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Debt Validation

Debt validation is a powerful legal tool that allows you to verify whether a debt is legitimate and legally enforceable before making any payments. Under the Fair Debt Collection Practices Act (FDCPA), you have the right to request proof that a debt is valid and that the creditor or collection agency has the legal authority to collect it. This process shifts the burden of proof onto the creditor, meaning they must provide complete and accurate documentation to substantiate the debt.

If any details are missing, inaccurate, or unverified—such as incorrect balances, missing agreements, or lack of proper ownership transfer—you may not be legally required to pay the debt. In many cases, debts that have been sold or transferred multiple times between collection agencies contain errors, making them difficult to validate. If a debt cannot be verified, it may be removed from your credit report, potentially improving your credit score.

Debt validation can be one of the fastest and most cost-effective strategies for dealing with questionable debts. Instead of immediately making payments or setting up costly arrangements, requesting validation gives you the opportunity to ensure the debt is legitimate. If the creditor fails to respond or provides insufficient evidence, you may be able to dispute the debt and have it legally dismissed.

Taking control of your finances starts with knowing your rights. If you’re facing collection attempts, always request debt validation before making any commitments. This simple yet effective step could save you thousands and prevent unnecessary financial burdens.

Debt Settlement

Debt settlement allows you to avoid bankruptcy and pay your debt back at an affordable rate (up to 40% of your debt can be forgiven). You can become debt free in three to four years. Why doesn’t everyone do debt settlement? As you are about to find out there are drawbacks that come along with debt settlement. The key is to weigh your options and evaluate the positives verse negatives.

Debt Management

The point of consumer credit counseling services is to reduce interest rates on credit cards. Only credit card debt qualifies. You will remain current on your monthly payments with this type of program so your credit score won’t be negatively affected. Instead of paying on your credit card payments for the next 8-10 years, you could be debt-free in around 4.5 years with consumer credit counseling.

Bankruptcy

With Chapter 13 bankruptcy the judge requires you to pay at least half of your debt back over five years on average. The judge determines what would be an affordable payment for you. Chapter 7 Bankruptcy can wipe away almost all of your debt where you pay nothing but attorney fees. Chapter 7 is the preferred option for bankruptcy but the judges’ only approve a low percentage of applicants for this type of bankruptcy. All bankruptcy types will leave a devastating scar on your credit report that is visible to future employers and anyone who runs your credit over the next seven years – a price that critics believe is not worth the benefit.

Debt Consolidation Loan

Debt consolidation loans can pay off your accounts that carry a high-interest rate, leaving you with one low-interest loan to pay back. This method can save you money, get you out of debt faster and improve your credit. Unfortunately, most of us with high balances can’t qualify for a low-interest consolidation loan. Make sure to calculate what you’re currently paying and compare it to the debt consolidation loan total payback (don’t forget to add in loan fees). According to Credit Associates, the best debt consolidation loan strategy is to use a home-equity line of credit to pay off credit card debt.

Hardship Program

Credit card hardship programs are designed to help consumers pay off their credit card balances after experiencing some type of financial hardship. A financial hardship is when a person’s income is unexpectedly reduced or expenses are increased.
If you only need a slight or temporary reduction in your credit card payment, you may be able to work directly with your creditor. Credit card companies have an in-house hardship program. They may offer you a temporary reduction in your payment. Typically, credit card companies don’t offer any plans longer than 12-months of a reduced payment to help you through a period of time where your income may only have been temporarily reduced.
If your income has been severely and permanently reduced, you need a permanent solution. Credit card hardship programs at a debt relief company like Golden Financial Services will permanently reduce or eliminate your interest. There are also programs available that will reduce your credit card balances down to a fraction of what you owe.

Debt Consolidation Credit Cards

Debt consolidation credit cards are becoming a popular option. Credit card companies use these cards as a marketing scheme to steal clients from their competitors and charge you up-front fees. Transfer your high-interest credit card balances onto a low-interest card.