Asset Acceptance is after me! Help please!

Hi rr3060

Welcome to the forums. The Statute of Limitation will be calculated from the date of last activity on your debt where it actually originated. Since the said account took place in the state of Ohio, the SOL for it is six years. So, as per the SOL in your account, it is within the collection period.

I feel that you should have taken immediate actions after disputing the account with your creditors. Now, that the account has been sold to the collection agency, the creditors might not be showing much of the interest in your accounts.

Since the debt has been taken over by the collection agency, please ask them to validate the debt so that you can proceed ahead lawfully. Replying to your debt validation letter, they are required to bring down the following points:

• The details of the account.
  
  
• All the calculation should be shown of the amount that is owed.
  
  
• Any copies of the papers to be furnished that shows the payment agreement.
  
  
• Provide a verification or copy of any judgment if applicable
  
  
• The original creditor needs to be identified.
  
  
• The Statute of Limitation needs to be proven for the collection of the debt.
  
  
• The license of the collection agency applicable in the state is to be furnished along with the license numbers and Registered Agent
  
  
• Proof of the agreement that the debt collector has purchased the debt or has been hired by the creditor to collect the debt from the debtor as this is the basic contract law.
  
  
• Complete payment history showing the details of the creditors, payment history, amount of the debt, break up of fees/interest should be provided in paper.
  
  
• A copy of the original signed loan agreement between the debtor and the original creditor establishing the debt between both the parties also has to be produced.
  

Thank you Roxette.

If they write back to validate the debt but are not able to produce some of the points what happens? Are they supposed to prove all those points?

Can Asset Acceptance post the negative remark in my credit history before trying to contact me? Do they have the right to do that?

Also if I agree to pay in full, is there a way I can convince them to clear the remark they put in my credit history?

Thank you.
rr

Hi rr36

If any collection agency is legally collecting the debt, then it is obvious that all the paperwork should be complete and they should not be hesitant in providing them to the consumers.

Asset Acceptance or any collection agency can post a remark in an individual's credit report only if it is legitimate. They cannot use unfair means by purging the account dates and other illegal activities which will the consumers' file.

I have been handling this forum since quite a long time and I have never heard from any consumer appreciating the work of Asset Acceptance. Though, I wish that you succeed in this battle, but I feel that a professional help in this case might be of tremendous help.

You can enter for a free counseling in this website and get professional guidance.

Regards
Roxette

I too, have an account that has been purchased by Asset (original creditor Bealls). Bealls charged off the account in 12/1999 and sold it to Asset in 12/04. The SOL in Texas is 5 years to collect a debt, which in this case has passed. Does this mean that even though Asset purchased the account and "opened" a new account, as they consider it, that they can try to collect on it for 5 years also- or does the SOL stay as with the orginal creditor, therefore meaning this shouldn't remain opena nd on my credit report?

DeanaI, Once the debt passes the Statute of Limitation period, no collection agency can force you to pay the said debt and they even cannot take any legal action against you.

However, not paying the debt will be hurting your credit file and the collection agency will keep hitting your credit report. In that case, consider paying it so as to get free from all the hassles.

Now, you need to know if Asset has purchased the debt legitimately. You can write a letter to them requesting for the complete details of your account with proper calculations of the interest and other charges. They also need to provide a copy that furnishes the payment agreement with your creditors. The collection agency has to identify the original creditor and that SOL has to be proven in the said debt. Along with the copy of the license that the collection agency is legally allowed to collect debt in your area, they need to show the copy of the original agreement deed that the creditor has assigned the said collection agency to recover your debt.

If they can provide you the following information, then only you can proceed further to make payment arrangements with the collection agency.

I purchase a vehicle from superior bank with high interest rate and try to redone the loan with no success. Well i Couldn't paid and had the car repro.
Well I never heard from the bank again(they had other problems)Well 5 yesra later I received my credit report and has this collection account on my report from asset acceptance. I never heard on this company I disputed it and about 3 week later I received a letter from the company that they purchased this account I never received anything prior and never was sued my the original creditor. the SOL is 6 years in PA on a written contract which is over. Last active payment on the original load was 9/1999. what if anything can their do. The negative collection mark will be removed 9/2006. What should I do paid the loan or wait seen it been so long

Definately ask them to validate the loan. Since Superior Bank went bankrupt and was liquidated about three years ago, there is a good chance they won't be able to and have to delete it.

sorry in PA

Looking at the situation of your debt, it is past the SOL period and thus the collection agency cannot force you to pay the said debt. Also, it is near to the 7 years reporting time for any negative information to stay in your credit report. On such grounds, though it might not be advisable, but you have the choice of not paying it at least till the debt is proven.

If the collection agency is holding the debt genuinely, they won't delay in providing you the necessary information. You have the option to wait for some time and get this account removed from your credit report after the reporting time.

But, as a good advice, I will always suggest you to pay the debt if it is presented to you legally in actual shape. It is always better to pay off the past debt since it depicts your true picture as a responsible citizen.

Regards
Roxette

My employer was just contacted to do wage garnishment for a credit card account bought by Asset, the credit card was from 1993 bought March 2005 by Asset. What is the SOL here in Ky on this?

Sandy

The debt goes of the statute of limitation period after 5 years in KY. It is clearly evident that Asset Acceptance has purchased some junk debts and your account is one of them.

Though, you can't stop the company from contacting you for this debt, but you can refuse to make a payment to this account as it is out of the SOL period. Ask them to give you the debt validation details in which it will be clearly understood that the debt is out of the statutes.

If Asset Acceptance gives to you something in writing and you don't agree with it, make sure that you dispute on it. Your dispute will be the only cover otherwise, they will shape this account in such a legal way that you will have no options but to pay it.

Read this thread for a better understanding:

http://forums.debtcc.com/forums/scarycollection.html

I live in Texas is sol period out.
The collection agent keep calling. I cant pay the
the loan now I have retired.

Ken, SOL in Texas for legally collecting the debt is 4 years. If the date of last activity in your account is past this period, you can escape legal actions and thus, you can't be forced to pay it.

Where can I find the official doucment that states the SOL for telecommunications carriers for homes such as Ameritech(SBC)? I need to prepare respond to a collections agency. I have an account that just got over the 6th year and I would like to respond to them.

Sorry I need the SOL for the above for the state of Ohio too. I see you posted it as 6 years but where can I find the official doucment. I don't want to smack them back and say it is 6 and they come after me because it is actually more.

Gambar, call the Ohio Attorney General office and confirm the SOL period of your state. Their words will be the final statement. If someone tries to contradict with the words said by the AG, you will understand that the company is trying to intimidate you for making a wrong move and make a small payment. If a payment is done, the account will come within the SOL period and you will be brought back within legal actions.