Debt Validation after 30 days

[vita]

What is the name of your state? NJ

Hi! I was away from home when the first letters from a collection agency came (feb. 2nd) for a Chase card. I do not want to shirk my responsibilities but do want to verify the debt, interest and fees. Now, already 45 days have past. The payment plan that we discussed today is way too high for me to pay right now. They will probably sell this debt to a lawyer around march 31st. Do you think that writing to them to request debt validation will buy me some time? I need time to save more money or decide about bankruptcy?
If I do file bankruptcy (chpt. 7), how much worse is that on a credit report than SETTLED? Also, I have an SCorporation w- a business acount (that has no money in it now). Can collection agencies debit money from that account (although it is my business account and all my debts are personal)? Sorry for so many q's. Thanks for any advice you can provide...

Standard answer on expired SOL and/or validation and/or dispute letters.

SOL
[url]http://www.bcsalliance.com/y_debt_sol.html[/url]

[url]http://www.fair-debt-collection.com/Disputing_Collections/SoL-dispute-letter.html[/url]


Validation letter samples you can get at :
[url]www.creditinfocenter.com[/url]
and [url]www.creditboards.com[/url]


Disputes: You can write a letter of dispute to the three credit reporting agencies.

Go this website to find instructions and samples for how to dispute: [url]http://www.creditinfocenter.com/creditreports/[/url]

Sometimes errors are easy to remove and sometimes they stick like glue. It is inexpensive to try and not difficult.

I am NOT a creditor-debtor lawyer; stand by for further help.

I am NOT vouching for the accuracy of these websites!

[Ladynred]

You can ask for validation ANY time you want. However, if you don't do it within the 1st 30 days, then they do not HAVE to cease collection activities until they validate. They DO still have to mark the debt as 'in dispute' if they're reporting to the credit bureaus. You NEVER lose your right to request validation.