To Whom It May Concern,

I received a letter from asset acceptance llc, Warren Michigan reguarding supposedly a B of A account with a past due of $468.23. I now have a perfect record with all 3 credit reporting agencies and am over 700 (FICO) score with all 3 as well. I also have a current B of A credit card (never been late with a payment), along with 7 other major credit cards (also, never been late). I would like to know, is there or is there not a Statute of Limitations when it comes to collection of a debt other then to the IRS? Thank you in advance for your prompt reply.

Art

[ben]

Hi Art

Yes, the statute of limitation applies to all secured and unsecured debt originated in the state.

Asset Acceptance usually purchases old and charged off debts that are mostly out of the SOL period. So, before you make any payment agreement, make sure to get it validated that will enclose the SOL period.

After you have got the genuine details about your debt, then only propose a payment plan towards your debt account. Also, do keep a check on your credit report. It might be possible that Asset will try to ruin it.

i owed citybank some money 15 years ago, and just received a letter from asset acceptance trying to collect the money, can they do that?

[ben]

Mo

When was the date of last activity shown on the said account? The SOL is calculated from the date of last activity and depending upon the state where this account originated, you can legally refuse to pay it.

Is this account shown in your credit report? Usually CAs like Asset Acceptance and many other try to re-age the accounts by shifting the dates of last activity. This is done with the intention to keep negative information in your file for longer period and thus enforce collection practices.

First, I would like to thank you for your very prompt reply. It is greatly appreciated. I used to have a checking account in LA County with Bank of America which was back in 1978. Although I don't recall owing a balance. In 2002, I was issued a B of A credit card, which is current and I have never missed a payment(nor been late). I've had the same address for over 20 years and have never received any communication from anyone regarding a bad debt. I would think that if it was indeed mine that it would not have taken almost 28 years for them to contact me. Would I still be liable for this? I certainly don't have any records dating that far back. I can't imagine that they would still have any records either. Rest assured, nothing signed. Should I notify the credit reporting agency about this before, in case they try to put a derogatory on my report? I've worked very hard to maintain sterling credit, just to let someone ruin it with something that either isn't mine to begin with or almost 30 years old. Once again, thank you for your prompt reply.

Art

[ben]

Thanks Art

This debt is way out of the SOL period and the reporting period. It can also be termed as a junk debt that Asset Acceptance has purchased from somewhere in order to make money from the people. But legally, this debt is of no value. Such CAs hunt for innocent people with this type of debt and force them to pay it. If by chance, money is deposited into the account, the SOL is renewed and along with it, the reporting time is also activated.

Stick to what you have decided. There is no agency that can intimidate you for paying this one.

If any CA tries to put negative information in your file, you have the federal rights to file charges against them under the Consumer Protection of the FCRA.

Also, you can explain this matter to the credit bureaus. It will only do good to your credit and prevent from illegal collection practices. Make sure that your correspondence should be in writing so that you have the proof of every action taken.

When the CA is placing a call to you, tell them to give you the information of this account in the form of debt validation. This is your federal right to know the complete details and without it, you will refuse payment. Though they won't be able to give you anything correctly, but even if they serve you with anything improper, you have the right to dispute it. This dispute is very important so that you defend yourself. I will suggest you reading this page for more information on why to dispute an age old debt

http://www.debtconsolidationcare.com...ollection.html

I hope that you must be feeling a bit relaxed.

hi ben, thanks so much for replying, last activity on that account was 15 years ago in the state of illinois and account was close ever since, until today, when i received a letter from asset acceptance demanding that i pay by check phone $285 or $385 by mail. i honestly dont even remember if i owe city bank any money to begin with.

by the way, the account does not appear on my credit report!!

[ben]

Well, I expected something like this only. Do follow what I mentioned in my previous post and you will be doing the right thing. Most important thing to consider is that you should not renew your SOL by making any sort of payment to this account.

Everything else is fine. Ask them to validate the debt and then you will have enough reasons to dispute it.

I received a letter from Asset Acceptance stating I owed about $700.00 form a Orignal Chase Credit Card from 1981. What is the Statue Of Limitations on this?

hi ben, thanks for answering all of us and benifiting us from your knowledege. sincerely mo.

[ben]

Joe

Relax, you don't have to pay this debt. There is no legal importance of this debt anymore. It is way out of the SOL period as well as the 7 years reporting period.

Ask Asset Acceptance to validate this debt. They are not barred from pursuing any collection activities. If they fail to validate this debt, you have the legal rights to remove any sort of negative information if they have put it in your file.

You will have to be careful on not activating the SOL period of this debt by making any sort of payment towards the account. If you do so, the SOL and the reporting period will get renewed and you will be legally forced to pay it.

I am sure Asset won't be able to serve you any legal document about this debt. If they serve you with any paper on debt validation, it is necessary to dispute it. If you do not respond to their validation, you might be in legal troubles.

Please read this thread for some more information on this fact.

http://www.debtconsolidationcare.com...ollection.html

I received a letter from Asser Acceptance an account statement and all it said was the principal owed and the interest/fees the balance and some personal information also I received another letter stating "As a result of our investigation we have reported your account as "disputed" to the credit reporting agencies. What do I do next?

[ben]

Joe,

Check your latest credit report and see the latest standing of this account. If this is reported as 'disputed', you don't have anything to do here. See if your file does not report anything that hurts your credit.

Keep in mind that this debt is 24 years old and way out of the SOL period. Do not make any payment towards this account.

I today received a letter from AA stating that I owe 712.00 for an unpaid phone bill in Ohio from 1999. I have lived in NC since 1991. They are to send me fraud papers to fill out and return. I hope this is going to take care of it. The first thing they asked me for was my SS#, which I declined to give. The whole thing makes me nervous. Sounds like this place can cause one a whole lot of grief. Have any of you all on this thread had your problems solved?

[ben]

WilmaNC

You are not the only one being contacted by Asset Acceptance. This company purchases junk debt and then they harass the consumers forcing them to make payments. Be aware that your debt is out of the SOL period as per the date of last activity. So, you need to place a dispute after they send you in writing about this account.

Ask the company to give you the debt validation and later you can dispute on it. Put a search on Asset Acceptance in this forum and you will read many other feedbacks of the consumers about this company.

Be sure to dispute the debt after they have sent you in writing. Read the article placed below for more knowledge on this matter.

http://www.debtconsolidationcare.com...ollection.html