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What do I do if Asset Acceptance collects an account I do not owe?

Submitted by on Tue, 07/26/2005 - 15:09
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Imp Note: asset acceptance llc are not following fdcpa so if you are getting unwanted phone calls or mails from anyone associated with the company, please respond strongly. Signup for free counseling and handle all problems associated with asset acceptance llc with professional help.
On a Pacific Bell acct.which was an identety theft acct.I'm being held responsible for I already cleared one acct up from same company. How come this one diddn't get cleared ?? nor did I recieve the depososition form , And can I do it on line??


Hi Dawn
Welcome to the forums

You have paid one Pacific bell account which was an identity theft account. But as it is still appearing in the books of the company you should ask them about the debt rather you should ask them to validate the debt.

As per the Federal law they are bound to give you a response in writing about this. Also send a complaint letter to FTC stating in detail about the incident. They will take necessary actions if they found that the company has resorted to any unfair and illegal steps.

In addition if the company validates your debt and if it is found that it is a valid debt then you have to pay off the debts as soon as possible.

Hope you will find this information useful

Regards
Peter


Submitted by peter on Wed, 07/27/2005 - 03:23

peter

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i keep getting a bill from asset acceptance saying i owe 817.56. I have not nor do i have an account woth pacific bell/sbc. So i dont know how this came to me. How can i clearify this.


Submitted by on Mon, 08/08/2005 - 08:32

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Hi Edward

Welcome to the forums. Please call Asset Acceptance at the customer care cell (1-877-768-9844) and request them to verify the said bill providing the following information:


  • The details of the account.

  • All the calculation should be shown of the amount that is owed.

  • Any copies of the papers to be furnished that shows the payment agreement.

  • Provide a verification or copy of any judgment if applicable

  • The original creditor needs to be identified.

  • The Statute of Limitation needs to be proven for the collection of the debt.

  • The license of the collection agency applicable in the state is to be furnished along with the license numbers and Registered Agent

  • 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.

  • Complete payment history showing the details of the creditors, payment history, amount of the debt, break up of fees/interest should be provided in paper.

  • A copy of the original signed loan agreement between the debtor and the original creditor establishing the debt between both the parties also has to be produced.


If Asset Acceptance fails to provide you the following information regarding this bill, then you have the right to get it removed from your credit report.

Please get this needful done immediately because it is hampering your credit file regularly.

Regards
Roxette


Submitted by roxette on Mon, 08/08/2005 - 11:21

roxette

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Thank you for all this info I am going to send this out to them now requesting this information.


Submitted by on Wed, 04/11/2007 - 07:42

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I got a letter from asset acceptance llc saying that I owe $699.81 and the pay off bal. will be $209.94 I never had this credit card of heard of this company .


Submitted by on Fri, 09/05/2008 - 14:36

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I got a letter from asset acceptance llc saying that I owe $699.81 and the pay off bal. will be $209.94 I never had this credit card of heard of this company .


Submitted by on Fri, 09/05/2008 - 14:36

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Asset buys charged off accounts form credit card companies and other creditors. Your letter should state who the original creditor is. Regardless, you need to send them a request for debt validation (DV) w/in 3o days of receipt of their letter. What state do you live in? Have you pulled your free credit reports yet?


Submitted by NASCAR_Devil on Fri, 09/05/2008 - 14:49

NASCAR_Devil

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Yes, as others have said, ask for validation. I have had some experience with these folks, as they had one of my husband's old debts. We asked them for validation, and they did not send us proper validation. Basically, they just sent us another letter with the same information as all the other correspondence..."Here is how much we say you owe and this was the original creditor." They never provided information any documentation where my husband agreed to pay the debt, details on how the balance owed was figured, etc. When we threatened to take action against them for not validating the debt or removing from my husband's credit report, they sold it off to someone else to deal with! Asset is one of those that we call "junk debt buyers"....they specialize in buying debts that others cannot force collections on (i.e., they are outside of the statute of limitations, so all they can do is pester you, but they can't sue) for pennies on the dollar, and using various tactics to get people to pay. If they can get just 25% of the people to pay 25% or more of their balance, they make a huge profit. On debts that turn out to be too much trouble, or the folks know their way around the law, they sell those off for what they paid for the debt, which is probably something like $5 to $50 for the total debt to start out with (which is how they can get away with offering such settlements as they do).


