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  #17  
Old 09-25-2005, 07:00 PM
Anonymous
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Default asset acceptance

What these collection agencies do is buy charged off accounts from other companies. They then try to collect these debts. They send collection letters to almost anyone who has the same name as the original debtor and hope one (or more) of them will bite on the offer to pay less than the original debt. They buy these for pennies on the dollar. If you get one of these letters, send them a request for validation of the debt by certified mail return receipt requested. You can track the delivery of the letter online. This is what I did. And I have a paper trail in case they sue for payment.
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  #18  
Old 09-26-2005, 01:08 PM
roxette roxette is offline
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Hi Sab

Quote:
my husband owns about $ 1700.00 to Citibank. Asset Acceptance bought that account and started sending him letter to collect the total amount. Since he was not able to pay that amount they have send him a settlement agreement of $ 500.00 via fax, which has to be paid by 09/30/05 otherwise this offer will be null and void. They were trying to collect that money by phone. I got scared, that they might collect more then the amount we had agreed to. Also once we pay that amount will citibank take it out of his credit report?
It sounds completely fishy to me when they urge you to make the payment over fax and that also without giving the necessary information about the debt.

Even if you pay the amount, I assume it will not go to your debt account. When you will ask them to prove it later, they may have their story prepared saying that you have not paid them anything.

Asset Acceptance is one of those collection agencies that is practicing illegal business and has lots of consumer complaints filed at the BBB.

Ask them to validate the debt so that you have the necessary information about it before you finalize paying to them.

If you are willing pay the debt and requesting for the necessary information, there is not much action that can be taken against you.

If you have any problems, just let us know.

Regards
Roxette
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  #19  
Old 10-01-2005, 04:38 PM
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Default Asset Acceptance

I have an experience similar to sab. I owed Providian $1200 and Asset Acceptance sent me a letter saying they would dismiss my debt for $480. I paid it several months ago, but have not received any receipt or evidence that I paid. They also said that they would inform the credit bureaus. I have no idea if they did this. Has anyone successfully resolved a debt with these people, or did I throw away my money?
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  #20  
Old 10-01-2005, 06:12 PM
roxette roxette is offline
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Hi Mel

Welcome to the forums.

It was necessary to insist for a receipt immediately after you made the payment to the agency. Also, a written document stating that your file will be updated with the bureaus would have been powerful to prove your efforts made.

However, you should again send a letter to them asking to update your credit file with the bureaus. You can check your credit report to see the latest standing of the said account.

Regards
Roxette
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  #21  
Old 10-01-2005, 08:49 PM
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I just checked my report and the asset acceptance debt shows up as paid with a $0 balance. So, hopefully they did what they were supposed to.
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  #22  
Old 10-03-2005, 01:30 PM
roxette roxette is offline
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Hi Mel

It's good that the collection agency has updated your account with the necessary information. Now, you can save this report and produce it to anyone who is collecting for the said debt.

Regards
Roxette
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  #23  
Old 10-08-2005, 05:36 PM
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Default No Problem!

Asset Acceptance purchased a debt from Providian for a visa that i charged up all kinds of things when I was 18. I am 21 now and just bought a house. When i called them to get this taken care of not only were they respectful but helpful as well. I was able to work out a settlement instead of owing the balance. I sent the entire settlement by Moneygram and that afternoon received a zero-balance letter stating the debt was paid. They also reported the debt to all three major credit bureau as paid in full.
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  #24  
Old 10-10-2005, 12:55 PM
roxette roxette is offline
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Hi Jay,

Did you pull the credit report from all the three bureaus and see it as 'paid'. Also you can keep the letter stating the debt as paid off in safe place. In future, if anyone tries to contact you for this account, you will have sufficient proof to show them.
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  #25  
Old 10-10-2005, 05:29 PM
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Default Asset Acceptance

Well, if you do an authorization over the phone they are going to take the full amount out of your account so please don't give them your account information. I have experience that. So I have had two more account from them add to credit report from them. I don't know where these accounts are coming from so. I will have to find out after I dispute them and launch a fraud alerts.....
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  #26  
Old 10-10-2005, 05:32 PM
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Default credit report

Jay, it's still showing on your credit report as a paid collection. When you go into a agreement with them have the to remove it once payment is made. Get it in writing first.
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  #27  
Old 10-11-2005, 09:09 AM
Cindycrable Cindycrable is offline
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Default reply to Sab

Quote:
my husband owns about $ 1700.00 to Citibank. Asset Acceptance bought that account and started sending him letter to collect the total amount. Since he was not able to pay that amount they have send him a settlement agreement of $ 500.00 via fax, which has to be paid by 09/30/05 otherwise this offer will be null and void. They were trying to collect that money by phone. I got scared, that they might collect more then the amount we had agreed to. Also once we pay that amount will citibank take it out of his credit report?

Same thing here, I did not pay. They have called myself and even gone as far to call my aging parents to try to confirm my location and SS#.
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  #28  
Old 10-11-2005, 12:17 PM
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Asset Acceptance is always using nasty tricks while collecting debt from the consumers. Sometimes, they purchase junk debts of the consumers and try to earn money from that bulk. They just want to harass people and earn money illegally.

We need to spread the word so that many innocent people have the courage to face them and don't get intimidated. I have never heard that Asset Acceptance has sued anyone in the past. They just can't do business legally.
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  #29  
Old 10-11-2005, 04:27 PM
Cindycrable Cindycrable is offline
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Thanks guys, i feel so much better about all of this, i will have my letter requesting the validation of debt ready! I wish i would have found this site a long time ago, i would have saved myself many sleepless nights!!!!!
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  #30  
Old 10-11-2005, 04:33 PM
Cindycrable Cindycrable is offline
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Is it legal for this company to contact my parent's who I have not lived with for 17 years? This just does not seem right?
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  #31  
Old 10-11-2005, 05:16 PM
roxette roxette is offline
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Cindycrable

As per the fdcpa law, a collection agency can contact a third party that can be anyone except you only once in order to locate you. They are not supposed to call them repeatedly and give information about your debt.

In your situation, since they have been trying to call your parents repeatedly, it is a violation of the stated laws. But, it seems that a company doing illegal business does not seem to care about the federal laws.

Many consumers have repeated complaints against this company in this website. You will find loads of information if you search for asset acceptance in the search bar at the left hand side of the forums page at the bottom.

Regards
Roxette
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  #32  
Old 10-11-2005, 05:32 PM
Cindycrable Cindycrable is offline
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Thanks roxette, you been a huge help to me!!!! I am sure that they have contacted and spoke to my 67 year old father and gave him great worries, more than 1 time!!!! I finally feel like the ball is in my court and the C & D letter will be on it's way!!!!!
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