Help, Asset Acceptance LLC Keeps Charging Me
Date: Fri, 08/25/2006 - 20:25
I am currently unmployed but going to a university using grants and student loans. I should be graduating in December and have a federal job waiting for me when I graduate.
I had 2 credit cards from MBNA with my exwife in the late 1996 and I was the primary card holder. For some reason, these two credit cards got up to around $250 each then was sold to Acceptance Asset LLC because of non-payment and at the time, I did not know they sold the account. A few years ago, I got a notice from Asset Accept saying that I owe them $3,000. I called them to ask why I owe this money. I stated that I was an unemployed college student and some guy was really rude nearly yelling that I stole money because I owe them money, that they would sue me, and so on. I talked to a public defender and he called Asset Accept. They stopped harrassing me for 2 years and now I've just recieved a bill saying that I owe them $14,000 now but I can settle for $10,000 if I act now. I got a credit report and it was stated that an unpaid debt to MBNA for 2 credit cards for around $250 each and a debt I now currently owe to Asset Accept for $14,000.
I don't know what to do. Should I try to settle with Asset Accept? I feel that they are really raping me. I am afraid that when I graduate, this bad deal with Asset Accept will screw up my chances of getting an apartment, buying a car, etc. How long can these losers keep charging me $3000-4000 dollars a year if I decide not to pay them? How long will this keep messing up my credit? Please help. I'm going nuts over here.
Hi Maulrat, when did you last pay on these accounts? I understan
Hi Maulrat, when did you last pay on these accounts? I understand reading your post that you have perhaps, not done any payment in the recent times. If that's the case, check the SOL of the state where this account was opened. The debt might have gone past the statutes in your state. You will be under no obligation to pay them legally. They can file a case against you in the court, but doing this, they can't recover any money from you because the SOL has expired as per the fdcpa laws. You need to write a letter notifying about the expiry of SOL through certified mail. If they take the matter to the court, show the receipt of your letter sent to them. The case will be ruled out.
You need to dispute the incorrect item in your credit report with the CRA. They will investigate the account and post the exact dates if your dispute is found correct. The negative information will remain in your credit file for seven years from the date of first payment missed.
I know this is probably impossible but do you still have the cre
I know this is probably impossible but do you still have the credit card contract? You can be charged intrest on a credit card even after charge off depending on the contract and state laws.
You should definatly do some reasearch on this.
Thank you Christina and Guest. Here is my situation now. I've
Thank you Christina and Guest. Here is my situation now. I've just bought an online product from Equifax that shows my up-to-date credit report with Equifax, Transunion, and Experian. It appears that these two credit cards were charged-off in late 2001 in the state of Delaware. It was then that they were sold to Asset Accept LLC in Michigan. For the past 2 years, the decription of monthly payment to AA LLC has been Charge-off or Not Reported but it shows that I still owe them $14,000. I also looked up the SoL; for DE it is 4 years and MI it is 6. I understand the the SoL has run out for DE and that the credit card bank can not get money from me but I am concerned about AA LLC. For some reason, it states that they opened the account in 2004. I know that I have been recieving letters from them before 2004 but I've misplaced them. If my account is resold, does the SoL renew itself? Does this mean that they can continually resell my account and take me to court eventually one day? Experian shows my record of AA LLC as being charged-off every month for a year now. Equifax shows nothing about AA LLC and Transunion doesn't have any record of payment in past 2 years. Any ideas what I should do?
Asset Acceptance Corp's Lawyer
Here is Asset's house lawyer to contact with problems:
MI State Bar:
Michael J. Beach - P45459
Asset Acceptance Capital Corp
PO Box 2036
Warren, MI 48090
Phone: (586) 446-7818
Fax: (586) 446-7838
With the job you have in mind for youself you need to not think
With the job you have in mind for youself you need to not think like "they can not get their money back" from me and start to wonder at how can I get this to show paid upon my credit report.
Your credit report is going to be a huge asset to you if you want to persue a government job, unless you want to be the gabage man which I somehow doubt as you are going to college.
This is going to stay on your credit report for 7 years (from date of last activity made by you) and could stay on their for up to 10 years depending on how much the company wants to hurt you. Activity is defined as last payment or last attempt at payment, meaning they had a payment on file but it was never processed.
Your future employers will be looking at it, your future mortage company will be looking at it and your future Lexus will be also. Also Apartment home communities could view it also.
If you do decided to take care of it I honestly wouldn't settle the account unless you have settled one before. It could take up to 150 points off of your credit score. Now if you have then it won't make much of a difference.
