Debt validations are considered as one of the inclusions in the State’s Fair Debt Collection Practices Act. This allows debtors to ask a validation report from their debt providers and lenders to verify their debt accounts and dues. A debt validation letter will be the document to use for this purpose.
What Is a Debt Validation Letter?
A debt validation letter is a type of debt letter that debtors can use to inform a financial institution about the need to verify and validate details of a debt. The letter will allow the debtor to state his reasons as to why he wants the validation as well as whether or not the debt collection will have to be ceased by the collector.
List of Debt Validation Letters
Basic Debt Validation Letter
Credit Debt Validation Letter
Debt Validation and Settlement Letter
Debt Validation Letter in DOC
Debt Validation Letter Template Sample
Sample Debt Validation Letter
Second Debt Validation Demand Letter
Types of Debt Validation Letters
The different types of debt validation letters are intended for varying concerns and issues to be discussed in the letter. Furthermore, below are some of the types of letters which can be downloaded, edited, and printed out for free:
1. Basic Debt Validation Letter: The objective of making a basic debt validation letter is to state and discuss the request of the debtor to the recipient or the financial institution who provided the debt. The format of this letter is the same as a formal letter wherein there would be the date when the letter was sent, the return address of the debtor, and the name of the financial institution will be the first pieces of information to indicate in the letter. The account number of the debtor will also be disclosed in the letter followed by the specific Fair Debt Collection Act of the State where the concerns of the debtor can be related to, the details of the debtor’s request, and the instructions about the validation to be adhered to by the institution such as putting the validation in writing. Lastly, the debtor must affix his signature to complete the letter.
2. Credit Debt Validation Letter: Compared to the aforementioned basic debt validation letter, this document is comprised of two pages due to its detailed descriptions of the debtor’s requested validation from the credit company whom he owes his debt. In the letter, the debtor can request the company to validate the amount of his debt or borrowed amount as well as inform the company that the letter is not about his refusal to pay for his due amount. Legal actions that the debtor will make in the event the company will fail to validate and meet the requests will also be stated in the letter along with the list of items to be provided to the debtor as part of his request.
3. Debt Validation and Settlement Letter: This type of letter is not only for debtors who would want to request a debt validation but also to send a debt settlement agreement to the debt providing company. The first page of the letter will document the details and the preferences of the debtor regarding the needed validation of his debt account and amount, while the second page of the letter is where the terms of the settlement agreement will be stated. Both parties will have to affix their signatures in the allotted areas of the agreement to affirm the settlement of the debt.
4. Second Debt Validation Demand Letter: If a lender or debt provider have failed to produce a validation report for the debt and meet the needs of the debtor, then a second debt validation demand letter must be sent by the debtor. The letter is to inform the lender about the possible self-executing contract which will be created due to the negligence of the request. The details of the executable contract, trustees, complete accounting request, the inclusions or items to be verified and affirmed by the lender, the dispute, and the advice to be noted by the lender will be some of the contents to be discussed in the letter.
How to Create a Debt Validation Letter
Debt validation letters should be created with concise and direct language in order to deliver accurate details for the request to be met by the debt collection agency. Follow the steps below to effectively and easily create a debt validation letter from scratch:
Step 1: Open a Word-processing Software Application Program
Word-processing software application programs are effective for creating and formatting texts. Some of the software application programs include Microsoft Word, Apple Pages, and Google Docs. Once opened, the margin should be customized along with the font preferences such as the type of font to use and its size.
Step 2: State the Date and Return Address
Both of these pieces of information should be placed on the left side of the letter. The date should be the exact date when the letter is sent to the recipient while the return address should be the complete residential address of the debtor or where the letter can be returned by the recipient or lender.
Step 3: Indicate the Account Number and Place a Salutation
The account number should be stated below the return address. In addition, the salutation of the lender should also be specified unless the lender is a company where a “To Whom It May Concern” phrase can be used as a salutation instead.
Step 4: Create the Body of the Letter
A proper introduction with a greeting should be placed first which is then followed by the explanation or the detailed reason as to why the letter is sent.
Step 6: List the Items to Be Provided by the Lender, Debt Provider, or the Financial Institution
The list of items should include the actions expected by the debtor to be fulfilled by the lender or debt provider in lieu of his validation request.
The last step is to add a signature line and print out the letter in order for the signature to be affixed. Once signed, the letter should then placed inside an envelope and be delivered or be mailed immediately to the recipient to avoid delaying the request for aa debt validation.
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