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Debt Validation, A Powerful Tool

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Recently I had occasion to see with my own eyes the power of knowing how to enforce your legal rights when it comes to debt. Debt Validation being one of your rights.

I am often asked, exactly what do you mean by Debt Validation? Well, debt validation is a legal term. In simple terms, it requires that a creditor produce original documentation to support his demand for payment of the debt.

Really, it goes something like this: You borrow 1000.00 dollars from Uncle Vito, the neighborhood loan shark, at lets say 25 percent interest. Next thing you know, somebody with the nickname "Fats" shows up at your door looking to get paid on the loan you made with Vito. You tell Fats that you made a deal with Vito, and he never told you to pay Fats. So, unless Fats produces some proof that Vito told him to pick up the money for him, you will not pay. You need Fats to produce some original documentation, not some made up copy. This would be a simple form of requiring "Debt Validation".

That's why when a debt collector sends you a notice of demand for a payment, for the first time, they are required to tell you that you have the right to "Have the debt validated", and if you enforce your right by requesting it, they will send it to you in 30 days. Now usually, what they send you does not constitute a "legally validated debt". If you truly understood the scope of what is required for them to provide to you, you might even be able to eliminate the debt.

Going back to the first paragraph, in which I said I have recently seen a letter from a major creditor, a credit card bank, in which they were unable to validate the debt on a 17 year old credit card. The most important part of the letter is the following" Please be advised we are not able to forward a copy of the original credit card application as the card was opened 17 years ago. Accordingly, we will cease collection efforts immediately". The debt effected was over 15,000.00 dollars. Gone, because someone knew enough to request the right thing.

The validation idea holds true basically, for any type of debt, including Mortgage notes! Yes, that's right, chances are your mortgage has changed hands many times and many times the original Mortgage note cannot be produced by the bank. They cannot foreclose on your home, unless they can produce the original "Mortgage Note" signed at the closing, a copy will not suffice. The courts are starting to hear more and more cases on these foreclosure actions, and upholding this principal.

So, once again, knowledge is power, and self empowerment will keep you from debt slavery, which is the mission of American Debt Enders. If you are interested in information about a very powerful Debt Settlement/Debt Validation Program, call us at 877-766-2465 for a free consultation.

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Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders

Steven is a member of the National Association of Certified Credit Counselors, and on a mission to help anyone oppressed by debt. The focus is to self empower anyone in a negative debt situation, whether it be through education or a structured debt relief program, of which their are many including bankruptcy, to avail yourself of. Contacts are welcome and talking is always free.

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Steven Ciantro
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