Asset Acceptance Complaints - Know more about them

ok so you are saying that you have not paid your bills in more than 5 years, you people are the ones who tape record and TRY to sue debt collection companies i hate to burst your bubble but it would be the hardest thing in the world to sue a large debt collection company just because they failed to provide you with original docs. they are not needed to sue you. and yes there is a statue of limitations but i never said i would sue you i just said that i would attempt to collect a debt that was 15+ yrs old. you take the fdcpa way too seriously if you mess with the wrong company you may get burned. Why do you say that Asset Acceptance is the worst ones...how many accounts have you not paid to deal with them so much. My company buys the unpaid accts from them so maybe i should find out your whole name.....how many will i find

I hate to burst your bubble Iola, but in my state if one were not to pay one's bills for 5 years, you'd be out of luck. The SOL here is 4 years, and there is the additional Texas Debt Collection Act, which applies to original and third party collectors alike. It also says that one may dispute a debt at any time, not just the 30 days referred to by the fdcpa, and that you must respond within 30 days, not six months with a boggus affidavit. You said that your company buys debt. That's a whole other picture. 1) no one morally owes your company anything, 2) your company would not be able to provide competent proof that there is some contractual obligation for the alleged debtor to pay them, 3) Asset Acceptance has been fined in record amounts by several states' attorneys general for violations of the FDCPA. Enough said. If anyone is contacted by this company, send them a cease communications letter (return reciept).

This is my final response to Iola, who indeed seems the stereotypical junk debt buyin collections employee. 1) uneducated, 2) believe what her employers tell her about the law, 3) couldn't get a job at McDonalds so chose the advert "collectors wanted" and sought it out.

Ummm, yes they are required to sue. Many CA's have been fined, reprimanded or had cases thrown out of court recently because they did not have such documentation, or they had fabricated documents (i.e false documents they drew up to try and bolster their case). Use of false or fabricated documents is perjury under the laws and could also be punishable under contempt of court or other charges as the court sees fit.

And no one here said you couldn't ATTEMPT to collect on these loans. But that is all you can do, and it must still be done in accordance with the law. Only the ethics of tricking and scaring people into restarting to SOL so you have legal recourse has been called into question.

Actually it seems you and your employer don't take the FDCPA and FCRA seriously enough.

They are laws. Not a guide lines or suggestions. As with any law, if you choose to violate it there are consequences in the form of fines; and in some cases (Camco comes to mind) your company being shut down by the Government.

Asset Acceptance is Publicly Traded company. This actually puts them under the microscope. All it takes is one person with one share of stock at the shareholder meeting to start a major problem. Ask Kennith lay and Jeffery Skilling (Enron).

As a publicly traded company, they need to make sure ALL activities are in strict compliance with ALL STATE AND FEDERAL LAWS. Failure to do so could cause the stock to be delisted from the exchange it is traded on (Nasdaq) and hence , cut of the flow of money to buy more junk debt to collect on to show to the investors to try and get them to buy more stock to give them more money.. See how the problem snow balls? Who would be burned then?

Tell Em Clay!!!!!!!!!

The statute of limiations of this is 7years and 7months. They cannot collect or report the debt after this time. Company's are fraudulantly re-dating old accounts in attempts to collect from those who don't know the Credit Protection Laws. I get a letter like yours at least 2-4 times monthly. You can sue them in small claims for damages and they are well aware that what they are doing is not legal. I'm a Mortgage Broker with lot's of info on Credit and so forth. You are welcome to email if you wish for further info

Email deleted as per forum rules-Mike

HEY LOLA!!!!

I owe lots of old debts. ...maybe $45,000 worth of old credit cards visas, mcs, discover, sears, penneys, shell, dillards,,,,,,,

and I am movin to texas where you CAN NEVER GARNISH MY WAGES.

Bally's is a rip off. They offered a membership to my 15 year old daughter and told her to charge it to my account for a free trial for $5.00. They proceeded to debit my bank account for $75.00 a month. I immediately notified them and they told me the money would be returned to my account and I nevered received my money back. I sent them a copy of my daughter's birth certificate, copy of my driving license. I nevered heard from the creeps and I even called the coporate office. Then I see they sent it to collections. I disputed this on my credit report because my daughter is a minor and she didn't have authorization to charge anything to my account. They set up shop in the malls and they approach young girls and make them think something is wrong with their body. This is such a scam!!!!!!!!

