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Q? What is debt validation?
A. Debt Validation refers to a consumer's right to challenge a debt and/or receive written verification of a debt from a debt collector. The right to dispute the debt and receive validation are part of the consumer's rights under the United States Federal Fair Debt Collection Practices Act (FDCPA) and are set out in ยง809 of that act, which has been codified in Title 15, Section 1692-1692p of the United States Code. This debt validation procedure was expected to reduce the incidence of debt collectors dunning the wrong person or attempting to collect previously paid debts or debts that they cannot verify.

Q? What is the Fair Debt Collection Practices Act (FDCPA)?
A. A 1977 federal law that serves to regulate collection agencies. The FDCPA outlines the conditions under which these agencies may operate in an effort to prevent deception, harassment, and other unfair debt collection practices. The rules of the FDCPA only apply to third-party debt collectors, and only to debts held by individuals. The FDCPA outlines a number of activities that would be seen as deceptive or harmful, and are hence prohibited, as well as requiring a number of helpful activities to be followed. The FDCPA is enforced by the Federal Trade Commission, who also presents an annual report to Congress in regards to these issues.

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Q? What is the Fair Credit Reporting Act (FCRA)?
A. The Fair Credit Reporting Act (FCRA) is a federal law that regulates how consumer reporting agencies use your information. Enacted in 1970 and substantially amended in the late 1990s and again in 2003, the FCRA, among other things, restricts who has access to your sensitive credit information and how that information can be used.

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Q? Who is qualified for our program?
A. Panamerican Consulting's Validation Program is for people facing HARDSHIP. This means people who are late paying their debts, have little or no ability to pay their debts in the future, are facing a possible bankruptcy and/or feel that they will be unable to satisfactorily pay down their debts by making only minimum monthly payments in the near future.

Q? Who is not qualified for our program?
A. Panamerican Consulting does not advocate that any person default on their debts. This program is not designed for persons who have reasonable means to pay off their debts. If you have the ability to pay off your debts in the normal fashion, by paying the minimum payments, then you should honor your debts and do so. This program is NOT for people gainfully employed, have high credit ratings, and can meet monthly debt requirements.

Q? When does Panamerican Consulting begin working on my file?
A. At such time that Panamerican Consulting has received the first payment, Panamerican Consulting will commence the service. Panamerican Consulting will begin an audit of all your consumer credit accounts and seek to validate those accounts.

Q? I received a notice that my account is being handled by a Third-Party agency. Should I be worried?
A. Absolutely not! Creditors are required to charge-off underperforming accounts. The time line for the charge-off is normally 90-180 days. Once the debt has been charged-off, the Third-Party agencies will buy, for pennies on the dollars, debt accounts in massive portfolios with a face value of millions of dollars. At this point they will attempt to collect from you 100% of what you owe when they only spent 3%-5% in buying what you owe.

Q? Will creditors call me at work?
A. Once you have informed the creditor that they are not allowed to call you at work they should not continue to do so. In fact, jeopardizing your employment with harassing calls is against the law.

Q? Will this program have a negative effect on my credit?
A. Yes. However, the negative effect is not from being enrolled in the Validation Program, but because you were unable to continue your monthly payments to the original creditor. The process used in the Validation Program is actually designed to minimize long-term derogatory effects to your credit profile. Most of the damage to your credit report and score comes from the continual negative reporting by collection agencies and collection attorneys. Our program stops these Third-Party creditors from being able to collect and report on your debts using the rules and regulations of the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (F.C.R.A), thereby minimizing the overall negative effects on your credit profile.

Q? Can I negotiate my debts on my own?
A. Yes, you can negotiate your debts on your own. However, you should note that the Debt Settlement process can be a long and complex process for the average consumer. Our Validation Program puts the burden of proof on the collection agencies before any monies are paid to them.

Q? Can I still use my credit Cards?
A. No. All credit cards in the program will not be active and you will not have credit privileges. Any cards you DO NOT put into the program should not be used. This program is intended for you to get out of debt.