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Asset Acceptance


texastac
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I think I made a mistake by speaking to Asset Acceptance over the phone in late Oct. I received a collection notice for a bill I honestly do not remember that I owe. I asked for validation by mail and did not receive it. Recently, last week, I received another notice and quickly called them again to let them know I have not received any information yet. I was assured they would send the information. I checked my credit report and now they have listed two collections on my account! I am going to send them a letter now requesting validation of the debt but is my 30 days over? Did it start with the phone call and conversation with them in Oct.? I know one of the debts is from 1997, and I am sure they statute of limitations has expired. Now I am receiving calls on my cell phone at 9 am in the morning. I am quite upset as I have worked hard over the last two years and have paid all 12 accounts I have opened on time EVERY month in order to rebuild my credit and now this? Any advice would be welcomed.

Thanks,

TT

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It sounds like they sent you a dunning letter last October, you mailed a DV letter, and they haven't responded. Last week you received a second dunning letter, but based on what you see on your credit report, it is for a different debt. So send a DV letter for this second debt; your 30 days began when you received that second dunning letter for that second debt.

DH

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I am dealing with Asset right now and to be honest sending them a letter probably wont get you anything back either. I am currently working with the attorney general in Michigan to help get them off of my credit report. They actually went in and changed the date on my reports. The AG in their state is Mike Cox.

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I cannot wait to see what they got. So Tuesday I will send a DV, to see what they do. We will see. The letter they send to us say to contact the arbitrator, I refuse to if we do not know what for. I called the court house and one good thing is that it suppose to be in civil court, so we can ask for discovery and for them to validate. I hope they refuse. I will bring the FDCPA sub sections with me to educate them. I keep you posted. :mrgreen:

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Oh clarification needed I asked them to send me verification over the phone, not by mail...I wanted them to mail it to me. I am up a river on the first one huh?

This is a divided issue in the courts. Some rulings allow that requesting validation verbally is acceptable while others have said it needs to be in writing. It would be a toss up.

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I think I made a mistake by speaking to Asset Acceptance over the phone in late Oct. I received a collection notice for a bill I honestly do not remember that I owe. I asked for validation by mail and did not receive it. Recently, last week, I received another notice and quickly called them again to let them know I have not received any information yet. I was assured they would send the information. I checked my credit report and now they have listed two collections on my account! I am going to send them a letter now requesting validation of the debt but is my 30 days over? Did it start with the phone call and conversation with them in Oct.? I know one of the debts is from 1997, and I am sure they statute of limitations has expired. Now I am receiving calls on my cell phone at 9 am in the morning. I am quite upset as I have worked hard over the last two years and have paid all 12 accounts I have opened on time EVERY month in order to rebuild my credit and now this? Any advice would be welcomed.

Thanks,

TT

You're in TX so there is no such thing as an untimely DV as much as Asshat would like that to not be true. SOL is 4 years so if this went delinquent in 97 send the a FOAD letter.

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Thanks for your responses. What is a FOAD letter?

I just mailed a DV letter with all of the information including the information regarding the initial request made by phone in Oct. 2007...certified mail today. I also called SBC/AT&T and they informed me that they have no records, that they were all sold to Asset Acceptance. I truly do not remember either of the bills they are trying to collect on, but if they are mine I will pay.

Does anyone know if Asset Acceptance does PFD?

Thanks again.

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Ha ha, FOAD. I wish I could just write a letter that stated that and be done with Asset.

I have a question though. Can I just write them a letter stating that I have not lived in MI since 2000, therefore the bill they are trying to collect on when I lived there is past SOL?

Another question, I found a statement with my ending balance on another bill they are trying to collect on and they are charging me roughly $40 more than what is originally owed (I thought I paid it, they are saying I did not. I am getting my bank statements together currently). I have been reading the Finance code chapter 392 and code 392.303.2 states -- "A debt collector may not use unfair or unconscionable means that employ the following practices..." "collecting or attempting to collect interest or a charge, fee, or expense incidental to the obligation unless the interest or incidental charge, fee, or expense is expressly authorized by the agreement creating the obligation or legally chargeable to the consumer". Would this be a violation that would make this debt uncollectable?

