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Assett and Credigy / Advice Needed


SRussell
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Background: I'll try to keep this short.

I had a couple of old Discover accounts, both were charged off around 2001 or 2002. (SOL in michigan is 6 years.) Each of them was for a little over $2,000 - $4,500 total for both. (I don't remember exact amounts.)

Discover shows "charge off, balance $0". One account eventually sold to Assett Acceptance. DV'ed them, they sold the account to Credigy. Second account is still with Asset. Needless to say, both account balances have been inflated - doubled more precisely.

My income has improved recently (full time job plus a side business) and I've been successfull at paying off about 75% of my outstanding debt. (That was before I discovered this board and began cleaning up my credit.)

I want to buy a condo this year, and these particular debts are my biggest thorns in my credit reports.

My Question(s): Has anyone ever successfully settled or PFD'ed these guys? I'd be willing to pay them off (for far less than what they ask), and avoid ITS letters, court, etc., just to get my report cleaned up.

I'm sure they have violated all kinds of Fair Debt Collection Laws and would probably never be able to successfully validate anything. If they sued me first, I would absolutely defend myself with an attorney's help. But my goal is to get out from under as quickly and cheaply as possible.

Any advice or insight would be GREATLY appreciated. Thanks.

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I did find this little tidbit of info:

If contacted by more than one creditor for the same debt, it probably means the debt was sold a second time and you have avoided the first collector superbly well. In other words you are very difficult to get hold of and it is a very old debt. Many secondary and tertiary collectors at this stage might be willing to accept 33-50 cents on the dollar and possibly even less.

Again, If anyone has been successfull with Assett and/or Credigy on this type of situation, please share. I do believe this is the route I will take.

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Similar situation with Credigy and Discover card, but with First Select. So, I can only attest to Credigy. They sued me last year, and it has drug on thru court until recently. However, I KNEW they didn't keep anything. I was able to beat them without an attorney, but only thru constant searching of places like this board, Bud Hibbs (his Credigy stuff has since been removed due to a lawsuit by Credigy) and such. But, my defense may only work in Texas. After filing an answer to the lawsuit, and demanding "discovery" (request for documents that prove their case) I found a "Defendants No-Evidence Motion for Summary Judgment" which, after waiting for the right amount of time, I filed recently. I just got a call from their attorney, "Stewart and Asses" (yes, i said Asses!) and they said they are dropping the case. So, if you keep after them, they will sue you, but you can win since they have no evidence. As far as Asset goes, Bud Hibbs has all sorts of stuff on them. They are EVIL! xxHellxx

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Avenger,

First, thanks for taking time to reply.

After reading (and reading and reading), I've figured out that there is no such thing as "quick and clean" way to get rid of these bastards. And the sad part is, if they were straight with me regarding what I owed, I would pay them. Laughable, I know.

I've found a good attorney, and an experienced mortgage broker. Both are willing to help me fight these fools. I've DV'ed them twice - rejected the first "verification" they sent me, and send another letter stating insufficient documentation. (1st punch).

I'm waiting for my credit reports right now, expect them in about 2 to 3 weeks - disputed with CRA's 3/14. If they have "verified" with them, I will get them on continuing to report bad info after DV, as well as possible reaging (will check old credit reports to absolutely verify). Then I wil request the CRA's to remove once I sent them MY verification of failure to verify (2nd punch).

If this doesn't work, I'm off to court. I'm suing Credigy, Assett, and the CRA's. 'ef em all. I'm sick of this isht.

Thank you. :)

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After reading (and reading and reading), I've figured out that there is no such thing as "quick and clean" way to get rid of these bastards. And the sad part is, if they were straight with me regarding what I owed, I would pay them. Laughable, I know.

