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I got a summons in the mail today they say I have 35 days to respond to. The biggest problem is on form A it states the date as 5-16-03 and the filed date stamp reads 6-02-02. WTF, how can the back date this?

But heres the real questions:

1. they sent me this paper with everything you could imagine. More proof then I would think is needed to prove there claim. IE. Signed contracts, repo costs to the T, along with a nice portion of interest. This is a suit from Asset Acceptance LLC, for a note they purchased from HouseHold Automotive and they are asking for $15k for a repo'd car in 1999, I checked the SOL and it is 6 years for my state. I would much rather settle this without them getting a judgement, but I havent got the money. I typed up an offer letter and would like some legal opinions as to what to do before mailing this.

First of all there is one mistake I can find, They have a copy of the deficiency amount notice enclosed which states there was a deficiency amount of $15,900 on 8/24/99. But there suit says the deficiency amount is $14,900 with accured interest to date. They are seeking $8600.00 in principle and $6300.00 in interest.

So here is the letter I was drafting in hopes of a settlement or some kind of counter offer for settlement that would be affordable for me.

Dear Sirs/Madam,


I am in receipt of your letter regarding the Special Civil Complaint for the ‘94 MUSTANG GT 5.0. With the paperwork that was provided I believe the amount due and owing that was filed with the courts is inaccurate. I had the understanding from my attorney that the vehicle was to be given back voluntarily due to my filing of a Chapter 13 Bankruptcy.

Unfortunately, the Attorney I obtained for the Chapter 13 proceedings was incompetent (as well as disbarred since then) and the case was dismissed, I was unaware that the responsibility of the account would fall back into my hands.

As my current financial situation is not any better, I would still like to resolve this issue without having to petition the courts for further assistance.

I would like to present the following offer for final settlement:

At this time I am only financially able to pay 40% ($3420.00) of the principle you claim is due and owing in 36 monthly installments of ($95.00) with NO ACCRUING INTEREST and you agree to cease any further collections on this account and consider it paid in full along with updating this account as paid as agreed, current/never late to the 3 credit reporting agencies.

If these arrangements are acceptable, please call me and indicate so. I would also like a letter dated and signed by all parties sent to me at the above address indicating our arrangements for final settlement along with where payments should be forwarded to.

I feel this is a better alternative for all parties involved.

Thank you for your time and understanding in this matter.

Very truly yours,

Opinions PLEASE...

[Edit by Bankruptmaster on [TIME]1055387901[/TIME]]

[Edit by Bankruptmaster on [TIME]1055388536[/TIME]]

[Edit by Bankruptmaster on [TIME]1055388964[/TIME]]

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I would bet my life on it that they would NEVER go for this letter and probably laugh about the offer. No offense to you, but CAs much prefer lump sums, sometimes a few payments are okay. You are asking them to forget about $12k or so it sounds like and let you pay less than a hundred dollars over a few years. If you can do more and you are just trying to get the ball rolling then I understand. If this really is the best you can do for them I doubt they will reply. I do feel your pain though. I have heard of some people talking about making payments to a CA over a year or more, but know they generally prefer the money faster rather than later.

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Actually this is for a close friend of mine. The letter is basicaly to get the ball rolling. She cant do much more, but I also think that 7k in interest is unreasonable. The only alternative is to file a chapter 7 BK, which I really dont want to see her do.

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I have to agree with MD. Considering the amount they are claiming you owe, your offer proabably wouldn't be considered a 'good faith' offer as its not enough.

However.. I have to ask a few questions.

Is this the first time that ASSet has tried to collect on this deficiency ??

The UCC statute of limitations, and likely your state laws as well, for collecting on a deficiency is 2 years (see Articles 2 and 9 of the UCC). If they have not attempted to collect in more than 2 years, then they're S.O.L. and you have a defense against the lawsuit.

As for the 'back dating' .. I don't see it. They apparently filed the suit on 6/2. The law allows a certain amount of time in which you must then be served. Depends on your state civil code how long it is.

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