Community Leader
Epic Contributor
Posts: 26,020
Registered: ‎03-19-2007
Re: Interest on Deposit?
[ Edited ]

In my opinion, you have an issue of interpretation of the terms of your account agreement with the OC.  You assert an offset of debt based on the interest accrual terms of that contract.  They apparently feel different.  Who is correct is an intepretation of facts and law, which is the perview of the courts, not the DV process.


The debt collector enters into the picture by being (I assume) the assigned agent of the OC for purposes of collection upon the debt.

When you request debt verification from a debt collector, FDCPA 809(b) requires that they "obtain" verification from the creditor, and provide you a statement of the amount of the debt, which the courts have held entitles you to an itemization of its components.


If they obtained such verification from the OC, be the amount correct or incorrect, they have, in my opinion, discharged their debt verification duties under the statute.

Any issue you have over the legality of the asserted amounts is handled by the courts, based upon a showing of facts by each side.  It is not resolved through the administrative DV process.


You might have recourse, if you can show that the amount asserted by the debt collector is clearly not authorized in your original agreement with the OC or otherwise permiited by law, to complaint under FDCPA 808(1), which states that it is a violation of their debt collection practices to attempt to collect any amount that is not specifically authorized under your account agreement with the creditor, or otherwise permitted by law.  However, in my opinion, the facts would have to make that clear on their face in order to succeed under section 808(1).  If the facts are subject to interpretation, either as to whether authorized under your account agreement or otherwise permitted by law, you would need to get the issue before a judge.