Here is one crazy story. Well, my family went into Ballys to sign a family member ship and I had to work. The following day I had heard enough about this Ballys gym so I decided i want to sign up too. I went to the gym on a guest pass and they tried to persuade me to buy a membership. Instead I only agreed to trying it out for 30days. When I came back to see if I can cancel the 30day trial they told me that I could not because I had only shown up for 9day and i need 12day to cancel. But my problem is that I never agreed to the contract only the 30 day trial. How do I get myself out this contract from hell? I work full-time and go to school part-time and have a home to maintain. My Priorties come before this gym.

Martina, did Bally's disclose this term before you took the trial offer. You need to check out if they have this condition for all. I am sure Bally is trying to hide the facts from you. Take the help of a lawyer if it is possible.

My issue with Asset is over a Gateway computer that was returned. I have letters from both Gateway, and the bank that actually financed the computer confirming that 1)m the product was returned to Gateway and that 2) the money was returned to the bank by Gateway. It took another 30 days or so after that to get the debt to the bank taken off my credit reports, and now I have Asset saying that my balance with them is from 2005, when the account they bought was opened in October of 2000. Even if the debt WERE valid, it would be coming off my report in another few months.

OK so I finally came across this forum and have the same issues most of you have with Asset Acceptance collectors. They are saying I signed a contract for 2 years over 11 years ago. I sent them a copy of that letter that was attached in page 1 of the forum and not sure what my next action should be to clear up my derogatory credit that these con artists have given me. They actually have stopped calling me but I will be interested in purchasing a home soon and dont wanta deal with this headache.

Thanks,

Aggravated and Annoyed

Hello,

I, too, am having the WORST time in dealing with Asset Acceptance. My husband bought himself and I a membership(what we thought was pay as you go) in February of 2000. One month later (with neither of us walking through the door) I became pregnant. I had early complications and was put on bedrest. My husband went into Ballys and explained the situation to them and they said there was nothing we could do. He told them to stop charging our card, and they refused. We contacted the main office and they stated that it was past our 3 day allowance to sever the contract and there was nothing they could do. We closed our checking account and here I am 6 years later at $7200.00 An original debt of $1800.00 .It is SO ABSURD to me that they are allowed to do this. They should not be able to ruin our lives for a stupid spur of the moment decision to lose weight. And HOLD us to this piece of paper that we signed although we NEVER set foot through the door again after signing it. Its not like I abused them and used their facilities for 6 years and never paid them. I NEVER USED ANYTHING! It blows my mind! Anyhow, I just found out today that they filed a judgement against us in 2003. I had NO idea this existed. How can they file a judgement and not serve us? Now the statute of limitations has run out, but the judgement remains... What do I do? How can I prove I never recieved the summons? Do they legally have to serve us? Or at least send a certified mail? They also told me they sent me atleast 8 letters. NOT a one did I receive. I hate them. We are in New York, Kings County.

Thanks for any help you can offer up!

I signed a contract with Bally's in 2002 and soon after suffered a miscarraige. I canceled my membership according to the terms on the back and with the help of the Bally's salesperson. I had never got my membership cards and I sent the letter of cancelation as per the contract agreement. Now it is on my credit report from this asset acceptance llc. I was contacted by them a few years ago and I explained to them that I had canceled and they refused to believe me or aknowledge that it is written in the contract. I never received anything in writing, just them threatening legal action and that they had contacted my parents, which makes no sense b/c my parents denied it. So now I don't know what to do. There is no contact info for them on my credit report and they don't care that I canceled anyway. I don't have copies of anything from Bally's b/c I thought I was done with them and through everything away.
What are my options now?

I received a letter requesting whether an estate was or will be probated for my deceased mother in law who was a medicaid patient in a nursing home for years. Whatever debts she had were almost 10 yrs ago. She has been dead for over a year, has no assets or property. Should I respond to their inquiry? This is an attempt to collect a debt. She had credit card debts prior to going to the nursing home. Thank you.

Hi, my husband is also having an issue with Asset Acceptance right now. After reading all the posts here it's good to know that we are not the only ones. We have followed the guidelines here and sent a certified return receipt letter asking for validation of this debt. Does anyone know how long it usually takes them to respond? We sent the letter out on August 9th and as of today we haven't even gotten the return reciept back. We sent the letter to the street address in Warren, Michigan that is posted on this site. Is that address still valid? Any knowledge that anyone has will be greatly appreciated. Thanks.