Settling debt with Asset Acceptance

Hi,
Though I don't have any experience in dealing with this collection agency, I can say that be patient, explain your situation and try to settle the best deal with them. Remember, do not pay anything to the collection agency without having a written agreement with them.

Have you sent them a validation letter yet? If not, anything else would be premature.

Asset acceptance has a horrible reputation.....make you dv then first asking specifically for proof of the debt....cardholder agreement/paperwork with your signature on it.

as soaplady stated.this is a horrible bottomfeeder with a rep for collecting on zombie debts.i have few questions.

1)what state are you in
2)what kind of debt is it
3)is the debt on your credit report

you see as stated before asset acceptance collects on zombie debts meaning debts that are past the SOL for your state.look into the last two points in particular as if this is past SOL you just send an FOAD letter,but again look into that befotre even corresponding with them.

Thank you to all for your responses. The debt is not past the SOL, was an unsecured credit card with BofA until Asset Acceptance purchased it. We just settled a different account that was with a collection attorney in our state and while it was owned by a debt buyer, they had purchased the paper on it. I will send a DV letter and require the settlement offer in writing before giving them any money.

If after I send the DV letter, they fail to validate the debt properly, should I even bother calling and settling? There seems to be a divide on opinions on that point. This last debt purchaser had original statements from the original creditor so we didn't want to take our chances in court and were able to settle before suit was filed for 56% of the balance. It was more than we wanted to pay but the best we could negotiate. If Asset Acceptance doesn't send original statements or a signed agreement, what are the chances they can sue and win in court?

Oh and I'm in California. The SOL here is 4 years. The debt was reported by BofA but hasn't shown up yet as owned by Asset Acceptance. They did however ding us with an inquiry.

well are you sure this is within the SOL as it goes by last payment.if so then this is the first i have heard of this bottomfeeder collecting on debt that wasn't a zombie debt.however do send a DV letter CMRRR.if they can validate they will,but they can't continue any collection efforts until they can validate.meaning if they sue and haven't validated you can demand validation in discovery.they must sue in your town,county,village,or bourough though,but as soaplady stated get that DV out asap.btw if they report on your credit after getting the DV letter.it's an FDCPA violation,and you can sue them for that.just know that.

I am absolutely sure the debt is still within the SOL. Last payment was less than three years ago. I'm afraid to DV them because if they purchased the paper on this account, we will need to come up with the money to settle ASAP. I realize that it may not be common for this company to hold the paper on an account, but the last company did. Do you think it is wise to DV them even if I can't settle yet?

Your story sounds very much like mine. California, BofA, AA bought the paper, etc...the wouldnt put the offer in writing so I havent paid them anything. I would love to know what transpired after your last post here.


Thank you