Submitted by SubiGirl on Fri, 09/05/2008 - 20:54

SubiGirl

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Asset Acceptance is a debt purchaser, not a seller of debt, so I would have to call someone a liar if the say Asset sells debt. Now the original creditor can "buy-back" an accout that they sold for various reasons, ie. comsumer filed banko, is deceased.

When it comes to debt validation, all the company has to provide is original creditor info, and balance info (principal vs. interest) the burden of proof is on the consumer to prove the account is not theirs, in most cases some sort of proof that the account has been paid prior to being purchased by Asset, or some sort of documentation regarding id theft.
Asset doesnt buy "junk debt" . Lets say the make a purchase from citibank they may purchase 1million accounts, now some of the accounts may be 10, 15, 20 years old but that would be a very small percentage of accounts, most accounts are within the statute of limitations for suit, Asset is a suit driven company, most of their profit comes from suits


Submitted by on Wed, 09/17/2008 - 18:52

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By selling the debt that they deem is uncollectable to another JDB makes them a "debt seller".

In regards to burden of proof being with the debtor please prove that you do not owe me the $5,000,000 that I claim you owe me. By your statement I am now $5 MILLOION richer and it was all based on a lie.

In our legal system the party making the claim has to prove that the money is owed. They only thing the "debtor" has to prove is the defense.

You take me to court saying that I owe you money and you cannot prove it YOU LOSE.

Assest was never able to prove their claim against me, they only came up with self made documents stating that I owed them. That is not legal proof, refer back to the $5 million.


Submitted by on Wed, 09/17/2008 - 23:51

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Need some help, asked for DV from Zenith Aquisition...who was collecting for Asset Acceptance (Original Creditor CHase), so I get communication from Asset saying thank you for your request for validation, see attached. Well the attached document has got to be the biggest joke...this is what it says...

asset acceptance llc
Their address

Asset Acceptance LLC Acct # *******345

Original Creditor : Chase Original Acct# ********0987

Name: Joe Shmoe Balance: $1,500

And then the bottom half is a payment coupon to return with my payment. Yeah Right!

I think I know that this is not proper validation, but what's the best letter to send back to them, telling them I know they are violationg my rights according to the fdcpa?


Submitted by on Tue, 12/23/2008 - 11:30

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the same letter.except state that they validated nothing and any further collections will result in you looking into your legal options.


Submitted by paulmergel on Tue, 12/23/2008 - 11:33

paulmergel

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The FTC has made it quite clear that validation is only legal if it comes from the original creditor, and thus an "in-house" document from the debt collector fails to meet the standard. The law actually says that the collector must obtain verification FROM THE ORIGINAL CREDITOR and provide a copy to the consumer. Otherwise, there is nothing to prevent a greedy collector from putting any amount they want to on the paper and saying "hey, you defaulted on this $200 credit card five years ago, you now owe us $14,729.68....."

collector, I would suggest that you take a course in debt collection law, you clearly need one. Also, perhaps some clarification is in order when it comes to "junk debt"....in my mind, junk debt is any debt, regardless of age, where your company buys it without any documentation to prove the claim. if you know you dont have documentation to prove the debt, how ridiculous can you be to think that you have a legal right to collect on it? We live in a country where the citizen is guaranteed the right to be presumed innocent until PROVEN guilty, son. you would be wise to remember that.


Submitted by skydivr7673 on Tue, 12/23/2008 - 13:40

skydivr7673

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Asset Acceptance called my house looking for my daughter. When I told them they had the wrong number their representative told me they just got a new report and they saw where she called my phone number from her cell phone. Isn't that an invasion of privacy? I thought cell phone records were confidential.


Submitted by on Thu, 03/26/2009 - 12:11

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Quote:

Originally Posted by Anonymous
If i owe $12,000 to Asset Acceptance, how much should I settle for to get out of this debt? What is the % of the normal settlement? If I need to hire an attorney to handle this transaction? PLEASE HELP! Thanks a bunch!


first things first.did asset send you a collection letter?if so get a DV(debt validation)letter out certified mail return receipt.you see this is one of the most notorious JDB'S(junk debt buyers)going.make them prove you actually owe this,and that they are legally entitled to collect.do not trust this place at all.leave no stone unturned before even thinking about paying them.


Submitted by paulmergel on Thu, 04/29/2010 - 05:14

paulmergel

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