Here’s a brief commentary sent to me by an email from one of my readers. I don’t know that all of the statements herein are legally valid, nor can I say that the documents at the associated link are effective–so take it all with salt. But the text seems credible, practical and worth your consideration:
“Negotiate your debt collector or sue against them
“If you pile up a huge debt that you are not being able to pay back, your creditor has all the right to sell your account to a debt collection agency.
“But Fair Debt Collection Practices Act states that if a debtor disputes his debt within 30 days of receiving his collection letter, it will immediately put a stay order on the collection activity of your creditor. Further collection activity could commence only after your debt amount is verified by the creditor. But if you do not send any type of dispute letter or debt settlement letter (http://www.ovlg.com/letters/) to your creditor, he will be within his rights to pursue his collection effort.
“Now, employing our legal rights given by FDCPA, we can settle our debt for less than we owe.