No problem. Yes, you are right, there is NO clean way. you almost have to take them to court (scary) or have them take you to court (scarier). Rest assured, they didn't buy any of the OC's original papers, nor did they buy anything (on paper) from Asset. And Asset didn't buy (most likely) anything from Discover either. Did you check Bud Hibbs' website? Here is what he has to say:

::BigGun::

********** CONSUMER NOTICE**********

ARE YOU A VICTIM OF ASSET ACCEPTANCE CORP? HAVE YOU BEEN SUED BY THEM? WAS A JUDGMENT OBTAINED? ARE YOUR WAGES BEING GARNISHED, BANK ACCOUNT LEVIED? IF SO, PLEASE GET IN CONTACT WITH ME. *************************************

Asset Acceptance Corp.(AAC) is now a publicly traded company. (Nasdaq: AACC)

They purchases old portfolio's of mostly worthless charged-off accounts for pennies on the dollar. Once owned, they inflate the value of the portfolio, send out dunning notices and try to collect at a ridiculous profit.

Don't be surprised if you notice the date of last activity on your credit report, as stated by AAC is WRONG! Deliberately changing the date of last activity is a way to scam consumers into thinking they are entitled to money they would not legally be allowed to collect.

This is standard procedure for them -- from "re-aging" the debt on the credit history, to suing on what is probably a statute of limitations claim, to reneging on a written promise. These liars, thieves and snake-oil salesmen are trying ALL the con's known, to grease their pockets with your money.

Watch out too for the mystery $50-$75 payment that is claimed to have been revived on the account. When pressed, they claim to do an investigation and "discover" that they made a "clerical error" and mistakenly posted someone else's payment to your account. (LIARS!)

NOTHING this 'House of Cons' does should be believed or taken at face value. They have proven over and over they are liars and thieves!

Under federal law, the Fair Credit Reporting Act (FCRA) an account may ONLY stay on a credit report for seven years. One of the cons being used by Asset Acceptance is to claim you made a $50 payment, which would have re-started that clock. Unfortunately this is a 'bogus-claim' by AAC, is illegal and violates your rights.

Asset Acceptance Corp has earned the distinction of one of "AMERICA'S WORST COLLECTION AGENCY'S". They lie, steal, cheat, misrepresent, file bogus claims, create phony documents and commit perjury in the court system JUST to increase their bottom line.

budhibbs.com

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  • 4 weeks later...

Seems like everybody loves Asset A. I just found out a few days ago that i'm related to them too. The OC was Chase and CO i'm dealing with is Academy. I made an agreement with them to settle (over the phone) and it was quite fun, and of course I haven't paid them yet until we agree on proper reporting. CO didnt' report any TL in my CR, but there was a TL from Asset Acceptance. They are telling me they will notify OC after i pay them and it will say "settled" from OC. I told them that i'm not interested. I know it's probably not a good idea talking on the phone but I just don't have a lot of time to do mail correspondance. The only thing i'm not sure about is if CA didn't report anything on my CR, should i even waste any time with them or try to contact Asset or OC?

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Asset sent a letter saying they own my account.

The original account is with Citibank which has not been reported as a chargeoff or as a delinquent account on my Experian or Equifax credit reports.

Can asset get a judgement against me?

I have been unemployed for 4 years, and have no income or home.

If they get a judgement, can I bankrupt it?

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  • 2 weeks later...
Asset sent a letter saying they own my account.

The original account is with Citibank which has not been reported as a chargeoff or as a delinquent account on my Experian or Equifax credit reports.

Can asset get a judgement against me?

I have been unemployed for 4 years, and have no income or home.

If they get a judgement, can I bankrupt it?

how long ago did you get charged off? Did you make any payments to ANYBODY after it was charged-off? Check the statute of limitations for your state, and if you are out of SOL, then, no they can't get a judgment. If you have no home, no job, no assets, they can't take what you don't have. So, I wouldn't BK it if I were you, since they may not be able to do anything about it. Get back with more details so we can better help you.

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Asset sent a letter saying they own my account.

The original account is with Citibank which has not been reported as a chargeoff or as a delinquent account on my Experian or Equifax credit reports.

Can asset get a judgement against me?

I have been unemployed for 4 years, and have no income or home.

If they get a judgement, can I bankrupt it?

how long ago did you get charged off? Did you make any payments to ANYBODY after it was charged-off? Check the statute of limitations for your state, and if you are out of SOL, then, no they can't get a judgment. If you have no home, no job, no assets, they can't take what you don't have. So, I wouldn't BK it if I were you, since they may not be able to do anything about it. Get back with more details so we can better help you.

