This notice is not from a debt collector but from the party to whom the debt is owed.
New Mexico Notice by Mail to Debtor of Action if Payment not Made
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Multi-State
Control #:
US-01748BG
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Word;
Rich Text
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Description
How to fill out Notice By Mail To Debtor Of Action If Payment Not Made?
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FAQ
Within five days after a debt collector first contacts you, it must send you a written notice, called a "validation notice," that tells you (1) the amount it thinks you owe, (2) the name of the creditor, and (3) how to dispute the debt in writing.
It is a formal letter sent to a debtor demanding payment for an outstanding debt or invoice as a last resort before entering litigation. The letter should clearly state the amount of money owed, the date it was due, and any additional fees or charges associated with the debt.
A judgment obtained through a common law action on a prior judgment or through any other means of revival of a prior judgment shall not be enforceable after fourteen years from the date of the original judgment upon which it is founded.
NMSA 1978 §37-1-1 et seq. governs New Mexico's statute of limitations for the collection of open accounts, written contracts, and judgments entered by the Court. In New Mexico, the statute of limitations for open accounts is four years, while the statute of limitations for written contracts is six years.
Like other adverse information, collections will remain on your credit report for 7 years. A paid collection account will remain on your credit report for 7 years as well. There is a state exception for residents of New York for which paid collections fall off their credit reports after 5 years.
Action against debt collectors for violations of the FDCPA may be brought in any appropriate U.S. district court or other court of competent jurisdic tion. The consumer has one year from the date on which the violation occurred to start such an action.
Your creditors do not have to accept your offer of payment or freeze interest. If they continue to refuse what you are asking for, carry on making the payments you have offered anyway. Keep trying to persuade your creditors by writing to them again.
The Fair Debt Collection Practices Act defines a debt collector as ?any person who uses any instrumentality of interstate commerce or the mails in any business for the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due ...
