Debt Validation

[elibogh]

What is the name of your state? Washington

Hi,

Hopefully this won't be too long..

I have a debt (Wachovia) that was probably active around 1997-1999 or so, if it was mine. After non-payment, it apparently got transferred to a debt collection agency (Pinnacle - this is on my credit report). I never received anything from them that I can recall, but they ended up transferring it to another agency called Finex (this company does not report to any credit bureaus).

I've worked with Finex off and on for a couple of years, my last payment to them being probably about 6-9 months ago. I'm pretty sure the debt they're referring to is mine, so I was just paying a small amount every now and then to get them off my back.

This past spring, in the process of purchasing my first home, my mortgage company found another debt for Wachovia that they said needed to be paid before I could get my mortgage terms approved. I called Wachovia to find out more about this debt, but they had nothing in any of their systems under my name or SSN. I worked with them for several days and they were not able to pull up anything about this debt or the one that is in collections. They did state that even if they had transferred to an outside collections agency that the information would still show up in their system.

So, since they couldn't find anything I started wondering whether I really did owe Finex any money (total amount owed is around $1700). I sent them a letter of Validation trying to get information about the original debt, but they really weren't able to provide much information. They said to contact the previous creditor, Pinnacle. I contacted them, but they don't have any information about the original debt either, and told me to contact Finex.

I'm hoping someone can help me understand what rights I may have here, if any. Do I legally have to pay this debt if even the original creditor has no record of it? I'm sure that the SOL probably doesn't apply since I've paid Finex so recently, or would that go back to the original debt with Wachovia?

I'm just not sure what to do. I keep fighting with Finex over this debt and they're threatening to put a lien on my home if I don't pay. I just want to make sure that I absolutely do owe this debt and do have to pay it, particularly since neither Pinnacle or Finex can give me detailed information.

Any help is appreciated. Sorry this is so long.

Thanks!
Elizabeth

[elibogh]

Anyone? Any help or advice would be greatly appreciated.

Thanks!
Elizabeth

[therainking]

I have a similar situation. Does anyone have any advice for a situation like this?

[Debt Guy]

What are your rights?

Well, you have the right to not pay. You have the right to request validation.

But, the creditor has rights also. They have the right to sue you. They are not required to ever respond to the request for validation.

Your sproadic payments on the debt may have reset the statue of limitations and may be tantamount to an admission of the debt. It all depends on the laws of your state.

My advice would be:

1. get something from Wachovia that they have no record of you ever being in their system.
2. get something from Pinnacle saying the same
3. then send a letter to Finex saying that you have become convinced that this is not your debt and that you do not intend to make any more payments. You may want to formally demand that they cease and desist collection activity.
4. Sit back and wait to see if you are sued. If so, be sure to respond to the suit and take all your paperwork to show the judge.