Expert: Apex Credit Services, LLC - 1/5/2008

Question
I got a letter from a law firm regarding a Deficiency.  When I call the firm they informed me that this was actually a credit card debt from 2004.  The principal balance was 4686.25 and their interest and fees were $5768.24.  They basically gave me a week to decide on paying before escalating and trying to get a judgement.  I am sending a verification letter to them but how much time do I have.  What exactly will happen?  I haven't gotten anything like this and it sounds like its fixing to become a legal matter with me.  The debt was a mastercard but the attorneys state that its Unifund that has the account.

What is my best course of action?  I know that Texas Statute is 4 years on debt collection regarding lawsuits and I am 7 months away from that date.  

I have gotten to where my credit is somewhat better now and actively pay everything as needed.  Getting married in April and I just want to know how this will effect things once we're married.  We are also trying to buy a house.

Please help and provide guidance you can.  Thanks!!

Answer
Ian:

    It is imperative that you get the request for validation to Unifund within thirty days from your receipt of their communication.  This will preclude them from taking any additional collection activity; including, suing you, until they validate the debt.  This is prescribed by the FDCPA.  Under the TFC, you can request validation and they MUST provide it whether they intend to pursue the matter or not.  In light of that, request validation in writing pursuant to both the FDCPA and the TFC.

    Unifund is a debt purchaser and is bound by both of the above frameworks.  In short, they have purchased this old credit card account.  They are very litigious but, under Texas law you cannot be garnished.  This may make them think twice about suing you if they can even validate the matter which is unlikely.

              Apex Credit Services, LLC