ASSET ACCEPTANCE AND MY CREDIT REPORT

Why not send them a DV letter? Personally I've never had any problems dealing with Asset Acceptance. I've read several stories about those who have had problems with them.

Why not send them a DV letter to find out what they have and why they are contacting you. If they can't provide the paper work then legally they can't contact you anymore. If it is a legit problem then they should have no trouble in getting it validated for you.

What is a DV letter?

It is a letter demanding validation of the account, in other words, you are asking for the statements, a signed agreement or contract, and paperwork proving they are legally able to collect this debt.

By law they are required to provide this information. If they can't, they can no longer continue to collect from you. You can find a template in the 'do it yourself' section.

Ok. I just found a template letter for debt validation. Thanks 4 the help. Any comments are greatly appreciated.

Welcome, James--

as a general rule, you should never ignore these kinds of calls. It could be a legitimate debt, and if you do not communicate with them about it, they may take you to court over it, thinking that you do not have any intention of paying your obligation. If it isnt legitimately your debt, they can still take you to court and try to force you to pay money that they dont deserve to get from you.

The best thing to do is ALWAYS request validation, unless you have verified the debt as being yours, and you have verified through your own records that the amount they are claiming you owe is legitimate. If you are certain that they are collecting your debt, trying to collect the right amount, and that they have the legal right to be collecting on this particular debt, then you can move forward with resolving the issue. But in most cases, the debts are a bit older, or the amount cannot be verified, so I recommend requesting validation if there is ANY question.

Also, when you send this letter to them, or when you send any letter to a collection agency concerning a debt, your best bet is so send it by certified mail, return receipt requested. That way, you will have a written record of them receiving your request. I would not recommend sending any letter to a CA by regular mail. If, in the future, you would need to prove that you sent them this request, you will be able to.

Finally, congratulations on clearing up these other debts! It's always great when someone steps up and takes care of business. Way to go!

Thank you, Sky. I appreciate it. The next time they call I will most definately tell them I want to request a validation. I was just kind of nervous because I was looking at the letters they were sending me and the debt is at a total of $7000 right now and it seems every letter I get it keeps gaining interest. I didnt want to put myself in a position where I had to start paying them right away. I wanted to do it on my own terms because I know that was the highest debt account I had. So, as of right now all the smaller accounts are paid out. Asset is the last on the list after I pay out my Dell Computer Account which has a balance of $350 as of right now. So after I pay that out I will focus all of my energy on getting the matter with Asset settled.

Hi James--

be careful about asking for validation over the phone, as most CA's will simply ignore your request. The federal law that governs debt collection is called the Fair Debt Collection Practices Act. And in that law, it specifically states that if the consumer requests validation in writing, that they must stop all collection efforts until they provide the validation.

What I would do, honestly, is send them that DV letter, by certified mail return receipt requested, right now. Once they get it, you will get a green card in the mail from the USPS, showing the date they signed for your letter. Keep that card, it is evidence that they received your request. That way, if they ignore it, you have proof that they are ignoring a request and you can use that.

Personally, I also prefer to handle all communication with collection agencies in writing, because so many of them will lie, break the law by using harassing tactics and deception, and so on over the phone. This is because the average debtor does not know their rights, and doesnt record phone calls in the states where it is legal to. I would let them know in that same letter that they are no longer allowed to contact you by any other means except for mail. Tell them that no communication is to take place by telephone. That will make them either put everything in writing or break federal law, at which point you would be able to then sue them for that. Make them put it all in writing.

Seriously, the thing is this--the longer you wait, the bigger this problem gets. They will keep increasing the balance. They might even try to take you to court. Better to get the ball rolling on this now, before it gets to that point. They are claiming you owe $7000--that is a sufficient amount for basically any CA to sue over. I am not trying to scare you--I just want to give you the best information. If you send that letter now, that doesnt mean you have to pay it now. It means that they have to prove their claims first. THEN, while they are doing that, it gives you the time to finish paying off Dell.

Hey, Sky. I totally understand where you are coming from. This week I plan on typing up a letter. So, with my debt validation letter I can also put in a section for cease and desist contact towards for only mail contact. This is great info.

