When a debt collector contacts you in regards to a debt in your name, it can be overwhelming. Not only can this impact your current finances, especially if the outstanding amount is considerably large, but it can also impact your future finances by harming your credit. As such, if you discover that a debt has been verified in your name, the following blog explores what this means in further detail, as well as your legal options. You’ll also learn the importance of working with a California debt collection defense attorney to help you navigate these complicated matters.
What Is a Verified Debt?
In general, a verified debt refers to any debt that has been validated and attributed to you. As such, you’ll find that when you are contacted in regards to an outstanding debt in your name, the debt collector must provide you with a debt validation notice. This essentially provides information about the debt, such as who the original account holder is, the original creditor, the original balance, and the current balance after interest and fees.
In many instances, when a debt has been validated or verified, it generally means that you will face liability for the outstanding balance. However, you’ll find that there are still instances in which a debt in your name may not legally belong to you. This is often the case if you’ve paid the debt or you believe you are the victim of identity theft.
If the debt validation letter confirms that the debt in question belongs to you, it is generally in your best interest to pay it. You’ll find, however, that working with a debt defense attorney can help you reach a settlement with the collector in which you pay a smaller portion of the outstanding debt. In other instances, you may be eligible to begin a payment plan to pay off the outstanding balance if it belongs to you.
Can I Still Dispute It if I Believe It’s Wrong?
In the event you believe a verified debt in your name is incorrect, it’s important to understand that you do not have to simply accept this. You are eligible to dispute a debt in your name that is incorrect. Generally, this entails sending a written dispute to the collection agency explaining why it is incorrect. If you are the victim of identity theft, you should provide documentation to show that your information was compromised and that the account in your name does not belong to you. If you have already paid the debt, you should provide a receipt to show that you are no longer legally obligated to pay the outstanding balance.
Fighting a verified debt can be difficult, which is why it’s in your best interest to connect with an experienced attorney with Loker Law, APC. We understand that navigating these legal matters can be overwhelming, which is why we will do everything in our power to help you recover the compensation and justice you deserve. When you need help, do not hesitate to contact our team today to learn how we can fight for you.
