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Asset Acceptance offering settlement that is out of SOL ! Is it ok?

Date: Wed, 10/29/2008 - 11:41

Submitted by anonymous
on Wed, 10/29/2008 - 11:41

Posts: 202330 Credits: [Donate]

Total Replies: 6


I had a credit card (Providian) in 1999. It went into default in 2002. The original limit was $1000 but after they added all of the over limit and late fees it got up to $2500 and I just couldn't afford the monthly payments. Last night I got a call from Asset Acceptance. They now say that I owe $3500. She admitted that $1200 was "interest." They want to settle with me for $748. (I just do not have that. it wouldn't be possible.) The thing is, I pulled my credit report and it shows that the debt will be taken off next April. She quoted me on the phone that the debt went into default in 2002 which means that in my state (KY) it is out of the statute of limitations (5 years). Of course, on the credit report it looks like the debt was opened in 2006, which is probably when AA bought it. Should I just leave it alone? Hire an attorney? I realize that it WAS my debt and I do have guilt for not paying it but I really can't afford it at this point. By the way, AA has called me everyday for about a month. THey always did it when I was at work though and they never left a message.


i would leave it alone.ASSET ACCEPTANCE is one of the worst JDB bottomfeeders out there.they do not play fair.if you do want to pay make sure you get it in writing and you get a letter stating the debt has been either been satisfied or paid.as i said they are famous for being illegal,unethical,and criminal in how they do business.


lrhall41

Submitted by paulmergel on Wed, 10/29/2008 - 12:05

( Posts: 15514 | Credits: )


well,that doesn't sound like a ringing endorsement to me.as i stated i would say thanks,but no thanks.


lrhall41

Submitted by paulmergel on Wed, 10/29/2008 - 12:35

( Posts: 15514 | Credits: )


I would start researching case law that upholds credit cards as open ended accounts in KY. If you can find supporting case law then you can claim a 5 year SOL. If, however, KY holds CC's a written accounts, then you are subject to the 15 year SOL. Once you determine 5 or 15, then you can respond. Store credit cards seem to fall under the 5 year but not sure about bank cards

http://www.lrc.ky.gov/KRS/413-00/120.PDF


lrhall41

Submitted by NASCAR_Devil on Wed, 10/29/2008 - 12:36

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