Yes you can put in the limited cease & desist right into the validation letter. If they do send you validation, make sure it is something that can explain why they keep tacking on charges, because if they can't provide anything with your signature showing you agree to interest or fees, they can't tack on one cent. The only other way they could charge interest is if your state has a percentage rate, like Texas has a default interest rate of 6%.

So, Golden. What would happen if they cannot provide all the information that I request for in the debt validation letter?

One of three things will happen, James.

1--they will validate the debt, and then continue collection efforts.

2--they will either send incomplete validation or none at all, and keep trying to collect anyways.

3--you will hear nothing from them again on this debt, in which case it will probably be sold to another collection agency and the process begins again.

Of these choices, #2 is illegal. The minute they receive your DV request, they are to immediately stop ALL collection efforts until such time that they provide you with the validation of the debt. This means they cant call you asking for money, they cant send you letters demanding payment, they cannot file a lawsuit, they cant do anything. Not until they get you validation. And the law is clear on this--validation is documentation that comes FROM THE ORIGINAL CREDITOR. If they send you back some statement on their letterhead, or something other than the original signed contract, then they did not validate the debt. If they do that, you need to send them a second certified letter and tell them that pursuant to the fdcpa, validation must be original documentation from the original creditor and not their internal paperwork....therefore, they still have not validated the debt and any continuing collection efforts will thus be illegal under federal law.

Also, you asked about a cease and desist letter. The templates that most of us use for DV letters include such a statement. The last one I sent read like this:

You are also hereby informed that you are to communicate with me regarding this matter only in writing, through the mail. No communication related to this matter is to take place by telephone, to any phone number where I may be reached. Should you continue to attempt to contact me by telephone in reference to this matter, it will constitute a violation of the Fair Debt Collection Practices Act and will be met with a summons to appear in court, where you will be promptly sued for violating federal law.

A little strongly worded, perhaps, but the morons I wrote it to didnt seem to understand english very well. In fact, they called after they received that. thats the CA that we are suing for 9 independent violations of the FDCPA within a span of one week.

Ok, Sky. So if they do not send the right validation for the account its against the law, right? What should I do if they do this? Should I file a complaint with the FTC? What are my options if they cannot validate the debt?

dont anyone even bother replying to that comment, it is a sad attempt at best, and thats giving too much credit as it is.

FIRST OF ALL, NO NONSENSE COLLECTOR. IM NOT TRYING TO BACK OUT ON THE DEBT. IF I WAS I WOULDNT HAVE EVEN MADE A TOPIC ABOUT IT. IM NOT TRYING TO GET OUT OF PAYMENTS. I JUST WASNT KNOWLEDGEABLE ABOUT CREDIT CARDS WHEN I WAS IN SCHOOL AND ALSO I WAS TOLD THAT MY FATHER USED MY CREDIT INFORMATION WHILE I WAS IN SCHOOL. SO IM JUST TRYING TO MAKE SURE. SINCE I BEEN WORKING I BEEN PAYING CREDIT ACCOUNTS TO CLEAN UP MY CREDIT. HOW DARE YOU QUESTION MY MANHOOD. DONT COME IN THIS POST ANYMORE IF YOU DONT HAVE ANYTHING POSITIVE TO SAY.

James--it is only a violation if they dont send proper validation, but continue trying to collect on the debt. You can file a complaint with the FTC, or your state's attorney general's office, or you can sue them. But they are not bound by law to validate the debt--they are only required to validate the debt if they intend to continue trying to collect it from you. They can simply stop all contact and sell the debt off to some other junk buyer for something like 3 cents on the dollar...and that would be legal.

james--save your typing, man. he doesnt care. he is only here to start trouble, thats what trolls do.

It takes a sad person, it really does, to pride themselves on coming to a place like this that serves a serious purpose and representing their chosen industry so poorly on purpose.

So, Sky. If they did do sell it to another person, its just like a revolving door that keeps going? Who could actually investigate this for me and get me the truth? I do not want to have to deal with this one account for a long time.

Could someone explain to me how this return receipt request works? I am looking at Asset's Address now and its for a P.O. Box. Would I still get something in the mail stating that they received it?

your only hope for that would be if someone actually validates it. Otherwise, there is nothing you can do to prevent this from being sold to the next ripoff artist also known as a junk debt buyer. The good news is this--on a debt that you dispute, once the SOL is expired, then the next time one of these CAs contacts you about the debt, you simply respond with a full cease and desist letter, by certified mail, telling them that the debt is past SOL and not to contact you in any way, shape, or form about this matter. That way, if they still keep calling, you get to sue them and make them pay you for their ignorance!!

