Jump to content

Keeping paying???


Nattylioness
 Share

Recommended Posts

I've been searching the forums to an answer to my specific question, but cannot find one so I apologize in advance if this is a question that has been asked numerous times before.

I am paying Asset Acceptance on a $8000.00+ debt which originated with First USA Bank (over . I started repaying them in 2004 without validating the debt (completely ignorant). Asset contacted me after my bankruptcy was dismissed so I did not question the validity of the debt (again, ignorance). The original debt started in NY, but I now live in Florida. Originally I was having them automatically deduct $150 per month from my checking account (in NY). At the current time I am unemployed (in FLA) and can only afford to pay them $50 per month. They “OK’D” the $50. To be honest, I don’t see this $8000.00 debt ever reducing if I keep with a $50.00 per month payment plan. The debt was charged off in Nov. 2000, due to come off my credit report in Nov. 2007. My gut is telling me to keep paying the $50 until the seven year clock runs out so it’s off my credit report and until the SOL runs out (do I follow Florida’s since that is where I live?) just to keep them bothering me and/or suing me.

Any opinions/experience on this matter would be GREATLY appreciated. And, is it too late to ask ASSet for a DV?

Link to comment
Share on other sites

You never lose your right to DV; however, they don't have to respond to it. If you began paying this over 30 days ago, then your initial communication w/ the collector was obviously over 30 days.

You'll need to use FL's SOL (which is expired regardless if you use the 4-yr open account SOL or the 5-yr written agreement SOL). If you stop paying now, you'll have an affirmative defense if they sue you. Stopping payment (after an account has been closed & CO) has nothing to do w/ the 7-yr reporting period. It will still fall from your report next year.

Sadly enough though, the $$$ you have already paid A$$et is already gone.

Link to comment
Share on other sites

OK...So unfortunately the SOL has been reset. Thanks for clarifying that.

I HAVE NEVER SIGNED A CONTRACT WITH ASSET and am not sure what this does besides have me lose any monies I've already given them. This is not good, but I have to deal with it.

Now, my next plan of action is to have ASSet validate the debt. I'm truly thinking of having the monthly payments reduced to even less than what I am currently paying until the charge off comes off the credit report in Nov. 2007. The goal is to keep them off my back, but pay as little as possible.

Then my plan is to stop paying in order to reset the SOL clock. However, with this scenario, I risk them taking me to court, Right???

What's the opinions on this???

Thanks in advance

Link to comment
Share on other sites

The SOL is not expired if the OP is still paying ASSet - every payment resets the SOL.

Oh...duhhhh :oops:. I was referring to the wrong year. Lady's absolutely correct!!

Now, my next plan of action is to have ASSet validate the debt. I'm truly thinking of having the monthly payments reduced to even less than what I am currently paying until the charge off comes off the credit report in Nov. 2007. The goal is to keep them off my back, but pay as little as possible.

You can DV, but don't expect that to lower your payments. If lower payments is what you want, you should work out a payment plan w/ them. W/ a balance over $6000, Asset won't hesitate to sue you for it.

Then my plan is to stop paying in order to reset the SOL clock. However, with this scenario, I risk them taking me to court, Right???

Huh? No, stop paying will NOT reset the clock. Everytime you make a payment, the SOL clock is reset. Yes, you will risk being sued if you stop paying; but Asset wins cases by banking on the consumer not being aware of their rights or not showing for court. Now everyday...consumers are scared into paying debts that they THINK they owe. There's nothing wrong w/ you all of a sudden realizing that the debt you're paying may not be the debt you thought you owe (hence the reason for DV). If they sue you, you can always request documents from them proving that you owe the $. The downside is...a judge may see your paying on the debt for 2yrs as taking responsibility for it. But a little research, case law, and lack of proof from Asset can win you the case (& could even get you your $ back). It will just take some work and time.

So...you can either DV & take your chances (potentionally winning a case against them) or send a request in writing, informing Asset of your unemployment and ask for a reduced payment plan. Next year...the TL will fall (a relief), but Asset will not budge unless you pay them off or sue them for violations.

Link to comment
Share on other sites

Wow, I am really sorry, I don't know that there is ANYTHING you can do in this case, whether you continue to pay or not.....

Please don't pay any other CAs or JDBs until you DV them first.....

I wish I could give you some advice but I think that you are stuck on this one.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.