Asset Acceptance Corp

Their is a fair chance that you can escape paying this debt in legal terms. However, paying it is entirely your choice in order to improve your credit.

Dispute on the letter sent by Asset mentioning the expiry of the SOL period. Federal laws state that a debt goes out of the SOL period as per the statutes in each state. Since the date of last activity in your account is past the statutes, you need to mention this point favoring your dispute. It is very important for you to dispute instead of ignoring the mail. You should send your letters through certified mail with return receipt requested. Keep everything documented in a file so that you are available with valid records of your actions.

How can paying a 15 year old debt improve your credit? In fact, paying this could restart the SOL clock, and cause more problems by having it re-appear on your credit report. see this article:
http://moneycentral.msn.com/content/SavingandDebt/P59862.asp

Yes Dr. Dan, to be more specific, I am mentioning the aftermaths IF a payment is made towards this debt. SOL will be renewed and it will appear in the CR for a period depending upon the activity. At that point of time, paying off 15 year old debt will be the only option to improve the credit ratings.

Thanks,

I just started a new credit line and my record is clean.

I know I have to write a letter but which one? There are so many samples.

BTW, they don't say in the letter since when the debt, only the sum and the name of the bank.

So what would be my best first step?

Yoji

Hi

Your first move should be to highlight the details of this account and ask Asset to verify the date of account opened along with the date of last activity.

Once they have sent you the dates, compare it with the statutes set in your state. It is past the SOL period, you can use this letter given below for notifying them legally.

[quote]Today's Date

Your Name
Your Address

Collector's Name
Collector's Address

RE: [insert account number or name of account or name of debt]:

Dear [insert collector's name or company name],

This letter is in response to your [letter dated xx-xx-2005] (copy enclosed) or [phone call on xx-xx-2005], concerning the collection of the above referenced [account or date].

I do not believe I owe what you say I owe therefore I dispute this debt. I am well aware of my rights under the Fair Debt Collection Practices Act (fdcpa) and my state laws so I hope to save both of us a great deal of time by letting you know that not only do I dispute the validity of this debt, I have also checked with my State Attorney General and verified that the Statute of Limitations for enforcing this type of debt through the courts in (insert your state or the state in which the contract was signed) has expired. Therefore, should you decide to pursue this matter in court I intend to inform the court of my dispute of this debt and that the "statute of limitations" has expired.

This letter is your formal notification that I consider this matter closed and demand that you, or anyone affiliated with your company, stop contacting me regarding this or any other matter except to advise me that your debt collection efforts are being terminated or that you or the creditor are taking specific actions allowed by the FDCPA or my state laws.

Be advised that I consider any contact not in accordance with the Fair Debt Collection Practices Act a serious violation of the law and will immediately report any violations to my State Attorney General, to the Federal Trade Commission and, if necessary, take whatever legal action is necessary to protect myself. Be advised that I tape record all phone calls and violations of the FDCPA can result in you or your company being personally fined up to $1,000 per incident.

(Sign above name)
Printed Name
[/quote]

Remember to send your letters through certified mail with return receipt requested. You should have a documentation of all your correspondences. This will help you to present your defense if the matter reaches the court.

You right. I thought so too, after gathering more information from the web. First validation and then SOL.

You think that they might go to court even if it's clear that the debt past the SOL long time ago??

Quote:

If a person does not pay his debt and leaves the country, it might be possible that a judgment will be issued against him and he will realize this fact after he returns back. At such point, he should be aware of the statutes before thinking of pay the debt. SOL factor is always applicable on all kinds of unsecured debts.

There is a very genuine purpose behind disputing the debt that is past the SOL. If you are ignoring it by thinking that the account is past the statutes, the CA or the creditor will go to the court and prove that the debtor is trying to avoid paying his bills. If you are sent legal notice and still do not appear to present your defense with proof (letters of dispute sent to the CA), the judge might take decisions against you and make this debt legally payable. So, you can be forced into such a situation where you do not owe an account but you will have to pay it legally because of your avoidance. So, dispute is a MUST!

I sent today the validation letter, CMRR as advised.

Is it posible to have two judgments on the same issue?
Logically, I assume that a judgment was given some time after I left. Can it be given again??

In the situation that you're talking about, I've never heard of it. I think in the case where lawyer takes you to court over a debt, the judge orders you to pay $100 a month until paid off. You go for several months making payments and then stop---the lawyer can take you back before the judge and explain that you're not living up to the agreement, the judge then can decide what he wants to do about it, therefore causing a second judgement. This is the only type of 'second judgement' that I've heard of. shirley