[quote=jamesellis1982]Could someone explain to me how this return receipt request works? I am looking at Asset's Address now and its for a P.O. Box. Would I still get something in the mail stating that they received it?[/quote]

A return receipt is a green postcard that you get from the Post Office. You fill it out and attach it to your certified letter. When the letter arrives at its destination, the recipient has to sign the card in order to get the letter. The signed, dated card is then returned to you as proof of delivery.

If you aren't sure what to do, just take your letter to the local Post Office. Tell the window clerk that you want to send it "Certified Mail, return receipt requested". They'll know what you want, and help you through it.

It costs $5.21 to send. Of that, $.41 is postage, $2.65 is the certified fee, and $2.15 is for the return receipt. Do not skimp on this! Sending it this way allows you to prove [as in, in court if needed] that you sent something, and that they got it on a given date. It also allows you to track your letter online through the USPS website.

And yes, you can send these to PO Boxes. I just sent one to a PO Box last week. It may take an extra day or so if they're lax about picking up the mail. But whoever picks up the mail will have to sign for that letter.

Thanks, UncleWulf. I appreciate the info. I will be mailing my debt validation letter this weekend.

I MAILED OFF MY LETTER TODAY TO SEND TO ASSET ACCEPTANCE WITH A RETURN RECEIPT REQUEST. MY BALANCE FOR MY DELL ACCOUNT IS $300. I CHECKED MY CREDIT REPORT AND MY SCORE IS OVER 700. THINGS ARE LOOKING UP. I WOULD LIKE TO SAY THANK YOU FOR THIS WEBSITE....

Ok, so friday I mailed off my debt validation letter to Asset Acceptance with a return receipt request attached to it. So now I am just waiting for them to respond. I am hoping I get some proof that it was me that used that credit card because over the years me and my father have been getting confused by different people. Also, I heard from a family member that while I was on school my father had a credit card with my name on it (Jr.). What I am trying to do is see when that card was used and base it off of where I was at for that particular time. I dont have any contact with my dad so I cant ask him. I just dont want to have to wind up paying this account due to my father's mishaps. Is there a way where I can get them or the original creditor to track this (i.e. receipts of use)?

The date my return receipt was stamped by Asset was on March 25, 2008. After these 30 days go by and I do not hear anything from them, what should I do?

Ok. Here it is. I come home today and find that Asset Acceptance has sent me a letter trying to collect my debt. Now I sent my DV letter last month. It was accepted on March 25, 2008. The letter they sent me is dated for April 1, 2008. This letter is a settlement letter also but at the bottom it says this is an attempt to collect a debt and any information obtained will be used for that purpose. Isn't this a violation? What should I do??????

asset acceptance llc company always sends out a 1st notice.. you have 30 days to dispute the debt (provide proof) and a vaild dispute.. A debtor is always allowed to call in for questions and for a debt verification after the original 1st notice. Everyone knows weather or not they owe a debt.. it ways on the conscious..

no its not a violation.. legally they have to say that at the bottem of the letter.. (as do all collection companies) you have to call to request the letter not that much of an issue- pick up the phone.. you have an acct number at the top to refrence when you call- at that time they can even tell you if the letter you sent in has been reviewed.. (make sure your address is correct in their system as well) it takes several days for the mail to be sorted and scanned into the system.. asset acceptance deals with billions of accts and is a publically traded company all the letters from asset are drawn up and approved by lawyers that work for the company so you will never recieve a letter thats a violation! if you have further questions a collector cannot answer for you ask to be transferred to the compliance dept. they handle all credit reporting issues.. hope this helps!!

What type of proof do I have to provide? My credit report for the past 6 months that do not show Asset on there anymore. They been sending me letters but at the time I didnt know my rights and how to go about it. I was paying other accounts at the time. The reason why I am doing it now is because I have the knowledge and I have paid out all of my other accounts. The reason why I waited to contact Asset is because they have the highest balance.

??
So... How much is Asset paying you to post that drivel?

James, the burden of proof is not on you. It's on them.

