Asset Acceotance

Date: Mon, 01/11/2010 - 15:50

Submitted by anonymous
on Mon, 01/11/2010 - 15:50

Posts: 202330 Credits: [Donate]

Total Replies: 2

I'm being sued by this CA. I have court on Wednesday. It's for a store card debt for the amount of 1,800. The original credit company charged off the account for the amount of 1500 and Asset purchased it. Can Asset continue to charge interest on this account? Their validation is just a letter saying that I owe the money and whe it was charged off. But the letter is not from the original credit company. How should I approach this in court? thank you.

Most likely the collector isn't allowed to add interests and fee

Most likely the collector isn't allowed to add interests and fees to the collectible amount.

According to FDCPA, no third party collector is allowed to continue charging interests and late charges on the debt. However, you need to check your contract with the original creditor. If it is allowed in the contract which you have signed then probably they can legally add to the amount.

Anyway, I'd have sent another dv since this one is insufficient. If they can't offer sufficient validation to the account it would serve as your defense in the court of law.

lrhall41

Submitted by SC on Mon, 01/11/2010 - 20:27

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You need to file for discovery at court. what they gave you as v

You need to file for discovery at court. what they gave you as validation is NOT validation. Please see your court clerk today on how to file a motion for discovery to compel them to produce the legal documents that say they have the right to collect otherwise you may end up paying a bottom feeder that has no right to collect and then you will have someone else suing you for the same debt down the road

lrhall41

Submitted by on Tue, 01/12/2010 - 05:56

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