Asset Acceptance settlement - Should I go for it?
Date: Thu, 11/16/2006 - 09:09
June 2000 I unfortunately allowed a credit card to go into collection. It was purchased by asset acceptance llc. I have ignored all phone calls, letters and collection attempts. Almost 7 years have passed and I'm a little bit better off financially, but this $9,000 credit card debt has ballooned to over $18,000. I just received an Asset Acceptance settlement letter for 70% off ( I would owe them $5,500). Which I'm tempted to pay and get this taken care of. But I'm settling the account will actually hurt my credit rating, (which is actually OK with a combined credit score of 676 (663, 712, 655). I'm dealing with mortgage lender who says i qualify for a house loan, but I would qualify for a better one if this is resolved and removed from my record. Before I call and settle with Asset Acceptance, how can I be assured that paying this settlement won't lower my credit score. What can I get from them in writing stating they will remove it from my record if I pay the settlement. The debt is 7 years old this coming June. If I do nothing will it fall off my record in June anyway? Asset Acceptance has been reporting it to the credit agencies pretty much every month... Does the 7 year start from the last time they report it, or from the time the credit card company sold it?
I'm leaning towards paying the settlement, but i don't want to be worse off because i paid it. Any advice?????
Yes... Well its weird. The report shows First USA visa reported
Yes...
Well its weird. The report shows First USA visa reported the "charge off" on 12/00. Then the debt shows up twice on my report under AAC First USA which has a status of Collection with last action being 06/00 but reported 10/06. The debt also shows again under Asset Acceptance which states it was opened on 10/02 and last reported 10/06
I don't think that collection agencies can change the dates on y
I don't think that collection agencies can change the dates on your credit report.. I would dispute this before I paid them anything..
The negative item will go off from your credit report after the
The negative item will go off from your credit report after the 7 years. It stays in the report for 2-10 years.
So, if you start a settlement and in case there is a default, you will be hurting credit.
I won't say not to pay this debt. There will be a slight improvement to your credit after this is paid. So, if you are prepared, go ahead.
Make sure that you have all documentation to prove this asset acceptance settlement offer. They should put in writing that they will remove the item from your file after it's paid. Legally speaking, accurate negative items cannot be removed from the file. If a CA says this, get it in writing first.
proof of asset acceptance settlement
That's right. But be SURE that you have all proof of settlement and I wouldn't give my bank info unless I had to. I am sure that they will allow some other type of payment. I have a prepaid debit card that I use to pay these companies, and if I don't physically go to the store and apply the money, its not there.
Should I settle with asset acceptance?
What should I be sure is stated in the proof of settlement statement? What terminology should I be sure it says or more importantly does NOT say?
Paid in full
Paid
obligation settled
settled
Does is matter?
I don't think it would matter, just as long as you get something
I don't think it would matter, just as long as you get something in writing that says settled or paid with settlement. Also, after you pay, be sure to get a receipt from them. I am pretty positive that those are the most crucial documents you could have.
Asset Acceptance
YOU ARE VERY LUCKY THEY HAVE NOT SUED YOU!! I AM IN THE PROCESS OF BEING SUED FROM THEM! THAT IS AN AWESOME SETTLEMENT HOWEVER WHEN YOU AGREE TO PAY THE DEBT IT IS GOING TO HURT YOU DEPENDING ON WHERE YOU LIVE. THEIR ARE LIMITS OF STATIONS. CHECK IT OUT. YES I WOULD ASK THEM IF YOU PAY IT 1ST YOU WILL NEED A LETTER THAT THEY WLL REMOVE IT FROM YOUR CREDIT FILE ALL 3. THAN I WOULD GO FROM THERE. GOOD LUCK!!