I do not want to deal with them over the phone because I do not have a voice recorder. I want everything done thru the mail so I can have proof for the future just in case I have to appear in court. I have rights to not deal with them over the phone.

james- like was stated proof is only needed if DISPUTING- being you know you owe the debt you should be making payment arrangements instead of worring about recording people.. and they are not done by mail.. why would you have to appear in court? no asset collector would ever give you permission to record them.. therefore unusuable in a court of law.. like i also stated asset is a publically traded company.. you also have rights to pay the bill when it was owed not when its convienent for you.. i wish it worked like that but unfortunatly it dosent..

as for unclewulf- u sure have alot to say for someone who just said sumthing about not having anything nice to say dont post.. ur probably one of those lonely ppl who sit online and reasearch ways to sue people and owe collection companies tens of thousands right? read more throughally before you stick your nose in stuff!! umkay thanks!!

to clarify the mailing- to make arrangements through mail it would be your settelment letter by the due date or the balance in full if not presumed by the due date.. monthly arrangements are made over the phone and usually can offer to hold interest and even eliminate a portion of the debt.. im not sure what fear you have instilled in you that debt collectors are out to get everyone? a majority of debt collectors have debts of their own.. they are people just like you and i..

I have been dealing with Asset Acc and have requested that they provide me with legal validation of the said debt.

They have ignored the request and sent additional letters (a violation of federal law), sent another letter requesting validation and they provided a print out on their letterhead stating what I owed, I sent them another letter requesting vaildation and that they provide proff that the SOL was not expired.

Their staff attorney sent me a letter stating that the SOL was still valid and that she was requesting the required info from the Original Creditor. That was two years ago still have not heard anything. But they stopped sending me letters.

Asset Acceptance is a bottom feeder and cannot validate most debts so regardless of what Bearah says don't do anything until they prove this debt. You don't want it to come back later on and have a CA who is legally able to collect this come after you.

I..soooooo..agree..make them validate first before considering anything!


why such a mystery?

[quote=bearah_ha87]james- like was stated proof is only needed if DISPUTING- being you know you owe the debt you should be making payment arrangements instead of worring about recording people.. and they are not done by mail.. why would you have to appear in court? no asset collector would ever give you permission to record them.. therefore unusuable in a court of law.. like i also stated asset is a publically traded company.. you also have rights to pay the bill when it was owed not when its convienent for you.. i wish it worked like that but unfortunatly it dosent..[/quote]

James, all you got to do to dispute something is say so. While you're at it, you have the legal right to see proper validation of a debt before you pay a dime. That's not just something I say, it's something the law says. And you have evry right, under Federal law, to deal with them through the mail only, or not to deal with them at all.

And if you live in a one-party state, you can legally record Asset's collectors without their knowledge, Bearah_ha87's assertions to the contrary notwithstanding. Look it up here.

I don't have the foggiest notion why Bearah_ha87 seems so welded to the idea that Asset being a publicly traded company means anything in this context. It doesn't. I suspect he's just grasping for more straws in order to make those bottom-feeders look respectable.

[quote=bearah_ha87]as for unclewulf- u sure have alot to say for someone who just said sumthing about not having anything nice to say dont post..[/quote]

Am I using too many big words for you? Sorry about that. Let me make myself perfectly clear, then, for the record: You're a shill. Prove me wrong.

[quote=bearah_ha87]ur probably one of those lonely ppl who sit online and reasearch ways to sue people and owe collection companies tens of thousands right? read more throughally before you stick your nose in stuff!! umkay thanks!![/quote]

No, not hardly. I'm one of those people who sit online and research things a lot because I own a successful consulting firm, and it's my job. Every now and again, I pop on over here, just to bust shills like you. You see, unethical collectors piss me off. Liars of any variety really piss me off.

And there's nothing at all wrong with my reading comprehension. Too bad we can't say the same for your spelling, grammar, or composition skills.

That's getting him told wulf... :lol:

name calling is really mature!! gotta love it!! you were how old again??? haha!
being publically traded has a lot to do with a alot being you own such a successful "consulting" firm you could look that one up too! How is anything i said unethical? Its all the truth! It boils down to you know you owe you need to man up and take care of your business.. bottem line.. if its not yours (as soo many people claim) file a police report and send it to the collection company.. just remember its illegal to make false police claims.. as for the unknowing ness (being a bottem feeder?!) about asset acceptance- the company is the largest debt purchasing company in the US.. -- if theirs too much info there for you to look up at once i can break it down for ya (lemmie know)

as also was stated- THE FEDERAL F.D.C.P.A. LAW WAS PUT INTO PLACE TO PROTECT CONSUMER'S AS WELL AS debt collectors!!!!!!!

