When I entered into an agreement with Asset in Aug of 04, I had finally gotten my SSI settlement which I had been waiting 3+ yrs for. I immediately contacted all of my creditors and got my debts paid.
But Asset was the only company that gave me a hard time. First they had to have a down payment of $250 in order to accept my monthly payments of $25.00. And I was promised that there would be no more interest the bill was somewhere between $3,000 and $4,000 depending on what date you spoke with them.
After cleaning up my credit and constantly checking my credit report I noticed they were reporting inacurate amounts, and that I wasn't paying anything on the account. I would file a dispute and Asset would say nope the totals right.
I called Asset and was told that this is policy in case you stop paying they can then add up the interest the account has accrued and go after you that way.
But I thought it was funny that in December 2004 they sent me a letter telling me I owed $4899.19. And thanked me for paying on time every month I had at that point paid them $750.
I never got another letter from them except the monthly reminder that they were going to send in my e check payment on the 6th of the month.
After 4+ yrs I was curious as to how they had applied my payments so I asked last month for a full accounting of all payments made to them since I have paid from 3 different bank accounts and don't have access to the ones that are closed.
My agent refused saying he doesn't have to give me that in writing he quickly told me what I had paid would not repeat it then informs me that I really owe them over $6,000.
And started talking really fast and loud and (was rude as well) about how its to my advantage to keep paying them or else.
I revoked permission to access my checking account when they refused to give me the accounting they still took the money out of my checking acct. I filed a dispute with the bank and called Asset to tell them they stole my money. I got a refund after waiting 2 weeks.
Then got a letter dated December 18,2008 telling me I missed a payment and please send it to me (the agent) to avoid revocation of our payment agreement. And now my acct balance it $6,248.56.
The interest that was suppose to stop didn't they lied and they hold that over your head whenever you call to complain about something.
I called and I left a message thanking him for finally giving me a letter with a balance so I now have proof of their illegal debt collection practices.
It is against the law to give false information to the credit reporting agencies and since they said I wasn't paying on the account and that the account balance was correct they lied twice everytime I filed a dispute.
So by law the debt is no longer owed, I checked online for debt collection practices and they mention the FTC which I did file a complaint with them against Asset. So that's why I thanked the idiot for sending me the last letter to put with my complaint with the FTC that should put a nail in their coffins.
And for the woman who says she works for Asset she is mis-stating some important facts, they bought the account from the previous creditor for pennies on the dollar because the original creditor deemed it uncollectable. And everytime the acct is sold its sold for less money. I wonder how much they paid for my acct I bet it was less than what they have received from me.
These are called scavenger accts. Look it up online you will get alot of interesting info. Any debt collectors who violate the FTC rules get fined, too bad they can't make them refund money they got from us by lying and cheating the system.
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