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Validation Response from Asset


ycastane
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A few weeks ago i sent the DV letter to Asset Acceptance and today i received their response which did not include anything i asked for in my DV letter. All they said was that they purchased the acct on Sept 4, 2012 and that the previous creditor informed them that the acct was associated with me with a social security number which was the last 4 digits of my SSN. Also in the top of the letter they provide the original creditor name, original creditor acct, current balance and their info.

 

They also say they are unable to determine the nature of my dispute based on their records and consequently deny that their records are inaccurate.

 

Should i proceed to send them a letter staying they are violation FDCPA or does their letter validates the debt???

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Their letter validates the debt.  what did you ask for?  This is all they are required to provide in debt verification.

  • Provide verification, by mail, to the consumer, including:
    • The name and address of the original creditor
    • A statement from the original creditor the debt is valid  (like a cc statement)
    • The amount of the original debt
    • Copies of judgments (if any)
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I have a couple questions before i send the offer letter.

 

1- SOL for FL. Read it and i think is 4 yrs but i dont really understand the language and want to make sure.

2- How do i truly know the original amount of the debt.

3- How do i know the day the debt started to know if i passed the 4 yrs or not. My CR does not show it, it shows last yr i believe but i know it was 2008 or before.

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Your credit report should show the default date.  So look for the original creditors name, and then it should have a default date, or  last payment date.  That is what you would use to determine the SOL.  If Asset Aceptance has not filied a lawsuit yet, you can do one of 2 things.  1. settle with them and they probably will only take 10% off the debt.  2. wait until they file a law suit, then come back here and post it in the "is there a lawyer in the house" and we can show you how to fight it.  No gaurentees you will win, and you could be liable for the entire amount plus court costs and attorney fees, But often times depending on the amount, they won't want to take it all the way to trial, and you can get it settled for a much lesser amount, or dismissed all together. 

But I will warn you, it takes work, time, and study to be able to defend yourself, but if you want to go that route when they serve you, we will be happy to help.

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I will try the settle part first, if i get sued then yes i will try everything i possibly can to fight them, the amount at the moment is $792 so if i end up paying that is not a big deal but i will try to settle first and see what happens, obviously i want to pay as little as possible but im prepared to pay full amount if i dont have another choice.

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I paid for a CR from Equifax and no it doesnt say anything about last payment, or default date, acct was opened was 03, so i know i stopped paying at least in 08 but i cant see the dates. Do i need a different CR, i dont mind paying for another just to be on the safe side and get the info i need for dealing with all of this. Thanks so far for the responses and help Shellieh!!!

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If you think you stopped paying in 08, it would be to your benefit to find out.  SOL for FL is 5 years.  So if your last payment was before may 08, then they are SOL.  If it was 6/08, they have time to file a suit against you.  Did they send you a credit card statement?  If so what was the date of the statement, and does it show any payments?

They can still try to collect, but it would be illegal for them to sue you on it if it is out of the SOL.  Don't make a payment or settle with them until you find out., If it is out of the SOL,you can send them a cease and desist letter, and tell them you are not paying, ever.

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All they sent was a letter they typed with the name of the original creditor, amount of the supposed original debt, original account number, the date they bought the debt, their account number for said debt and their full company name. They never sent anything like a statement or a contract or nothing of that nature which is why i asked in the first place if the letter actually suffices as a validation.

 

I need a different way to find out when was the last payment i made or the default date. As i mentioned before is not in the CR nor in their letter so i really dont know how to go about obtaining this info.

 

I'll do some research online now to see if i can figure it out, otherwise i need options if you have any. Thanks!!

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check all 3 credit reporting agencies, some report different things.  Also if you have a main checking account where you pay your bills from, I would request a copy of my 08 statements.  You could determine when you stopped making payments by that.  They will charge you for each page, but I figure it would be worth it if I could get that information.

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I just checked with Equifax and they provided me with the last date of activity on another acct, i dont have the acct number for the asset acct so in a little bit i will call and find out the same thing to see when was the last day at activity on that acct and see. I will also try my bank as well after i try Equifax.

 

Now different question, does it matter that they are reporting in only 1 CRA or not really?

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Yes im doing the negotiation and i was thinking on starting on .10 on the dollar hoping to catch their interest faster and avoid to much back and forth. As i have read from other threads here Asset or an JDB in general are not going to, most likely accept a "pay for delete" offer so if thats the case what should i do? Increase the dollar amount or resend a bit higher dollar amount but with a "paid" option instead?? Not sure what the next step would be?

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  • 2 weeks later...

Trying to get a 10% settlement out of Asset on a $2500 balance, they laughed and said they wouldn't go below 50%. 10% is what it would cost to have a local attorney friend of mine defend it and I know they have zero standing so why would I offer more? In fact I even stated that to them and still wouldn't budge.

 

Do you folks have any other ideas? 

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@Aus10

 

Your state courts have some pretty good case law in your favor.  If I were currently in your shoes and had an attorney friend who would defend a possible lawsuit for 10% of the balance, I'd tell Asset to eat dirt.

 

BUT, I'm not currently in your shoes.  You have to do what makes you comfortable.

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SOL in Florida for cc is 4 years (also is not a case law yet, I doubt any judge will argue it). Anyways who is the original creditor? if it's Chase Bank of America, maybe Crap1 SOL could go down to 3 years, cause you can apply their choice of law state SOL. Many got Delaware, and Crap1 got Virgina in their 2008 agreement and before that one, if you defaulted in 2008 you go with that.

 

With a friendly attorney on my side and no hassles for me for 10% of the debts, I'll go that way all the way, but is your choice.

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