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ChrisCake44

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  1. My husband has recently received a letter from Financial Recovery Services Inc. Which states that a debt from Chase Bank back in 2009 has not been paid. The current creditor is LVNV Funding which now shows on his credit report. He does not remember this debt or has never been notified since 2009 in any way that he has had this debt. I have done some research and found that we have the right to ask for debt validation, however, should I do anything? I ask this as the first bold paragraph on the letter states the following: "WE ARE REQUIRED BY LAW TO GIVE YOU THE FOLLOWING INFORMATION ABOUT THIS DEBT. The legal time limit (statute of limitations) for suing you to collect this debt has expired. However, if somebody sues you anyway to try to make you pay this debt, court rules REQUIRE YOU to tell the court that the statute of limitations has expired to prevent the creditor from obtaining a judgment. EVEN though the statute of limitations has expired, you may CHOOSE to make payments. However, BE AWARE: if you make a payment, the creditor's right to sue you to make you pay the entire debt may START AGAIN." It states at the bottom to respond within 30 days to either approve or deny the debt. And after that from what I understand then they can chase after my husband to pay this entire debt. My question is, if I'm understanding this correctly, if we do not respond, does this mean they cannot sue us or chase us down for this unexplained debt? If so, would it just disappear from his credit report in 7 years? Or do we start this process to defend that we do not owe this debt? Which could unveil a debt that he may have forgotten about? Any advice on how to proceed will be greatly appreciated. Thank you, Chrissy

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