at all? My credit is good and I do not want to do anyhting to harm it. |
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procheter
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Hi Ralelen -
FRS is well known for purchasing "junk debt" which is old debt that the original creditor has written off or no longer sees value in pursuing.
First things first, send them a certified return-receipt letter asking for a validation of the debt. Do not sign anything that you send any debt collector; debt collectors have been known to forge documents using the signature you provide.
By law, they have to follow the FDCPA - Fair Debt Collection Practices Act. They must show proof that the debt is valid. You said the debt was written off five years ago, but how old is the debt itself? If the debt is over 7 years old, they cannot legally report it to your credit report or make you pay it. Be careful what you say to FRS, though, as they will try and get you to agree that the debt is valid, thereby making it "current" and collectable even if it was older than 7 years.
If they don't send the debt validation letter, which they often don't because they don't have any real documentation to prove it, you can then send them a cease and desist letter. By law, you can demand that they no longer contact you by phone and only send you one more letter. They will either ignore it, a violation of federal law, or possibly send it to another company and play the debt collection shell game. Keep accurate records of all your communication with them because if they violate the FDCPA you may be entitled to damages of $1000 per infraction. If you are allowed to in your state, record all of your phone conversations with them.
If something does show up on your credit report and you know it to be false or old uncollectable debt, ask the credit reporting agencies to validate the debt, send another debt validation letter and see what happens. FRS uses repeated communications, intimidation and harassment in order to try and get you to give up in frustration and give them money. If you do decide to pay them anything, before you send them any money, make sure you have an agreement in writing that says they will remove this debt or any negative references from your credit report. If you don't, you will have no power to clean up any damage they have already done. |
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Sgt Big Red
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It would depend upon your states statute of limitations on debt collection. The average is 4 years for most states.
First look up your states SOL at this link
http://www.fair-debt-collection.com/SOL-by-State.html
If this debt is beyond your states SOL, then they have no legal recourse.
Second: Make them prove they own the debt by sending a letter for verification of said debt. Send it certified/return receipt. I have enclosed a sample letter for you to use. Just fill in the information.
If they know they are violating FDCPA and FTC rules, they will not bother you again. They try to scare people because many do not know their rights.
DATE
From: (NAME)
(ADDRESS)
(CITY, STATE, ZIP)
To: (NAME OF AGENCY)
(ADDRESS)
(CITY, STATE, ZIP)
Subj: Verification of Debt, request for
Ref: (INSERT ACCOUNT NUMBER SHOWN ON COLLECTION NOTICE)
To whom it may concern:
This letter is to inform you that pursuant to Title VIII, Debt Collection Practices, § 809 of the Federal Trade Commission and 15 U.S.C. § 1692g, I am hereby registering a formal request for Verification of Debt.
The account in question listed as an installment account with (NAME OF ORIGINAL CREDITOR) opened (insert date) and indicates an initial balance of (enter amount) It is now currently being shown as collection account with past due amount of (enter amount) as of (insert date).
Unless legal proof and verification can be shown, I request you remove the derogatory entry with any credit reporting agencies that may list this debt (and any other agencies you have filed with) immediately to avoid any possible legal recourse on my behalf pursuant to 15 U.S.C.§ 1692k.
Respectfully
(NAME)
Hope this answers your question.
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice. |
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Dr.Henry17
 |
You didn't mention the type of debt and where you are located so hard to answer.
With consumer debt there is a SOL that depending on where you live could be anywhere from a year to more than seven years.
Since you have not acknowledged this debt in 5 years odds are that it is now statue barred unless you live in a jurisdiction with an exceptionally long SOL. Google SOL + debt + where you live or Statue of Limitations + Debt + where you live and you should get the length of time after which a debt becomes statue barred.
Once a debt has been barred it becomes impossible for the lender to collect via the courts. All they can do is call you but in most jurisdictions you can demand they not contact you any more. If they get you to acknowledge the debt (usually has to be in writing or by you making a partial payment) then that resets the clock.
My guess is that Financial Recovery Services bought a bunch of statue barred debt for pennies on the dollar and they figure even if only one person out of a hundred pays them they'll be up money. |
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keith_dude
 |
ALWAYS ALWAYS ALWAYS dispute a debt collection letter that you receive in the mail. You have 30 days to respond. If you don't respond, the collector has the right to assume the debt is valid and can then place an adverse entry on your credit report.
Once you respond, they must validate the debt. If they fail to validate the debt, then they must cease collections. Also, by requesting validation, this can help to stave off any law suits that they might seek to file. Generally speaking, during the validation period, the collection agency can't sue you because they haven't established that it is your debt.
If your credit is good, then you definitely must respond. A sample debt validation letter can be found here;
http://overcomingyourdebt.blogspot.com
Chances are the statute of limitations might have expired too, depending on your state. Make no promise to pay or even hint that you might, even jokingly to get them off your back. This will restart the statute of limitations.
A written off debt doesn't change the fact that it is owed. It just means that the original creditor wrote it off as a loss for tax purposes and then sold it to someone else to try to collect on. It doesn't change the fact that you must request debt validation.
Good luck! Been in the same boat. |
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Jennifer
 |
Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://doiop.com/028gog |
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edwardogden2000
|
You are probably right that this was sold to FRS. It sounds like they are trying to get you to do their job. Did the letter they sent you have the disclaimer that they are a debt collector and any information they gathered will be used in collecting this debt? If you send them a letter saying it was your debt, then you have validated the debt for them.
I would send them a debt validation letter.
Also, see the following site for information on your rights: www.creditinfocenter.com.
Good Luck |
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patrick p
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You should send them a written letter that asks them to "Validate" the debt or please discontinue collection efforts. They will need to provide documentation showing that yes, the debt is legitimate.
A sample validation letter can be obtained at the link below - get it out to them right away, b/c they only have 30 days to respond to you (from the day they receive it, so certify it) or they can't collect:
http://www.creditinfocenter.com/forms/sampleletter9.shtml |
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sknymnie
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Dispute it, and if you have proof it was paid off, ie a receipt, then mail/fax it to the debt collector. |
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