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Advice You - What is Debt Validation?
If you have been surfing around looking for credit repair information, you undoubtedly have run across the term debt validation
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
.
Debt validation is nothing more than making a collection agency prove they have a valid debt and the right to collect it.
F
Debt validation is nothing more than making a collection agency prove they have a valid debt and the right to collect it.
F
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
orcing validation of a debt by a collection agency is a very powerful credit repair weapon against them. The main reason is tha
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
t they can almost never furnish it.
When can you ask for validation? You can ask them for it at any time and they must provide
When can you ask for validation? You can ask them for it at any time and they must provide
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
it or stop collections until they do.
Here's the catch. The law has written into a 30-day clause. It says that you have 30 da
Here's the catch. The law has written into a 30-day clause. It says that you have 30 da
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ys from the date of first contact to dispute the validity of the debt.
Well, most collection agencies don't send you a letter
Well, most collection agencies don't send you a letter
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
to start with unless the account is really recent. Instead, they just put it on the credit report they think it goes on and wai
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
t for you to find them!
Then they try to say they sent you a letter a long time earlier. One court case says that it can be as
Then they try to say they sent you a letter a long time earlier. One court case says that it can be as
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
sumed that you got mail if they say they sent it.
If you have a collection account on your credit report, whether they have ev
If you have a collection account on your credit report, whether they have ev
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
er notified you or not, you should immediately take control of the situation. Here's how.
Write the collection agency a letter
Write the collection agency a letter
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
that plainly states the following:
1) You have no knowledge of the account
2) You have never received any communication from
1) You have no knowledge of the account
2) You have never received any communication from
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
the about the account
Number one tells the collection agency that they must validate the account by getting the original docum
Number one tells the collection agency that they must validate the account by getting the original docum
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
entation, or proof, from the original creditor and forward it to you.
In 90% of the cases, you will never get a reply. That is
In 90% of the cases, you will never get a reply. That is
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
why it is so important that you send your letters to these types of businesses by certified mail.
You can prove the mailman d
You can prove the mailman d
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
elivered it to them. After that, it's up to them to handle it properly.
Number two sets the date of first contact with you abo
Number two sets the date of first contact with you abo
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ut the account. Regardless of how many letters they may want to claim they sent, they have officially and in writing been notif
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ied that you have never "received" their letters.
In effect, you have determined the date of first contact rather than allowin
In effect, you have determined the date of first contact rather than allowin
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
g them to do so. And they will give you instant leverage by failing to follow up with the notification of your rights within fi
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ve days.
Use debt validation with every collection agency, but most importantly use your power to establish the date of first
Use debt validation with every collection agency, but most importantly use your power to establish the date of first
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
contact. Unless they dispute your statement (which I have never heard of happening) it will hold up as stipulated fact in court
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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