What Is Debt Validation Letter Of 2022?

There are tens of millions of American swimming in debt, and the majority of those that owe some debt have hard times paying their backs on time, especially unsecured debts such as utility bills or credit card bills.

However, no matter the nature of the debt, it is important to pay it back, and when you are late with your payment, the collectors might be aggressive to get their debt back, even trying to make you pay debts that you actually don’t owe.

That is why receiving a piece of legal information about your debts is important and reviewing that information to make sure you actually owe it.

This process is called a debt validation letter, and we will talk about what is debt validation letter.

What Is Debt Validation Letter

What Is Debt Validation Letter?

If you owe a debt and you are late with your payments, you can expect your debtor to contact you one way or another to inquire about the debt or legally ask for the payment.

However, if your debtor is reaching out to you about a debt that you owe, they need to legally provide some information about the nature of the debt and other details.

This information includes their name and the exact amount you owe to them, mentions some of your rights, like the right to dispute the debt within 30 days, and that they need to provide written evidence of the debt if you choose to dispute it.

If they call you first, you need to urge them to contact you in writing for the first time so that they can send you the debt validation letter with all of that information within five days of asking.

Read: What Is Debt Settlement?


Collection Of Debt

Once you receive a debt validation letter, you have two options. The first one is to pay it if you think that you actually owe the money and have nothing to dispute it.

But if you believe that you do not owe that money or the statute of limitations already expired, or some other thing that makes the debt illegal to collect from you, you have 30 days to dispute the debt as part of your rights.

By disputing the debt in writing, your debtor cannot contact you in any way until they confirm the debt in writing to you.

If you decide to dispute the debt, you must send the dispute letter with certified mail to have proof that you sent it and the debtor received it.


The Verdict

To conclude, having debt is something that tens of millions of Americans have to endure and fight with.

Since there are so many different debts one person endures, it is possible that you might be late with your payments, and your debtor might contact you asking for the payment. Alternatively, we recommend your try companies for debt settlement that can help you get out of your debt within 5 years.

However, there are certain requirements your debtor needs to follow if they want to ask for their debt officially, and it has to be in writing with the information included in it like their name, the amount you owe, and your rights.


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