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please advise me!

Date: Wed, 03/23/2005 - 16:18
Submitted by on Wed, 03/23/2005 - 16:18
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Hello, I am new to this forum and was hoping to get some advice from you kind people. About 6 years ago I was naive enough to let my then-boyfriend get a telephone account in my name, which of course got run up and eventually disconnected. He told me that after so many years the phone company erases their records, so I just let it go. Well, now I'm a bit more grown up and knowing that this is catching up with me. I recently applied for a credit card and was denied. Subsequently, I get contacted by Asset Acceptance, who apparently has my account now for the phone bill. I do plan to pay on this, but before I contacted them I did a bit of research and have heard some bad things about their company and even articles on how these companies can make your credit look worse. Should I just bite the bullet and contact them? I'm sorry to say I don't even have the old phone bills anymore, like I said this has been about 6 years ago, but I also think that this collection agency has added fees onto my bill. From what I last knew, I owed about $300 to the phone co, and the first bill (which I did not receive right away because it went to an old address) from Asset Acceptance said I owed $446, then the last bill I just received was for $456. Can they add late charges or additional fees? Will I have to dispute this? I guess I'm just not feeling too trusting of this company but I do need to clean up my credit. Could someone please give me some advice? (sorry for the long post)


Hi,

Welcome to the debt consolidation care forum.

Quote:

I guess I'm just not feeling too trusting of this company but I do need to clean up my credit.


I understand that your prime concern at the moment is to clear your outstanding phone bill credit. I too would suggest you to do so and not welcome any further problems regarding financial facilities in the future.

Quote:
Can they add late charges or additional fees? Will I have to dispute this?


Yes surely they can add late fees and additional charges. As your debt is six years old there is a high possibility for this to happen. Usually when debts are not cleared at the right time late fees and other additional fees are charged. This may often add up to a fair some of money which one might have to pay extra on their original debt amount.

You cannot dispute this as charging late fees are legal.

Quote:
Could someone please give me some advice?


My advice is clear your debt amount which is still within your reach and don't let it slip away to a greater burden in future.

After all having a clean credit is a sign of a good and responsible citizen. :)

Feel free to enquire if you have any further queries. We would also expect you to share your experience and insights with the other members of the forum.


Regards,
Jason


Submitted by Jason on Thu, 03/24/2005 - 02:45

Jason

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Thanks for your response Jason.
I hope I did the right thing by contacting the collection agency this morning. My total bill was $450 and I told them I'd be able to pay $100 on it now. They were very polite and everything but.... is it normal for them to not want you to send a check? They will reduce my total amount to $400 if I can make 4 payments of $100. I was willing to do that, like I said I want to get this cleared up. I just hope I didn't make a big mistake by letting them take it out of my checking account on the 31st of each month. I guess it's too late now, and I do have to pay it off. They also told me that once the final payment is received they will report to the 3 credit agencies that my account is "paid in full." This sounds okay to me, but does it sound suspicious that they insist on taking the payment out of my account only on the last day of each month? Thanks again for your help.


Submitted by on Thu, 03/24/2005 - 07:11

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It seems everything is ok but make sure you have receipts for all payment. Keep a copy of all transaction, frauds are not rare in this industry so be watchful.

Regards
Vikas


Submitted by Vikas on Thu, 03/24/2005 - 07:51

Vikas

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Hi Everybody,

Apologies for not having the time to do my research (this is my first visit/post to this forum), but I'm in a similar situation, where I'm experiencing some suspicion. I've finally decided to clear my Discover card debt w/ Asset Acceptance b/c they're cutting me a 60% discount if I reply by April 15. I want to proceed b/c w/ the 60% off, it brings my debt owed almost down to the original amount owed (just paying my original debt + $30 late fee + $8 finance charge).

Does anybody have experience closing their account w/ Asset? Do they stand by their word? Like the original poster said, upon paying the settlement balance, Asset says they will provide a paid account letter, close out this account, and report to the credit bureaus accordingly. My naive question: if they do all that (and will they???), does that mean I'm seriously done w/ my debt and it will not haunt me any more???

Is this even a wise move?

Any response is welcomed.

Thanks in advance,
Chanel


Submitted by on Wed, 04/06/2005 - 23:42

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Hi Chanel

A company will never try to hurt its goodwill by deceiving its clients. If the company has to grow bigger then it has to provide 100% satisfaction to its clients. Making money by fraud means will never last for long. I think you should stick to your decision and move further as they are offering you a huge discount which otherwise would not have been possible. And if you look at your position right now, you are already in bad shape and not accepting this proposal right now will certainly put you in worse conditions. Of course, if anything bad happens and if you are correct in each and every possible way, then you can certainly take the help of law.

Regards
Roxette


Submitted by roxette on Thu, 04/07/2005 - 12:41

roxette

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Whatever you do, make sure all agreements are in writing. Remember that the debtor is NOT the client of the collector, ever. Unethical CAs are very real and sometimes it seems the more unethical they are, the bigger they are. Look at some classics like LVNV and NCO. Asset is just as bad and will say -anything- to get you to pay. Whatever you do, get it in writing.

Also I would never give these companies bank information because they can (and often do) take out more than was agreed upon or at times not agreed upon. Always send money orders or cashiers checks. It is YOUR right to pay them as you see fit...you can not be forced to pay only a certain way.


Submitted by goldenbast on Sat, 02/06/2010 - 23:33

goldenbast

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