By: Dan Cavalli

Debt: Once you’re in over your head, it is extremely difficult to get out without some sort of help. If you have tried turning to your creditors for help, you probably have found that they are only concerned with one thing: getting their money. They give little thought to the other people you owe, and they could care less if you can afford to feed your family or not. Even though they are not very helpful, there is something that they are not telling you.

You may be able to eliminate some of your personal debt through a process called debt validation. Your creditors do not want you to know this because the process depends on them being incompetent and unable to keep track of their records. If they have dropped the ball, your debt could be forgiven. Here’s how it works:

You have probably noticed that your creditor only

tries to contact you a few times for a defaulted debt. After a few months, you will start to receive notices from a collection agency. This agency is not working for your creditor; your creditor has

sold your debt to the agency. If you do not pay on your debt, the account will be sold multiple times for less and less money until it cannot be pursued any longer. This process of unloading bad debt can work to your advantage.

Sometimes, paperwork gets lost. It has a higher tendency of getting lost as it is passed along to more and more people. If an agency cannot validate your debt by producing the original paperwork complete with your signature, you can ask that the credit bureau remove the account from your credit file. Once this happens, the collection agency has little power to collect the debt.

In order to validate a personal debt, you need to contact the credit bureau and the collection agency directly. All communication should be in writing. Simply ask the agency to validate the debt by showing you and the credit bureau that the debt is, in fact, legit and backed with paperwork. If the agency cannot send you and the bureau proof within 30 days, you can ask the credit bureau to drop the account from your file.

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This process might not sit well with some because they may feel like it is unethical. However, it is perfectly legal. Debt validation has been put into place to help consumers fight unethical collection agencies. If an agency is on the up and up, they will have no problem validating your debt and you will still have to pay.

Debt validation can also help you fight accrued late fees if you feel they are in excess. The burden of proof is on the collection agency. You owe it to yourself to make them show proof for every penny you owe. While you may admit to the original debt, there may be a discrepancy where late fees are concerned. You will never until you start openly communicating with the collection agency and credit .

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About The Author:

Dan Cavalli is noted by the “Financial Review” as one of Australia’s “Internet’s Untold Millionaires”. He teaches people how to build businesses extraordinarily fast, make money, get rid of debt and turn money worries into infinite sources of cash.

Also, visit his primary blog to get your updated latest strategies and techniques for personal development and money making strategies athttp://www.startingabusinessnow.com