I got a letter from a debt collector saying that they are doing an asset investigation on me indicating that I own property, which I do. What's this mean? I don't have a judgement.

It means they are "suggesting" not threatening of course that they want you to pay them, if not they may have to get a judgement and place a lien on the property.

Now they can't say that of course, so they are trying to make you believe it,

Chris,

They are trying to scare you. I would send them a letter back asking for VALIDATION of the debt. You should be able to find a sample letter online. Make them jump through the hoops to prove the debt is yours.

Send it CMRRR and wait about 35 days from the time they receive it. If you have not gotten a complete list of the items you asked for to prove the debt and their legal ability to collect (that's a big one), send them another letter and send a copy to the credit reporting agencies (if they are reporting it) stating that you tried to get validation and that they were unable to provide it. Kindly "recommend" they remove the negative info from your reports. Being that they can be in trouble for reporting unverified info, they will usually do it quickly.

Good luck,

LG

Quote:

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Originally Posted by Loan_Guy

Chris,

They are trying to scare you. I would send them a letter back asking for VALIDATION of the debt. You should be able to find a sample letter online. Make them jump through the hoops to prove the debt is yours.

Send it CMRRR and wait about 35 days from the time they receive it. If you have not gotten a complete list of the items you asked for to prove the debt and their legal ability to collect (that's a big one), send them another letter and send a copy to the credit reporting agencies (if they are reporting it) stating that you tried to get validation and that they were unable to provide it. Kindly "recommend" they remove the negative info from your reports. Being that they can be in trouble for reporting unverified info, they will usually do it quickly.

Good luck,

LG

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Don't know where this person is but in NYS the advice is different - ignore it and wait to see what happens next. You did not receive a legal document, you (presumably) have no idea what they are talking about and don't know what to question.

I would not enter into any correspondence or conversation with them BUT I would report them to your State licensing agency for unfair, perhaps illegal, collection practices. They are simply trying to scare you but do it in a way that gets around the rules for debt collection.

For what it matters I could have sent you that letter because I have some free time. Nothing legal about it and I wouldn't give them the satisfaction of a response.

No communication to them is the best avenue. Don't call, write, or anything. It's just a scare tactic. See more and more of this lately as well. If they call, just tell them to put whatever they are calling about in writing and to stop calling you.