Asset Acceptance Debt

[bidasx]

Hello everyone,

I just got a letter from Asset Acceptance that basically stated a "mutally acceptable repayment schedule" has been unsuccessful and "Unless arrangements are made our next step will be to refer your account for legal review."

I'm wanting to get this off my credit report. A little background on the debt is that it was a Citibank credit card with limit of $12,800 which i went over and couldn't make the payments (long story on why). I basically ignored it and it disappeared from the three credit reports except Transunion.

On the Transunion credit report it states -

Credit Limit: $12,800

Balance: $20,165

Remarks: Account closed by credit grantor

Pay Status: Charged off as Bad Debt

Date Closed: 05/2005

Date Updated: 10/2006

After a few collection agencies attempted to collect on it I basically didn't hear anything for awhile. Then i got Asset Acceptance letters. Asset Acceptance shows up on all three credit reports.

Original Balance: $18,771

Balance: $19,495

On the Equifax credit report under account number it says CITIBANK - XXXXXXXX. On the other 2 it just says Original creditor CITIBANK.

I am assuming from all the information that Citibank doesn't actually have control of this balance anymore and Asset Acceptance is now legally in charge of this debt... otherwise they couldn't threaten with legal action, correct? I understand this letter might just be to intimidate me.

Any suggestions on what steps I should take to resolve this? Anyone know how low Assest usually settles for? I cannot pay in full... any chance they will accept a payment plan with no interest? Can both CITIBANK and Asset have a mark on my credit report (in reference to the Transunion info)? Any info/suggestions would be appreciated.

[Big Time]

Take the time to read the following threads so you can understand what you are dealing with:

http://debtorboards.com/smf/index.php?topic=4.0

http://debtorboards.com/smf/index.php?topic=2365.0

http://debtorboards.com/smf/index.php?topic=680.0

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=257812

[Big Time]

When you're done reading, you need to find out a few things:

Make sure Asshats actually own the account now. You can do this by calling Citbank and asking them.

Play the part of a concerned consumer who just wanted to apoligize to Citibank for the misfortune that damnaged both them and you, and that you want to address this issue. (don't say "pay" though.) You just wanted to see if Citibank sold the debt, and to whom, because you want to make sure you deal with the correct company. (Don't say "pay" the correct company.)

If you can "give good phone" you might be able to learn a little bit more, so you ask if you can purchase copies of all you old account statements from them for your records.

Those two issues may net you powerful clues as to whether Citi has purged your records or not, and if Asshats are the one who bought directly from Citi, or if they are a subsequent JDB, and what evidence from the OC is still available.