Asset Acceptance LLC and Citibank debt question

I have been receiving letters from asset acceptance llc about a debt I owed originally to Citibank. I was about to pay it off when a bell went off in my head, and I started searching the internet. I found this site, and I hope someone can help me out. I want to pay this debt off, but from what I see here, I think this company is on the shady side of the business.

Thanks for any help!

Eric

Eric -

Welcome to the site! What questions do you have? If you'll post the specific questions you have, we'll be glad to help you out.

Many people here have dealt with Asset Acceptance, so you'll be given some advice on how to deal with this situation once you provide us a little more detail.

well how much do you owe them?

Did Asset Acceptance validate your debt? You need to review the details they send you in writing and find out any errors. If any item is disputed, explain it in writing and ask the collector to rectify it. They need to stop further collection attempts until the correct info is given. You have the option to deal with the original creditor if the file is still in their system and the debt collector is hired by them for collections.

With Asset Acceptance it is important to ask for validation and check the age of the debt. I experienced Asset Acceptance trying to collect a debt 10 years old. They were threatening legal action even though the statute of limitations had expired. A cease all communications letter stopped them quickly.

I only owe them $2345, and my wife and I have the money together. I started getting a weird vibe, searched the WWW, and found this forum. Boy am I glad I did.

I have not validated the debt with AA, LLC. I saw a standard letter form on the forum somewhere, so I guess I should copy and paste it and send it to them. I don't recall how old the debt is. I was in college, and quite a big dummy. Do you have to pay a debt older than so many years?

Once we square this away, my wife and I will be debt-free, save for college loans and a vehicle payment. My wife is a savvy busunesswoman with a high credit rating, but I'm the opposite. She was and is the best thing that after happened to me. We are looking to buy a house in May of this year.

Thanks for all your help!

Eric

What is the best way to determine how old a debt is? And once you determine that, what does it mean?

Eric

Collectors will do collections until the debt is paid. You get some relief of not getting sued by any collection company if the debt is past the SOL period. The last payment on the debt is considered for checking the SOL. What state are you in? You need to go through the laws of your state and find out the SOL. Find the last payment from your bank statement or your credit report or by calling the credit company. Moreover, you can even force Asset Acceptance to give you this info in the DV letter.

I live in Ohio, sorry I missed that earlier. Is there a wing of the government that you can call for advice? Like the COmmerce Department.

Eric

A debt is a debt until it is repaid. It doesn't go away but it will not forever remain on your credit report. They can and will continue to collect if it to one collection agency or another.

I had zero problems with Asset Acceptance, I do know that they will report PAID instead of SETTLED onto your credit report if you settle with them though.

Okay, I've got the letter ready to send to AALLC.

I thought I saw where I should ask for a certified check about how much they paid for my debt from Citibank. Is this true?

Eric

You are going to send them a check for what you think they paid CitiBank for it? Do you know how much it is or are you just guessing? Have you asked to negotiate a settlement for them because if you haven't they they will consider that a payment onto the account? Is it sold or are they collecting for CitiBank?

Don't try to jump the gun before it is loaded.

Boy I don't know why some people want to pay a collector right away!!! Have you confirmed that this is even your debt? Have you confirmed they have the legal right to collect on it?

You know I am running a little short why don't you send me a check and I will send you a receipt!!

Not trying to be mean or sarcastic but really you should ask yourself these questions before you go paying someone on a unknown issues.

Cajun and FYI,

I was going to pay it off, since my wife and I have the money from tax returns. But then I found this site, slowed down a lot and want to get it right.

I am sure the CC is mine, but that it might be out of the SOL. How would I determine if it was out of the SOL? With a credit report and how? I haven't had a credit card for a long time, meaning 10 years I would guess. How would the CR tell me the CC was out of SOL?

I have prepared a letter for Asset Acceptance from this site:
(http://www.debtconsolidationcare.com...about2251.html)

Should I send this first? By read receipt certified mail? Whats your opinions?

Thanks!
Eric

There are a variety of ways to determine date of first delinquency. If they do indeed have a valid debt you identify as Citibank,call Citibank and see if they will give you info. It can also be found out by calling the credit bureaus. I suggest calling because not all reports show it.
Lastly,you can specify you want this info directly from collector in your validation.I would use other routes first myself.

I am currently being garnished by asset acceptance for 25% of my wages...my credit report says this account will stay on my credit report until apr. 08...its April...am I still liable to pay?