Asset Acceptance - Is it Cheaper to just pay them off?
Date: Tue, 12/18/2007 - 01:07
At one point the bill was rolled together while with a collection agency. I don't know that I have proof of it anymore as I threw out a bunch of old paperwork.
The debt is for less than $100.
Here is the clincher. I was just approved for a home loan through a govt agency. If this debt does get reported to the Credit Reporting Companies I (and my family) could loose the home loan!
I'm in poor health and have a 2 yr old child, I don't have the energy to fight them. As a matter of principle I don't want to pay them, but in the long run it could be cheaper. With so much at stake - what do I do?
I'm also worried they could come up with some old debts that are out there if I respond to them. I just got my credit cleaned up, what a nightmare!
Also, I am trying to find Minnesota's SOL - I tried looking at a link in another post about AA LLC, but didn't find Minnesota.
Thanks
Well, if you sent them a debt validation letter via certified ma
Well, if you sent them a debt validation letter via certified mail/return receipt requested, they have 30 days to respond to you in writing with proof that you do owe the debt and that they can collect on it, who the original creditor is, how they came up with the amount owed, etc.
During this 30-day period, they cannot legally report the debt to any of the credit bureaus or continue collection efforts. If you do not get a response within 30 days of the date of your first debt validation request, you can send a 2nd request.
If you still receive nothing, you have proof that you requested validation twice. If anything were to appear on your credit report, you can dispute it with the credit bureaus and request that it be removed due to collection agency not validating the debt.
If they do try collecting on any debts that are past your state's SOL, you can also dispute the debt with them and inform them that they are violating the SOL. This will get them to back off.
I can understand your feelings, though. Sometimes, even if it goes against the principle of the matter, it is just easier and less of a headache to throw some money at these people so you can have a little peace. I think that is what a lot of them count on to get paid.
They are probably collecting on the one debt, and won't come up
They are probably collecting on the one debt, and won't come up with more old debts if you respond. If me, and the debt is still within the SOL, I'd pay if less than $100, especially if a home loan is at stake. Just make sure you get everything in writing.
