S
steck
Guest
I have a question concerning the Federal Truth In lending Act. I am involved in a dispute with a lender whom, I believe, has committed violations of said act.
It is my understanding that if a debtor sends a letter to his creditor disputing all or part of his balance, the creditor must acknowledge receipt of his letter in writing within a certain time period—I think 30 days—and must follow-up with a detailed explanation of why the creditor believes the balance is correct, citing law or statute when/if applicable within another time period—I think 90 days. Simply put: He cannot answer, “you are wrong—you owe me the money.” Rather, he must answer, “You owe me the money, and here’s why….”
Also, it is my understanding that between the time the debtor’s dispute is received by the creditor and the time the debtor receives the creditor’s specific reply, the creditor cannot impose interest or late charges on the amount in dispute, nor can he report the account as delinquent to credit reporting agencies.
In my case, I sent my dispute letter in March’2000. I received an acknowledgement of that letter in June’2000, and in November’ 2000, I received a detailed written explanation of the creditor’s position including a cite from the Uniform Consumer Credit Code, along with a payoff demand which included interest and late charges from April through November’ 2000.
My question for you is: A. Am I correct in my assumptions and if not can you enlighten me? B. Do I have a cause of action vs. my creditor?
Thanks for your reply. Great service you have here!
STECK
PS—I reside in the state of Marykand
It is my understanding that if a debtor sends a letter to his creditor disputing all or part of his balance, the creditor must acknowledge receipt of his letter in writing within a certain time period—I think 30 days—and must follow-up with a detailed explanation of why the creditor believes the balance is correct, citing law or statute when/if applicable within another time period—I think 90 days. Simply put: He cannot answer, “you are wrong—you owe me the money.” Rather, he must answer, “You owe me the money, and here’s why….”
Also, it is my understanding that between the time the debtor’s dispute is received by the creditor and the time the debtor receives the creditor’s specific reply, the creditor cannot impose interest or late charges on the amount in dispute, nor can he report the account as delinquent to credit reporting agencies.
In my case, I sent my dispute letter in March’2000. I received an acknowledgement of that letter in June’2000, and in November’ 2000, I received a detailed written explanation of the creditor’s position including a cite from the Uniform Consumer Credit Code, along with a payoff demand which included interest and late charges from April through November’ 2000.
My question for you is: A. Am I correct in my assumptions and if not can you enlighten me? B. Do I have a cause of action vs. my creditor?
Thanks for your reply. Great service you have here!
STECK
PS—I reside in the state of Marykand