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Posted: Mon Feb 11, 2008 3:25 pm Subject: Asset Acceptance

Years ago, in 2002, I let a credit card with First America (which was sold to Bank One) go and be charged off. The balance I believe as nearly 5k. In the process of cleaning up my credit (paying everything off and settling others), this one is still gets me. It is on 1 of the 3 burueaus (Experian)...however, they keep changing the balance - it is not up to 11k that they want (!). Of course they will settle for half, which is still way more than I owed on this acct. I also believe they have changed the 'last date' on the account.
I have disputed this, and only Experian says it is still valid. Any help as to what to do next would be greatly appreciated.

Posted: Tue Feb 12, 2008 9:56 pm Subject:

Have you sent a Demand for Vaildation letter to asset? What state are you in? A debt from 2002 can very easily still be within the Statute of Limitations, depending on your state.

guest · Posted: Thu Feb 21, 2008 1:36 pm Subject: Asset Acceptance

I live in Texas, and have not sent a Demand for Validation yet. I just don't understand how they can honestly say the debt is 11k now.

Posted: Thu Feb 21, 2008 1:40 pm Subject:

I had that happen with my Bank of America card. The limit was $1,200. When it was sent to one collections agency it was $1,800, then $3,200, then it went to GC Services and they wanted almost $6K.

I was told by a guy from GC that I was stupid to not "understand the concept of interest"....so that may be why the balance has gone up. Charged off or not, someone may be adding interest to your card. I would definitely suggest sending the Demand for Validation.