Asset Acceptance just sent letter-now what?

Helena

I would write them back and ask for validation of the debt. It cannot become a new debt, because it is past the SOL. You will have no legal obligation to pay. The only way the debt can be renewed is if you make a payment on the debt.

There is a sample letter of the validation letter in the forum. Let me know if you need it.

Regards-
Mike

If you could give me the sample letter that would be great.

And once they send me information, (if they have it)what do I do then? Tell them to stop contacting me?

Helena-

Here is the letter:

Be sure to send this letter return receipt requested. This will prove that they got it, as someone will have to sign for it. If doing this by the post office, it'll probably run about $5 or so, but it is your documentation that you mailed a letter.

[quote]Your Name
123 Your Street Address
Your City, ST 01234

ABC Collections
123 NotOnYourLife Ave
Chicago, IL

Date:

Re: Acct # XXXX-XXXX-XXXX-XXXX

To Whom It May Concern:

This letter is being sent to you in response to a notice sent to me on
November 22, 2005. Be advised that this is not a refusal to pay, but (a)
notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC
1692g Sec. 809 (b) that your claim is disputed and validation is
requested.

This is NOT a request for ???verification??? or proof of my mailing address,
but a request for VALIDATION made pursuant to the above named Title and
Section. I respectfully request that your offices provide me with
competent evidence that I have any legal obligation to pay you.

Please provide me with the following:

• What the money you say I owe is for;
  Explain and show me how you calculated what you say I owe;
  
• Provide me with copies of any papers that show I agreed to pay what you
  say I owe;
  
• Provide a verification or copy of any judgment if applicable;
  
• Identify the original creditor;
  Prove the Statute of Limitations has not expired on this account
  
• Show me that you are licensed to collect in my state
  
• Provide me with your license numbers and Registered Agent

• Violation of the Fair Credit Reporting Act
  
• Violation of the Fair Debt Collection Practices Act
  
• Defamation of Character
  
• If your offices are able to provide the proper documentation as
  requested in the following Declaration, I will require at least 30 days
  to investigate this information and during such time all collection
  activity must cease and desist.

Hi Helena

Welcome to the forums.

I understand that this is about a debt that originated in the year 1989. It is clearly evident that the debt is out of the Statute of limitation period and you can't be legally forced to pay it and a lawsuit can also be thwarted off.

You need to be careful on not to activate the SOL period by making payment to this account. If you do so, the account will become current and you will have no options but to pay it.

I am assuming that the CA won't be able to serve you proper validation with all the necessary records. If a paper is served to you that might not be the actual validation, you have the right to dispute it. If you do not dispute it and keep avoiding it, they will take the matter to the court during this period and you will be legally forced to pay it if you fail to appear in the court. So, I urge you to dispute the debt right from the time they serve you with any papers. The SOL will be the main reason for disputing the debt. Please have a look at this thread below.

http://www.debtconsolidationcare.com/forums/scarycollection.html

Regards
Roxette

Helena

While you pen down the debt validation letter as mentioned by Mike, please ensure the following items to be covered in the verification process.

• The amount of the debt.
  
• The name of the creditor to whom the debt is owed.
  
• There should be a statement that if the consumer does not dispute within 30 days, the validation will be treated as valid by the collection agency
  
• A statement that if the debt is disputed, it will be verified by the collection agency
  
• A statement that if the name and address of the current creditor is different from the original creditor, it will be provided by the collection agency.
  
• All the calculation should be shown of the amount that is owed.
  
• Provide a verification or copy of any judgment if applicable
  
• The Statute of Limitation needs to be proven for the collection of the debt.
  
• The license of the collection agency applicable in the state
  
• Proof of the agreement that the debt collector has purchased the debt or has been hired by the creditor to collect the debt from the debtor as this is the basic contract law.
  

Roxette

I've been asked this before, and I wasn't sure what exactly happens...

But what if you ask for license # of agency trying to collect, and they don't provide it. Can you continue to dispute the debt?

Regards-
Mike

Mike

A collection agency licensed to do collections will have a certification of the specific state license and bond. The license number will be printed in the copy of the certificate sent to the consumer.

