letter of validation received

[augdog74]

Iowa

I just received a letter of validation, after a year and a half, for my credit card. All they put on this was the following:

Original creditor- $3500

Balance at purchase - $4500

current balance - $6500

They, of course, had the name and addresses of the creditors. Shouldn't this be more detailed though? Don't they have to show my transaction history when I had my account.
I am really worried. This was a credit card with a $1500 limit and now it is up to $6500. I can't possilbly afford that. I could probably pay them $2-2500. Do I have the right to reject their letter of validation and ask for more specific details or do I have to move on to negotiations?

Please help

 

[bistro]

Most probably the credit card company has linked your old debt that is on a credit card you did not pay.

The same banking company has both cards and have moved the debt from your old card to your new card. This has become a fairly common trick.

I'm not sure of your options. But, I would dispute this debt and require a written explanation as to what it is, supporting detail, and full proof of your obligation.

Do not acknowledge the debts validity, as, in some states, this starts the statue of limitations clock to begin new.

 

[augdog74]

Should I send them another certified letter, rejecting their letter of validation and asking them to be more specific and provide a breakdown of every cent that they say I owe? I guess if I get taken to court, I want to have documentation of this debt, cent by cent.

 

[Ladynred]

I don't know what Bistro is talking about ,but its all wrong.

What you received is NOT proper validation by any means !
If they are still trying to collect, send them a 2nd validation letter that says, 'nice try but sorry that 's not validation, it proves NOTHING! '

They have to produce a copy of the agreement with your signature on it AND a full accounting of the alleged balance, all transactions, just one or 2 statement copies doesn't cut it either.

You can find a sample of the 2nd validation letter at www.creditinfocenter.com and also www.creditboards.com in the sample letters forum.