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In Febuary I received a letter from a collection letter on a loan that I received in 1999 from Household Finance. I last paid on the account in I believe 2004 when I finally realized that with such a high interest rate I could never pay it off. I believe the interest rate was over 21%. I didn't know what else to do so I simply stopped paying it and hoped they would write it off and stop collecting interest on it. Eventually that happened and I was left with a close to $6000 debt. I'm not really sure what happened to the debt after that. It stopped gaining interest, but the last I heard from Household Finance was an offer for Christmas of all times (yea just the time any normal person can pay off a debt!) to pay 50% and they would forgive the debt. I of course didn't have the money to pay it. But since then I hadn't heard from Household Finance and nothing ever showed up on my credit report about it.

Well, in March I partially found out why...

In July of 2007 the debt was purchased by Asset Acceptance. They sent out a letter to me to a completely bogus address that I still have no idea where they got. Anyway, because I didn't respond, they assumed it was the correct address and continued to send notices this address. Mind you I still had the same cell number that Household had on file as my main contact.

Here's the kicker though and the root of my issue. Since July of 2007, Asset Acceptance started charging me the same interest rate of 21+% that Household Finance was charging me...

As I said, I finally received a call on my cell in March of 2008. They got my phone number when I redid my car loan and got a new vehicle. Needless to say, my $6000 some loan was now $9700...

I'm now in a much better place financially to start paying off this debt, but when my interest is over $150 a month I'll still never be able to pay this off.

This is the last serious bad mark on my credit and I really want to resolve it. Any suggestions?

Also, can Asset Acceptance really charge me this interest going forward? What about the interest they charged me before I was even notified they were going to charge me?

It's a crazy interest rate, there has to be something I can do about it.

One other note. Today I received an offer from them to pay off %50 of the now $10000 debt. I wish I had the money to take the offer, but they are only extending it until June 30th. Should I contact them and see if they will do anything more? The last time I spoke with them, the best they could do was for me to pay $415 a month till it was paid off... obviously not feasible.

Please help!

One important thing to remember about offers to pay off your debt at less than full price will incur a tax liability for the "forgiven" amount.

Send Assest a debt validation letter (available in the self-help section)certified mail, return receipt and require them to show that they are the legal owner of the debt, how the total due is determined, there right to charge interest, and that the statue of limitation has not expired and their right to do business in your state.
What state do you live in?

My experience with Asset was they will tell you that they will obtain the documents, they will manufacture some statements on their letterhead giving you some information (not valid) and call it validated. It is not. More later but get this out asap.

Sub: #1 posted on Mon, 06/09/2008 - 21:42


Thanks for the quick info. I will get this out this week. Should I send it certified mail or anything special?

And I live in Ohio.

Sub: #2 posted on Mon, 06/09/2008 - 21:57

nathan_kira nathan_kira

(Posts: 8 | Credits: )

Dear Nathan Kira,

Welcome to our forum :)

Asset Acceptance is one of the most talked about collection agency of our forum and it doesn????????t seem to have a good consumer feedback. The following pages will help you to know more about it:- ndex.html

I think you should get a Free debt counseling from our community????????s expert. It will show you the way to reduce your monthly payment by lowering the interest rate and waiving-off the late fees.



Sub: #3 posted on Mon, 06/09/2008 - 21:58

phoenix phoenix
(Posts: 1445 | Credits: )

yes, send it certified with the return receipt.

Sub: #4 posted on Tue, 06/10/2008 - 00:13


It's been over a month now since I sent the letter, but I still have not heard back from Asset Acceptance. I sent it certified mail and got my return receipt back.

How long should I give them and what should I do if I don't hear back from them?

Sub: #5 posted on Sun, 07/20/2008 - 22:37


Wait until a month after you have received the return receipt. If they still haven't responded then dispute with the credit reporting agencies if they are reporting this on your credit reports.

Sub: #6 posted on Mon, 07/21/2008 - 04:27

(Posts: 2934 | Credits: )

LOrd how mercy I was dealing with the some company household Fin and it been 7yrs ago since i herd from them and asset sent a letter saying they was going to sue me for 3,077.12 or garnish my husbands wages and we have a court date oct 14 because they sent a letter from the police to our old house.. :roll:

Sub: #7 posted on Mon, 07/21/2008 - 13:52


Hah that does sound familiar! I hope it doesn't come to that though.. sounds like a trend though!

And thank you for the advice moderator.

Sub: #8 posted on Mon, 07/21/2008 - 23:16

nathan_kira nathan_kira

(Posts: 8 | Credits: )

Okay, so I recieved a response from the letter I sent to Asset Acceptance.

Here's what it stated:
The Prior/Original Creditor, the original account number, my name, the current balance and the last transaction date (9/24/04!), and then my current address with the last four digits of my social security number.

That does not provide me with all of the information that I requested. Suggestions on what I should be my next step?

Sub: #9 posted on Mon, 07/28/2008 - 21:47

nathan_kira nathan_kira

(Posts: 8 | Credits: )

send them another DV letter and tell them that you haven't received what you requested.

Sub: #10 posted on Tue, 07/29/2008 - 00:33


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