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I wrote to the FTC regarding Asset Accetance.

Date: Tue, 01/03/2006 - 13:45

Submitted by vanidosa27
on Tue, 01/03/2006 - 13:45

Posts: 28 Credits: [Donate]

Total Replies: 11


I wrote to the FTC regarding Asset Accetance and here is their reply...
This is in response to your recent complaint to the Federal Trade Commission. The Fair Debt Collection Practices Act prohibits unfair, deceptive and abusive practices by independent debt collection agencies. It gives you certain rights against such agencies and applies regardless of the circumstances of the debt. You should be aware, however, that the debt collector may still use legal remedies to collect a debt if you legitimately owe it.

For example, the Act gives you the right to require a debt collector to provide proof of the debt. The debt collector must tell you of this right as well as what to do if you dispute all or any portion of the debt. The Act also allows you to write to the debt collector requesting that all further contacts cease. The collector must abide by your request in most circumstances, but he can still re-contact you one more time to inform you that specific steps are being taken. In addition, unless the debt collector has permission from you or a court, the collector may not tell anyone other than your spouse or parent (if the consumer is a minor) about the debt.

The Act also prohibits harassment, such as repeated telephone calls at inconvenient times, the use or threat of violence, or the use of obscene or profane language. Should a debt collector violate the Act, you may sue and recover attorney's fees, actual costs and damages, and a penalty of up to one thousand dollars.

You may decide to write to the debt collector in order to explain your situation, complain, or exercise your rights under the Act. If you do so, be sure to keep a copy for yourself and to send the letter by certified mail with a return receipt requested. You should also keep any letters that you get.

You have the right to sue a debt collector in a state or federal court within one year from the date you believe the law was violated. If you win you may recover money for the damages you suffered as well as court costs and attorney's fees.

If you are thinking about suing a debt collector, or if you have already received papers indicating that you have been sued or are being summoned to court concerning your debt, you should consider seeking legal advice, either from your state Attorney General, a local legal aid or consumer protection agency, or a private attorney. You should also ask about your state's laws concerning debt collection and creditors' rights.

The Commission does not intervene in private disputes. The Commission does, however, conduct investigations of companies that appear to be engaged in a pattern of law violations. Consumer complaints such as yours help us to identify such violators. Therefore, the information and comments you have given us are useful and appreciated.

Thank you for bringing your experience to our attention.


What I don't understand is what I should do next? I posted before (forgot to log in) that Asset Acceptance is cashing my checks but not acknowledging my payments! I show that I have paid them over $120 dollars this past year. I need help on what steps to take. I am assumming that the FTC is going to investigate them for this and they want me to send a proof of debt request and a notice to stop contacting me? Please help, thanks!


vanidosa27, you are having a proof of your complaint submitted to the FTC. I think, you should report this matter to the BBB and the local attorney general office in your state. Speedy actions can only be taken after a large number of consumers have submitted their complaints to the bureaus.

Consult an attorney who specializes in the lawsuits of fdcpa and FCRA violations. He must be having some experience on how to deal with such collection agencies. I am sure he will advice you in the proper direction.


lrhall41

Submitted by ben on Tue, 01/03/2006 - 16:08

( Posts: 2034 | Credits: )


Hi vanidosa27

Welcome back!

After you have sent the debt validation request to an agency, they are legally bound to give you the details of the debt in accurate picture. After reviewing the details, if there is anything that you can prove is incorrect, send back a dispute letter to the company. The company will verify the item with your original lenders and send you the correct details. If they fail to verify the item, the account should be marked as 'disputed' in your credit file.

If all the items shown in the debt validation letter are accurate, you need to make payments towards the account. Make a payment arrangement with the company so that you can pay it off through easy monthly installments. Send all your letters through certified mail with return receipt requested. This is very important because you will have proof of all your actions made. If the company seeks any legal actions against you, you will have proof to defend yourself.

The debt validation letter should cover the following points:


  • The amount of the debt.
  • The name of the creditor to whom the debt is owed.
  • There should be a statement that if the consumer does not dispute within 30 days, the validation will be treated as valid by the collection agency
  • A statement that if the debt is disputed, it will be verified by the collection agency
  • A statement that if the name and address of the current creditor is different from the original creditor, it will be provided by the collection agency.
  • All the calculation should be shown of the amount that is owed.
  • Provide a verification or copy of any judgment if applicable
  • The Statute of Limitation needs to be proven for the collection of the debt.
  • The license of the collection agency applicable in the state
  • 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.


lrhall41

Submitted by roxette on Thu, 01/05/2006 - 11:04

( Posts: 4009 | Credits: )