Thanks in advance for your responses.

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OK..... we need to keep the 2 separate accounts straight. I got lost a bit in your postings.....

One debt is from 1997. They get the FOAD letter for that and an ITS for reporting a debt past reporting limits. (1997 + 7.5 expired).

Is the MI debt the one from 1997 and you left MI in 2000? Are both over 7.5 yrs old????

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Yes, one debt is from 1999 (or older) and I left MI in 2000. It is very small.

The other debt I incurred in TX around 2003 and that is the one they are adding additional charges to. I thought I had paid the TX debt in full with them back in 2004 and they are saying I did not, they are saying it is another bill for the same OC (I am very confused on this one). I am in the process of requesting bank statements from 2003 and 2004.

Sorry for the confusion.

TTAC

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My guess that your second debt is still within SOL. They added the old 1997 debt to your CR to lower the score.

I have been having somewhat similar problem with LVNV. They keep adding bogus accounts to my CR to knock my score lower. I dispute it with CRA, it is removed within 30 days but LVNV keeps adding another B.S. account later.

4 x (B.S. account on my CR from LVNV => dispute with CRA => account deleted in 30 days => another B.S. account appears on my CR from LVNV => another dispute with CRA => account deleted in 30 days => yet another different B.S. account appears on my CR from LVNV => yet another dispute with CRA => ...)

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Okay, just purchased my 3-in-1 credit report and on Equifax Asset Acceptance is showing up as a revolving account? Is this legal? I just printed the USPS notification that the DV letter was received in their office in MI today. No way, no how did I ever say this debt was mine and now it's currently reported as a revolving account 120 + days late?

I was just going to try to get them off my back by negotiating a PFD, but now I'm pretty upset. I initally contacted their office in Oct. via phone requesting DV, never received it.

This whole credit thing has really stressed me out, I only had one negative reporting before all of this that was going to drop off in 5 mths....arghhh....now THIS .... any advice?

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Okay, just purchased my 3-in-1 credit report and on Equifax Asset Acceptance is showing up as a revolving account? Is this legal? I just printed the USPS notification that the DV letter was received in their office in MI today. No way, no how did I ever say this debt was mine and now it's currently reported as a revolving account 120 + days late?

I was just going to try to get them off my back by negotiating a PFD, but now I'm pretty upset. I initally contacted their office in Oct. via phone requesting DV, never received it.

This whole credit thing has really stressed me out, I only had one negative reporting before all of this that was going to drop off in 5 mths....arghhh....now THIS .... any advice?

Under the TFC392, they have 30 days from receipt to validate the debt. If they don't validate w/in that time frame dispute with CRA's "CA has not validated debt".

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I would suggest you read the Texas Finance Code theres a link in my signature. You need to understand what you are doing. Don't just do something without understanding what you are doing because we are telling you do it.

I think most of the members here have been stressed about debt at one point or another including myself. Once you read your rights and understand them, you are in a better position. The CA's will screw you over as long as you let them. But once you let them know they aren't dealing with another "clueless consumer" then they will probably "go away" and leave you alone. Once you know what to put in a letter to them and what the CA's have to do once they receive that letter, then you watch them like a hawk to see if they screw up. Most always do. Then you are off the hook.

The TFC will help you. Read it. I didn't take an legal course in college, but I could still understand the TFC. It's pretty simple to read and understand. If you have a question about it, please ask here.

Speaking to the CA's on the phone will cause nothing but stress and they will put fear and panic in you. I advise against it. Put it in writing, make copies of what you send to them and keep it for your records. The ONLY time you should speak to a CA on the phone is to answer the call and tell them to stop calling you, that all your financial matters are handles in writing and not over the phone.

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