If they can't provide this certification, you have the right to dispute it because it is a failure of a part of the validation process.

Regards
Roxette

Thank you both for all of your help!! I truly appreciate it. I will keep you posted...
Have a Happy Thanksgiving!

Okay, so I sent my letter to Asset, and I just rec'd a reply thanking me for my request for further validation.

What was sent to me was an account statement on their letterhead - the only new information they provided me with was the breakdown of principal/interest, and the last transaction date which was 1/24/91.

The letter closes with this person asking me to contact them so that we can work towards resolving this matter.

My question to you is this, I am from NY, and it is clear that the SOL has expired and they are showing me in this statement. Should I just send them a letter asking them to stop contacting me?

Any comments would be very helpful. Thanks!

Hi Helena

Welcome to the forums.

Please respond to Asset in writing stating the fact that the debt is out of the SOL period.

Also, check your latest credit report and see if they have reported anything in your file. Although, this account should not appear in your CR as it is past the seven years reporting time allowed in the Fair Credit Reporting Act, but you need to make sure that Asset has not reported to the bureau with any derogatory remark. If so, you need to bring this matter to utmost importance and force them to remove it. The fdcpa law states that if a collection agency reports anything in your file without legitimate reason, it is a violation of the federal law. So, you will have to take actions accordingly.

Please do let us know the latest.

Regards
Roxette

Roxette - I just checked my credit report and Asset is not listed but the original creditor is with a date opened of 1989, reported since 12/2004 (I don't know what that means), and the status is listed as -Status: Transferred,closed/Never late.

What does this mean? It is not showing as negative, but why is it showing at all? What is this 12/2004 date, because I have not seen or heard anything about this until last month.

Helena, your report is giving the latest standing of the account. But this account should have been removed by now as it is past the seven years reporting time. Write a letter to the bureau reporting this account and request them to update your file.

Is there any template that I should be using to tell them that the SOL has expired? I looked for one on the site but didn't see any.

Should I also mention that they did not provide me with the majority of items that I requested in my initial letter? Including:

Copies of any papers that show I agreed to pay what they say I owe;

Showing that they are licensed to collect in my state

Showing me their license numbers and Registered Agent

I just want to make sure that I cover all bases in my letter, and you have all been very helpful. Thanks!

Hi Helena

Welcome back.

Here is a sample letter to notify the collection agency about the expiry of the SOL period.

[quote]

Today's Date

Your Name
Your Address

Collector's Name
Collector's Address

RE: [insert account number or name of account or name of debt]:

Dear [insert collector's name or company name],

This letter is in response to your [letter dated xx-xx-2005] (copy enclosed) or [phone call on xx-xx-2005], concerning the collection of the above referenced [account or date].

I do not believe I owe what you say I owe therefore I dispute this debt. I am well aware of my rights under the Fair Debt Collection Practices Act (fdcpa) and my state laws so I hope to save both of us a great deal of time by letting you know that not only do I dispute the validity of this debt, I have also checked with my State Attorney General and verified that the Statute of Limitations for enforcing this type of debt through the courts in (insert your state or the state in which the contract was signed) has expired. Therefore, should you decide to pursue this matter in court I intend to inform the court of my dispute of this debt and that the "statute of limitations" has expired.

This letter is your formal notification that I consider this matter closed and demand that you, or anyone affiliated with your company, stop contacting me regarding this or any other matter except to advise me that your debt collection efforts are being terminated or that you or the creditor are taking specific actions allowed by the FDCPA or my state laws.

Be advised that I consider any contact not in accordance with the Fair Debt Collection Practices Act a serious violation of the law and will immediately report any violations to my State Attorney General, to the Federal Trade Commission and, if necessary, take whatever legal action is necessary to protect myself. Be advised that I tape record all phone calls and violations of the FDCPA can result in you or your company being personally fined up to $1,000 per incident.

(Sign above name)
Printed Name [/quote]

Expiry of the SOL is a valid point and it will evidently dispute the debt. Always send your expired SoL letter via "return receipt requested" and keep copies for your records.

Regards
Roxette