Three elements to validate the credit card debt and get rid of E

This is so important that someone should say it now!

If you have unmanageable debt and be rid of it, make sure you know all the options. Consumers are placed in a corner because of overwhelming credit card debt. Foreclosure and bankruptcy is at a record high, not enough money to pay around all the major banks and consumers often have to rob Peter to pay Paul. Educating yourself is the only solution that can address disasteragainst the debt bubble.

One option you have is debt validation. If you have fallen behind and deal with debt collectors by a third party to validate the debt and prove that they really owe. There are laws that apply to the debt validation and is an excellent weapon against debt collectors from a third party. Make sure the collection agency of third parties are entitled to collect money from you beforepay.

You can ask collectors to provide these three elements to validate the debt:

1. Show that a contract exists. Require proof that the collection agency owns the debt or has won the right to collect the debt. There may be a contract between the collection agency and the original creditor, but this does not mean that there is a contract between you and the collection agency. In fact there iscontract between you and the collection agency and collection attempts are an effort to get a new contract. Once you send them a penny they have a new contract.

2. Provide a statement. The collector must have a bank statement that shows exactly how the collector has developed the amount of money you're trying to get you. This is a case you may want to look into the status of the fields see Wilber LawThe company, Donald L. Kenneth Wilber and Wilber, USCA-02-C-0072, 7th Circuit Court, September 2004.

3. Providing a loan agreement signed copy of the original application or credit card. This is optional, since if the debt collector has provided a statement that the original creditor, then this condition is met.

Collectors are usually paid a percentage of the amount collected. You can also earn money pocketing the difference betweensums paid for the purchase of debt and the amount received by the debtor goes for the junk debt buyers.

Note that if the contract with the original creditor says, "the debtor agrees to be responsible for paying this debt to the creditor or his successor," this means you may need to negotiate or settle the debt for less than .

The Fair Debt Collection Practices Act (FDCPA) says is theirsRights to validate the debt and the creditor must prove the debt. There must be real and documentary evidence of any spreadsheet program.

The FDCPA says creditors are not allowed to collect the debt if you can not verify a debt, and is not allowed to contact you about the debt, or debt to signal information in your credit report. If this information is reported on credit relationship, then it is a violation of another law called the Fair Credit Reporting Act (FCRA) and may sue for damages of $ 1,000 for violations of the laws.

The traditional debt relief may not work for all situations. If you are drowning in debt, it is vital that you are seeking information on the validation of the debt that you can do yourself. There are also programs to help alleviate the debt of practitioners to validate claims orStrategies> Debt does not want to lose yourself. These are rights-based programs that can legally be free of debt, or even delete them.