Request for Proof of Debt
Description
How to fill out Request For Proof Of Debt?
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FAQ
A proof of debt is the document on which a creditor submits details of its claim.A proof of debt may be submitted for two purposes: (i) to enable the creditor to vote on matters relating to the insolvency process; and (ii) to entitle the creditor to receive a dividend distribution from the insolvent estate.
The name of the creditor. The amount owed. That you can dispute the debt. That if you don't dispute the debt within 30 days the debt collector will assume the debt is valid. That if you dispute the debt in writing within 30 days the debt collector will provide verification of the debt.
Under the Fair Debt collection Practices Act (FDCPA), I have the right to request validation of the debt you say I owe you. I am requesting proof that I am indeed the party you are asking to pay this debt, and there is some contractual obligation that is binding on me to pay this debt.
This usually means producing proof that the debt was assigned to it. Often such proof will be a bill of sale, an assignment, or a receipt between the last creditor holding the debt and the entity suing you.
According to The Fair Debt Collection Practices Act (FDCPA), a debt collector must send you written validation of debt within five days of contacting you. If they don't, you can send them a letter to request a validation of debt (see this sample letter).
If your accounts have exceeded the statute of limitations and you're trying to clean up your credit report, a debt validation letter may provide you some value in attempting to achieve your goal if the collection agency has possessed the account for less than 30-35 days.
