Our Process
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Debt verification is a critical process that ensures the validity and accuracy of a debt before a debtor agrees to make payments. When a law firm conducts a debt verification plan on behalf of a client, they follow a structured approach to ensure that the debt collector or creditor adheres to legal standards and provides the necessary documentation. Here’s a detailed overview of how a law firm typically conducts a debt verification plan:
The law firm meets with the client to understand their situation, including the details of the debt in question and any correspondence received from creditors or debt collectors.
The firm reviews all documents provided by the client, including collection notices, credit reports, and any prior communications with creditors or debt collectors.
The debt verification letter is sent to the debt collector via certified mail with a return receipt requested. This ensures there is proof that the debt collector received the request.
The law firm tracks important deadlines, including the 30-day period during which the debt collector must respond to the verification request under the Fair Debt Collection Practices Act (FDCPA).
If the provided documentation is insufficient or if there are discrepancies, the law firm notes these issues for further action.
In cases of persistent issues or violations of the FDCPA, the law firm may represent the client in legal proceedings against the debt collector.
A law firm’s debt verification plan is a comprehensive and structured approach to protect clients from illegitimate or erroneous debt collection practices. By leveraging their legal expertise, law firms ensure that clients’ rights are upheld and that any debt collection efforts are based on accurate and legally valid information.
The success rate of law firms using a debt verification process to eliminate a client’s debts can vary significantly based on several factors, including the nature of the debt, the accuracy of the debt collector’s records, and the specific circumstances of the case. However, there are some general trends and considerations to keep in mind:
1. Quality of Debt Records:
If the debt collector has poor or incomplete records, there is a higher chance that the debt cannot be verified properly. In such cases, the debt might be eliminated or deemed uncollectible.
2. Type of Debt
Some types of debt, such as credit card debt or medical debt, are more prone to errors and incomplete documentation compared to others like student loans or secured loans.
3. Consumer Rights Violations:
If the debt collector has violated the Fair Debt Collection Practices Act (FDCPA) or other consumer protection laws, the chances of eliminating or reducing the debt increase significantly.
4. Statute of Limitations:
If the debt is beyond the statute of limitations for collection in the client’s state, the law firm can often successfully argue that the debt is no longer collectible.
5. Debtor’s Financial Situation:
The overall financial situation and history of the debtor can influence the outcome. Debtors with a history of disputing debts and maintaining accurate records might have higher success rates.
While it is challenging to provide a precise success rate due to the variability in cases, here are some general observations:
1. High Success in Verification Failures:
In cases where debt collectors fail to provide proper documentation, law firms often have a high success rate in getting those debts eliminated or dismissed. This can range from 40% to 60% or higher, depending on the thoroughness of the verification process.
2. Moderate Success in Documentation Disputes:
When there are discrepancies or errors in the documentation, law firms can often negotiate a reduction or dismissal of the debt. Success rates in these situations might range from 30% to 50%.
3. Lower Success in Well-Documented Debts
If the debt collector provides thorough and accurate documentation, the success rate of eliminating the debt through verification alone is lower, potentially around 10% to 20%. However, other strategies like negotiating settlements might still be effective.
While the success rates of using a debt verification process to eliminate a client’s debts can vary, law firms generally achieve significant success, particularly in cases where debt collectors cannot provide adequate documentation. Clients should seek law firms with strong expertise in consumer protection laws to maximize their chances of a favorable outcome.
Hardworking people across the country have found their world turned upside down by debt. For many, it’s an overwhelming burden with no hope in sight. We’re here to give those good people a hand up. This is a responsibility that our association with law firm takes very seriously and our attorneys are focused on delivering life-changing results. This includes stopping the anxiety-inducing calls from collectors, aggressively leveraging consumer rights laws to prove a debt is uncollectible, auditing the credit bureaus to remove invalidated information, and securing dismissals of debts for our clients in court. These consumer laws are your rights.
Triumph Debt Relief works closely Weightless Financial by providing resources and access to alternative, attorney-based debt relief programs, federal student loan programs, credit repair, and advanced software to eliminate secured debts over a shortened term. The results are unique solutions to minimize or discharge client debt without settlement or bankruptcy. To create a debt-free lifestyle, we support education first, so our clients can make sound financial decisions that last.
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