Threatened by Asset Acceptance

Asset Acceptance is known for misrepresenting the accounts and for illegal collections activities. You need to be very careful while dealing with them. It is true that CAs have the rights to view the credit report but they should have a legitimate purpose with all your account details.

Your first move is to send a debt validation in writing requesting for the complete info of your accounts. They need to provide the accurate picture of the account taken from the OC.

Send your request through certified mail with return receipt requested. This letter is an important proof of your actions taken to resolve the matter. Once they have received your request, they must get all the information before attempting further collections. You can refuse to pay anything till you have all the correct figures.

Thanks for the advice. I will send a certified letter to Asset. Even if it is all my debt and nothing illegally added, I still will not be able to make any payment arrangements. Will they sue??

Asset is a bunch of lying charlatans. They're probably talking through their butts about dragging you to court. If in fact they did, you have all the evidence you need at home to prove that you are financially strained.

Also, the only reasons why collectors look at your credit report is to find places of employment, cell phones, and any assets that they may insist you trade against to pay the bill. Don't fall for it! If possible, negotiate with the original creditor because Asset is not to be trusted!

Jedi Mistress Ari is very right. First ask if they saw the date of last activity on your credit report. This is a junk debt buying firm, and many of the debts they have purchased are out of the statute of limitations.

They've already broken the law, by saying that they are filing suit, unless they seriously intend to do so. Also, the cannot automatically get a judgment (unless you don't show up in court).

If you also want to have a raucous good laugh at seeing how off-kilter Asset Acceptance is, check out "Harassing their own collectors" in the Complain Center and read on as "melody" jams her foot in her mouth, and then turns her tail and runs when she realizes she is outnumbered.

I read where Asset Acceptance has been sending false summons to people to get them paid in full and reporting false 1099's to the IRS.

For that, the long arm of the law should go trash the place and slap fines left and right.

They are now being investigated by the IRS for doctoring accounts.

All right! This may call for a celebration!

ASSet had added 4000 worth of fees to my old account, too.

Thanks for all the helpful information.

Then the principle should be $50,000 or so for those fees to be a reasonable percentage. Exponential fees are a form of exortion.

Threatened

Don't let Asset misrepresent your account. They must give you the complete break down of that total figure specifying the interest charges added to the principal amount.

If possible, try to work out with the original creditor. It will be much easier dealing with them. Check your credit report and see if Asset Acceptance has tried to hit your file with negative information. You must not allow them to hurt your credit file. They can't escape with this.

The long and short of it all is....just tell those Asset clowns to pound sand.

No, the balance was between 5800-6500, not 50,000.

Thieves!!!! They are thieves.

Yes LessIsMore, that's right. The creditors want to take actions only if they don't get their money back. If a consumer is willing to pay the account himself or by using a debt management program, the accounts will get ultimately paid. Moreover, there are court costs and attorney fees involved in filing of a case by a creditor. So, even if the matter reaches the court, the payments made towards the accounts will prove your responsibility and the decisions will go to your favor.