Another Asset Acceptance LLC story

Hi Max1959

Based upon the date of last activity in your checking account, this debt is out of the SOL period in your state. Confirm the SOL period as per the state laws where the account showed last activity.

Send a letter to Asset acceptance requesting validation on this account. Once they have sent the info, you can place it on dispute mentioned the expiry of SOL. Keep in mind to send your letter through certified mail with return receipt requested. You will have a proof of this dispute place and will be able to defend yourself if the matter is taken to the court.

There is nothing to worry about this account because the SOL has expired. However, keep in mind that the SOL will get renewed if you make any payment towards this account or even agree to pay this debt. If this happens, legal actions will once again be restored and you might be forced to pay this debt within the legal period.

Regards
Roxette

Thank you for the fast reply and concrete advice, Roxette! That helps relieve some stress for sure! Thanks is all I have to offer but I give it with all my heart! Happy New Year!

Max1959! Happy New Year to you too. I pray that this New Year showers all the happiness and you are able to take care of everything around you. Keep in touch with us often.

Roxette, can you tell me what SOL is? Asset Acceptance is harrassing me for a computer that dates back to 1997 or 1998.

Based on the date of last activity, every state has some statutes set as per the state laws. If the debt is within the SOL period, legal actions can be taken by the lending agency or the collection agency. But if the debt is out of the SOL period, you can't be entered into a lawsuit and no legal actions can be taken against you. Check the date of last activity in your account and see if it has past the SOL period in your state. Your debt seems to have passed this period. Hence the collection agency cannot take any legal actions against you.

YIPPPEEEEE! I just checked and the SOL for Illinois is: Breach of contract for sale under the UCC: 4 years.

Open account or unwritten contract: 5 years. NOTE: Except, as provided in 810 ILCS 5/2- 725 (UCC), actions based on a written contract must be filed within 10 years, but if a payment or new written promise to pay is in made during the 10 year period, then the action may be commenced within 10 years after the date of the payment or promise to pay.

Domestic judgments: 20 years, but can be renewed during that 20-year period.

Foreign judgments are the same time as allowed by the laws of the foreign jurisdiction.

Tolling: A person's absence from the state or during the time that an action is stayed by injunction, court order or by statutory prohibition tolls the time limit.

Non Sufficient Funds (NSF or Payment of Negotiable Instruments) checks: 3 years of the dishonor of the draft or 10 years after the date of the draft, whichever expired first: 810 ILCS 5/3-118

I only sent one payment for this computer and then I got mad and told them to come and get it because it was a piece of trash that they were trying to sell me for $1400. They told me that I had to pay return shipping and I told them where they could stick it. The computer sat and they never picked it up. My house was robbed several years later, and the computer went with the TV, DVD, VCR, and Stereo. I never paid them anything after that first payment. :(

Keep in mind, not to make any payment agreement and pay anything towards the debt account. Otherwise the SOL will be renewed from the beginning.

Too late, I have been paying them for the last year and they have not acknowledged any of my payments

So this means that the debt is valid again?

If the company acknowledges the payment, it might come under the SOL period. You are safe till the time the company sends your check to the bank. I will suggest you to call them and get an update of this account.

I read in your first post that you made the last payment in the year 1994. On this basis, I was assuming your debt to be out of the SOL period.

That was the payment to Gateway, not the collection agency. I have been paying the collection agency and they have been cashing my checks, but they have not acknowledged my payments. :(

Now that the company has cashed your check, don't let your money go in waste. Ask for the receipts of all your payments made so that your account is updated till date.

vanidosa27, your debt is now within the SOL period. Now, you can only try to arrange a payment plan with the company and get it posted in your credit report.

If you need some professional advice regarding settlement of this account, call your consultant. He might be able to arrange a suitable payment plan for you.

Regards
Roxette

I am sorry you are experiencing such a rough time. I worked (briefly) for Asset. They train their collectors for an entire month before allowing them to make calls on accounts. They want ignorant individuals who enjoy bullying people. I have never worked for such an organization. People need to know the atmosphere they foster. They regularly stand up and cheer when some poor schmuck gets harassed into paying. They throw a football around - it's the most unprofessional environment I've ever been in. The integrity of this company is questionable - the company is growing rapidly, and unfortunately, they have lost sight of the reason they are in business.

