Stop Collection Agencies Cold! Make them Validate the Debt!
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So you've followed my advice and have quit paying your credit cards and unfortunately are being sued. Now what?
One recourse is to make the collection agencies “Validate the Debt”. Asking a collection agency to validate the debt is like showing a crucifix to a vampire! You see if the collection agencies cannot prove that they are the lawful creditor and that the debt is truly owed then you win. They must prove that they have the right to collect a debt from you by showing the original agreement that you signed with the original creditor and also in some cases providing the receipts of your purchases. If they cannot show this ...YOU WIN!
This technique only works with debt collection agencies, you cannot use this with the original creditors like Bank of America or Citibank etc. Once the original creditor has written off the debt, the debt may be sold for pennies on the dollar to whomever wishes to buy it. It may be sold over and over again. The original creditor has already gotten their tax write off and they are now out of the picture, you are left to wrangle with the collection agencies who are trying to squeeze whatever money they can from you.
How do you know if the company that is contacting owns your debt? Is the amount that they are suing you for correct or have they added on countless fees and exorbitant interest? You must request this in writing or if you have waited and are going to court you can request it in court.
This is one reason why I think it is best to never speak to debt collector over the phone. You must never admit that you owe the debt. If you admit that you owe the debt then you are in essence pleading guilty, giving up and letting your fate fall where it may. You can still request a validation of the debt but you are just making things more difficult on yourself.
Very few collection agencies are able to validate the debt. The reason for this is that debt is sold, resold and then sold again. Who knows where the original agreement is. Just requesting that the agency verify the debt will stall matters (until the statute of limitations has run out) or in the best case scenario get you off the hook completely.
Now, many people have written to me ..chiding me for encouraging people to run out on their debts. So I would like to take a few minutes to explain why I am doing this.
We no longer live in a country that is following the rule of law. We have been taken over by an elite group of banksters that are dead set on bankrupting this country. These banksters have lobbyists, run corporations, are in government and can pretty much do whatever they want. Is it fair for them to bail themselves out at taxpayer expense? No! And yet that is exactly what they have done to the tune of trillions of dollars. Who do you think pays for those bail outs? We, the tax payers do! When trillions go missing from the Pentagon, who paid for that? WE DO. When inflation creeps into our system causing milk, bread and chicken to cost more than a gallon of gas who is paying the lions share of their income for those hikes? WE DO.
We are in a financial war and this is one way that we can fight back, if we were not I would not be encouraging this. But, make no mistake we are in a war. So, I don't want to hear about the ethics of paying these banksters after they have completely stolen this country. I don't want to hear that we should be paying our debts of $1,000, $5,000 or $10,000 dollars when they have stolen literally trillions of dollars. This is one way you can fight them and I hope you do just that!
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