Well Bearah if you would have followed when I first made the post you understand where I am coming from and why I want them to validate the debt. I am not about to be bullied into paying money if I don't have to. Also, I checked the legal rights of recording in my state of Louisiana. I do not have to notify them that I am recording their calls. I do not want to go thru that trouble. That is why I want to do everything by mail. I am not trying to get out of paying this bill. It is just that it was so long ago when I had a credit card and I do not have any info on it because it was all destroyed. I have been dealing and paying accounts to debt collectors for the past year so I know that most of them have nasty attitudes. Stop putting them on this pedestal like the consumer and debt collection agencies are the same because we are not. Most CA's try to bully and scare people into paying. Asset is a multi-million dollar company and I am the average working man who is trying to make it. Well guess what I am not scared of them. I work hard for my money and I just want to make sure its going to the right place. Also, if I have to make arrangements by phone then what is the purpose of a Cease and Desist letter if I state I only want to be contacted by mail. It makes no sense. I want paperwork and documentation of all conversations from now on. Reason being because with these CAs alot of different people will call you not just one person assigned to your account. I do not have the time or the patience to be figuring out each time I talk to someone I have to get their info. For all I know they can be using fake names. Yeah I got a couple of fake names in my experience with CAs. It has happened before so I wouldn't put it past nobody.

I agree with you jamesellis1982, you should get everything in writing so all communique is documented. Also if they provide you with validation make sure you get any payment agreements in writing before agreeing to it yourself.

I was thinking the same thing JCEMT. From what I have learned is that if its not in writing then you have no proof. I can't base everything off of phone calls.

The only time you can possibly base it on a phone call is if you have it recorded. Even then they might be able to throw that collector the the wolves and say they were not authorized to make the agreement. So getting it in writing from a person authorized to accept said agreement is certainly your best bet. Almost all of the CA's I have dealt with had almost no problem with putting it in writing first.

Bearah you are completely wrong on most of what you have said. Any collection letter sent out to a consumer after a validation letter received is a violation, period. This is law, look it up if you don't believe me or the others here. Plus many states have one party recording laws, which means that only one party (either caller or called) needs to know about it, so in those states it is perfectly legal and useable in court to record another without their knowledge.
It also is not always about ???????not being yours??????? It could very well be yours but an unethical and illegally acting CA decides to jack it up with interest or collection fees, but guess what? Unless the contract specifically states interest or any fees may be tacked on in collections, THEY CAN???????T DO IT. Period. This is another reason for validation, it proves they are charging you legally..no contract, no fees. That is law you can go look up as well.

Ok..well that is completely wrong. For one, that 30 day notice is to let the consumer know they have the RIGHT to dispute. But it isn????????t even just dispute, the law states any consumer may demand validation and by law the company MUST contact the original creditor and get all the documents and then forward these documents to the consumer. That is validation, and nothing else. It is up to the CA to provide proof of the debt, NOT the debtor. If there is a cease & desist then the CA can NOT call, other then one call to inform the consumer they are closing the account, or taking them to court. Each and every call would then be a violation.

So, Golden I received a settlement letter yesterday that was dated on April 1, 2008. They stamped my return receipt on March 25, 2008. So, what you are saying is that that settlement letter is a violation because they tried to contact me for the debt?

Offering you a settlement in response for validation request is continued collection activity and thus a violation of the fdcpa.

So, now that this is a violation. What should I do on my end?

You can file complaints with your state Attorney General's office, the Federal Trade Commission, and even file civil suit if you wish.

Is there anything I should send to Asset, JCEMT?

I don't believe you need to send them anything at this juncture, James. Like I was sayin' a page or so back, it's not up to you to prove you don't owe what they claim. It's up to them to prove that you do. That's the purpose of validation: to prove that this is a valid debt.

http://dictionary.reference.com/browse/validation

You sent them a validation letter. They received it on or about 3/25. By law [fdcpa], they're required to stop all collection activity until they provide that validation.