Thanks for offering information. I last paid Citibank in September 2003. I have not paid on this balance to any creditor. The sol expires in a few months. I am worried they will try to get a judgment befpre the sol expires.

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if they haven't served you, nor have you found any info saying you have been sued, then don't worry about it. A judgment cannot be rendered against you unless you have ignored a process server, and not answered the court when they tried to contact you. Or, if you don't show up either, after having answered that summons.

They HAVE to legally serve you somehow. So, if they knock on the door, answer. Then you can get a lawyer to help you. But, do a little research, find out what their tactics are, find out what the law says for you state in regards to civil procedure, as well as what your local rules say for service of suits.

The worst enemy these scumbags have is an educated, savvy, pissed-off consumer who knows their rights and does'nt piss their pants at the thought of going to court. People like you and me. If you let them know you will fight them all the way, and that you want proof of every claim they make, then you are safer, and they will run home.

Good luck!

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I hope you are right avenger. I have a pre-trial date next week. The debt is barely within the sol, but I am hoping that the JDB attoreny doesnt have the evidence to prove their claims. So far, the only thing they have provided is a JDB computer print out with my name, (mispelled), wrong address, ( which they claimed to have served me at) a bogus charge off date and bogus amount. I dont believe that alone is enough to get judgment so I intend to ask the court to grant discovery.

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YES!!!! Good plan!!! Do a "motion to compel discovery", and watch them squirm. If they don't respond to your motion, try to get sanctions, or if you are in Texas, run a "Texas Defendants No-Evidence Motion for Summary Judgment".

Who is the JDB? Who is the atty? Can you afford an attorney yourself? If so, or even if not, try the lawyeres at www.naca.net who are consumer advocate lawyers. Their fees can be lower sometimes since they work with consumers.

Plus, providing false information to the bureaus is a violation of FDCPA. If you can prove your side, that they violated the law, then a consumer lawyer may sue on your behalf, (or counter-sue) leaving his fees to be paid by the other guys. Try it, you may find relief from this nightmare. MOst of these guys will talk to you for free to determine if you have a case.

Good luck!

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Basically, answer in the form of the complaint. IE, type it up in the same format, and where they say you did something, give your answer to that. For example, if they say breach of contract, and this is a third party debt collector, answer "Since there was no contract between Plaintiff and myself, there is no breach of contract".

If these seems to daunting, and you would be finacially devastated by a judgement (ie lien on your home or car, on your bank accounts, or on your paycheck) then try to hire a lawyer. Go to www.naca.net for consumer advocate lawyers who may be able to help you at reduced rates.

Who sued you, how long since it was charged off, how much, when did you make your last payment? Please provide as much detail as possible so we can help you.

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This is my first post but i have used all the info to my advantage,I have a 6 yr old derog on my report, from citi/discount tire $1400.00,i have just received the response from AA to contact legal dept " jerry t burditt" I asked bud hibbs for advice he forwarded me to a local attorney who i talked to and came up with try to settle with a deletion, so i called this guy"J T Burditt" first he ask me to make a payment' is he crazy" I say no thanks see you in court then he agrees to delet after some absurd statement of how great a guy I am and how he would agree to deletion because i caught him on a good day.

well the problem is he said he cant say when the tradeline will come off he cant say if it will be 6 days or 6 weeks or 6 months after sending the CRA's a CUD.

I have filed in civil court for several documented FDCRA violations,of reaging the account,failure to Validate the debt and to continue to report to the CRA's and I am thinking of moving it to federal court

My issue is whether he can or can not remove this tradeline in a timely manner.

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whoa, he sounds shady. Sounds like he doesn't have ANY proof of the debt. Most likely, he won't do anything he says. If you have him on violations, don't worry with federal court. Take the money from the violations, and run. If they try to settle, have them remove the listings as part of the deal. Offer them the $1000 you are entitled to per violation as incentive.

Good luck!!!

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don't bother. They know them. They just hope you don't. You can send a letter quoting them, but they only thing the SOL does for you is give you an affirmitive defense during a lawsuit. Unless you live in California, in which collection activity is prohibited after the SOL has expired. Then, its a violation of their laws, and you can sue them (or counter-sue).

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