Quote:
|
Originally Posted by jsj1228
I have been reading about this VOD process for several months now and am now about to attempt it for the first time. I have a few questions:
1) Is my credit score going to go down the toilet while I am in the process of trying to get the debt validated by the creditor?
2) What is the purpose of tendering payment in the form of a promissory note if the debt cant be verified or validated?
3) I've noticed that in more recent credit card offers I've recieved are now using mandatory arbitration; does this affect my right to demand verification of the debt?
4) Can the VOD process be sucessfully applied to judgements for fines, court costs, and restitution?
5) Approximately how long will it take after this process begins before I will have my credit score cleaned up and be able to gain more credit line or will I even be extended credit after I do this?
|
1. Highly likely
2. There is none
3. No
4. The verbage in the VOD is tailored to third party debt collectors who are
subject to the FDCPA (Fair Debt Collection Practices Act)
5. The time varies; it could be several months or significantly more.
The reason why an exact timeline cannot be given is because these matters are not an exact science and depend on many factors, e.g. the bank, amount of the debt, current affairs in the debt collection world, what kind of day the person is having who receives your documents, your tenacity, how professional your documents appear, etc.
