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What is a Debt Validation Letter?

What is a Debt Validation Letter?

by

JG Wentworth

December 19, 2023

6 min

woman using debt validation letter

The information on this blog is provided for educational and informational purposes only. Such information or materials do not constitute and are not intended to provide legal, accounting, or tax advice and should not be relied on in that respect. We suggest that You consult an attorney, accountant, and/or financial advisor to answer any financial or legal questions.

Being in debt is, as the kids say, a major bummer.  Being stuck in a situation that can negatively affect your ability to pay your bills, support your family or make the life-changing purchases you need is inescapably frustrating, stressful and downright maddening.

On top of all of that, being stuck in debt can be extremely confusing, especially when you owe money to multiple parties. With fast- growing balances and ever-changing interest rates, it’s tough to keep track of exactly how much you owe (and to whom you owe it to).

How Can I Make Sure My Debts Are Legitimate?

In today’s increasingly automated world, plenty of people are sent erroneous bills caused by deadline snafus or data errors every day. Whether previous payments weren’t calculated into current balances in time or incoming checks were documented incorrectly, it is entirely possible for you to receive inaccurate debt totals caused by honest mistakes at any time.

On the other hand, the advancing of technology has also opened the door for all manner of fraudulent scamming to emerge, allowing unscrupulous parties to try to steal your money.

From shady phone calls to phishing attempts in your inbox, these methods of financial highway robbery disguised as legitimate bills are becoming harder and harder to detect.

If you’ve been in debt for a bit, you should likely expect to receive bills in the mail, emails or even phone calls… but how do you know they’re legit? A Debt Validation Letter may be your solution.

What Is a Debt Validation Letter?

A Debt Validation Letter is a document that a creditor or collection agency must provide at your request.  This letter includes all the information about the alleged debt, including specific details about the debt, the collector and even the original creditor.

Should I Request a Debt Validation Letter?

Taking this important step to request a Debt Validation Letter can help you in several crucial ways:

  1. Forcing a verification of the details of your debt can help prove whether the collection agency or creditor in question is a legitimate organization or a snake in the grass.
  2. Connecting the dots on the details they provide can help flesh out any errors, which could give you the ammunition you need to dispute the charges.
  3. You can also use the information spelled out in this document to negotiate with your creditors to reduce overall debt. JG Wentworth’s Debt Relief Program is a leading service using this approach. Contact us today and let’s discuss how we can help you!)

What Does a Debt Validation Letter Entail?

Debt Validation Letters come in all shapes and sizes, but all of them typically contain several key categories of information that can help you understand, resolve or challenge your debt.

Who – This letter will provide identifying information about the current debt collection agency on the case, as well as your original creditor and the account number associated with the balance in question.

What – How much do you owe? When was this debt first incurred? How much interest has been added over time? This letter will have all the answers you need.

How – If you do not accept responsibility for paying this debt for any reason, this letter will provide clear instructions as to how to navigate the dispute process.

What Should I Do After Getting a Debt Validation Letter?

Once you receive your Debt Validation Letter, review it carefully. It should give you a full, comprehensive understanding of your debt’s origin story and how it may have grown, evolved or been passed onto a collection agency.

If you have a clear understanding of this information, then it’s time to make a choice. If the debt seems legit, it’s time to figure out how to pay the piper. If full payment isn’t possible at this time, you will want to consider enlisting JG Wentworth to negotiate with your creditors on your behalf as part of our popular Debt Relief Program.

If you have genuine doubts about the legitimacy of some aspect of the alleged debt, it’s well within your rights to launch an appeal. Follow the instructions in your Debt Validation Letter and prepare the information you’ll likely need to help bolster your concerns.

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Bottom Line

Whether you are verifying information about legit debt you’re struggling with, investigating bogus charges or accelerating your path to financial freedom with a balance-reducing Debt Relief Program, a Debt Validation Letter may be the ultimate tool you’ll need. Best of all, you are absolutely entitled to ask for one whenever the need arises, so make that request today!

Sources Cited

Pyles, S. and Curtis, T. Debt Validation Letter: What it is and Why You Need it. Nerdwallet.com. Retrieved from https://www.nerdwallet.com/article/finance/debt-validation-letter

Tretina, K.  Debt Validation Letter: Definition, Sample and Your Rights.  Investopedia.com.

Retrieved from https://www.investopedia.com/the-importance-of-a-debt-validation-letter-5114040

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