You have rights. Ask them for a transcript of your payment and application of them. Dispute the debt. Please keep in mind every time you make a payment, the statute for collection of your debt is extended.
Also keep in mind that all collectors have settlement authority, and as the statute nears expiration, the amount of funds they may accept will decrease. Do not "help" them by providing them with information re: your bank, where you work, or your assets. They will use tese to sue you.

The statute for collection of a debt in the State of Michigan is 5 years from the date of liability, or last payment. They can also charge interest on your account by state statute, but only at the rate specified by the state you are residing in. You need to look into this. So by paying them, you are giving them more time to sue if they feel they can.

STATE OF MICHIGAN STATUTE - 5 YEARS FROM DATE DEBT ACQUIRED OR LAST PAYMENT MADE - WHICH MEANS EVERY TIME YOU MAKE A PAYMENT - THE STAT IS EXTENDED. SORRY -

ASSET BANKS ON THIS - THEY "PURCHASE" DEBT THAT HAS BEEN WRITTEN OFF BY OTHER CREDITORS.

Thank you for that information. I will be requesting a debt validation and a transcript of my payments. I also had another question for Roxette. I was looking over my credit report and I noticed that there was a debt that I paid to Arrow Financial last year. I paid them off and settled the account. I even asked them to fax me confirmation. Yet, this item is still on my report. I shows that it was paid off in a settlement amount that was less than the original amount. And it shows an "estimated removal date" of 8/2008! This is unspeakable. Why is it sitting on my report if I paid it? :(

These Asset clowns are really starting to get my goat! Can I go beat the crap out of them? :D

I have a nice little phone trick that you can play. It goes something like this:
The phone rang as I was sitting down to my anticipated evening meal,
and as I answered it I was greeted with, "Is this Karl Brummer?"
Not sounding anything like my name, I asked, "Who is calling?"
The telemarketer said he was with The Rubber Band Powered Freezer
Company or something like that.
Then I asked him if he knew Karl personally, and why was he
calling this number. I then said off to the side, "Get really good
pictures of the body and all the blood," and then turned back to
the phone and advised the caller that he had entered a murder scene
and must stay on the line because we had already traced this call
and he would be receiving a summons to appear in the local courthouse
to testify in this murder case.
I then questioned the caller at great length as to his name,
address, phone number at home, at work, who he worked for,
how he knew the dead guy, and could he prove where he had
been about one hour before he made this call.
The telemarketer was getting very concerned and his answers were
given in a shaky voice. I then told him we had located his position
and that the police were entering the building to take him into custody.
At that point I heard the telephone receiver fall, and the scurrying of
the telemarketer's feet as he was running away.
As I returned to the dinner table, my wife asked me why I had tears
streaming down my face, and so help me, I couldn't tell her for about
fifteen minutes. My meal was cold, but after what I had pulled, it was
the best meal I'd had in a long, long time...

This sounds like FUN!

wow this a good string, lots of good info. max, sorry you've had such a rough time. I hope all is well and I hope that you do not have to pay that OLD debt.

vanidosa27, there is no time limit for a paid account to stay in your credit report. But, the important thing is that it should present the accurate picture of the account. Is this account reflecting the actual status that it should? If you feel their is a reason to dispute with the CRA, send a letter highlighting the item and request them to update the information.

The CRA will verify the item with your information providers and send you an updated copy of your credit report. Remember to send your letter through certified mail with 'return receipt request'

Do let me when this matter gets resolved.

Regards
Roxette

Vanidosa27, that is hilarious! I was just joshing around about beating the crap out of the Asset Acceptance people. I don't even know where they are. I'm in Pensacola.

Oh my god van that is the funniest story I've ever heard! Did they ever call back lol!

Great story, LOL! Sent off validation letter, return receipt requested, two days ago... now I guess it is just wait. Still getting calls regarding the identity theft but that is another story. Would love to try to that trick regarding the murder scene. Ah well, guess it is better to get that matter cleared up even if it means talking a whole lot of truly obnoxious people. :roll:

Yeah because if you ever had to go to court or something...and THAT got brought up, I don't think judges have a sense of humor when they are at work lol.

I have all of my letters ready to go. I just have to go to the post office on Monday to get my green card thingy for certified letter. I am going to print up some labels to take with me so I won't have to write all of these addresses down! LOL
By the way, that was not me in the phone call, that was a hilarious joke that someone posted in my college forum.