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head no longer in the sand

Started with 8 collections...down to one and need advice

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Greetings,

 

I won't bore you with all of the details of 7 of the 8 collection accounts I found in my credit reports when I begain this adventure on May 12, 2014 or so, but I'll include a link to a post where I'm documenting my victories one at a time here.....

 

http://www.creditinfocenter.com/community/topic/323902-successfully-paid-3-original-creditors-in-full-but-ca-accounts-still-showing/#entry1298069

 

I read more than a few posts regarding the ethical duty to pay debts that are legitimate as opposed to trying to simply trying to not pay monies that we owe,.and felt compelled to pay the debts that are mine, with the exception of this last remaining collection account.  Of the 8 collection accounts I started with, I have only negotiated or paid 2 CA's.  I paid monies to the original creditors, as they are who I was indebted to, ethically.

 

My last account is with Asset Acceptance.  The original creditor was Beneficial.  I obtained a $10,000 credit line with them back in 2006 or so.  In 2007/2008, I went through business hell, began the process of trying to save my home, which failed.  At that time, Beneficial was the least of my financial worries.  I have no documents from Asset Acceptance.  No phone calls.  Disputed with the CA's.  Verified.  I have sent a DV letter to Asset, CMRR, but am anticipating the typical response/letter.

 

Asset reports the account as "opened" in Aug 2010, meaning that's when THEY started reporting this account to the CRA's.  The actual Beneficial credit line accout is not on any of my CRs.  (thankfully)  They are reporting a balance of $13,600 and it appears to grow by approximately $150 each month.

 

I would attempt to settle this for less than the amount, and will if possible, but every posting I read regarding Asset Acceptance includes lawsuits, and motions, etc, etc.  I am obviously in the waiting stages of the DV response from Asset Acceptance, but I want to be prepared for my next steps.  Ideally, if I can take care of this for $2500 or so, I would be thrilled.

 

Can anyone let me know if they have had success settling a debt with Asset Acceptance for less than the amount?  Keep in mind I have not been receiving letters, phone calls or anything else from them.  I'm certain I have awoken a sleeping giant, but I need to resolve this last, remaining and somewhat large collection account for employment purposes with my new job/employer.

 

Sorry for length of post.  I know that's a no-no. 

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My gut feeling is that you made a BIG mistake DVing them. They bought the debt for pennies on the dollar (probably less than $.05) and have made no attempts to collect.

 

If you have not paid on this debt since 2008, then, in most states, it is out of SOL, and they CANNOT sue you for the debt. If they choose to do so, you have an iron-clad affirmative defense against the suit: the SOL.

 

Paying your debts is admirable. Paying usurious interest rates with unethical fees attached is a choice, not a moral imperative, IMO.

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By DVing them, you may have awakened the sleeping hedge hog...

Note...if this LOC can be tied to a "business", the FDCPA may not apply...so, the DV process may not apply.

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@willingtocope

 

I agree that a DV can awaken the "sleeping hedge hog".   :-)    If a debt is outside the SOL, I don't mind waking it up.

 

You're right about a business debt and the FDCPA.  Also, if the OP DV'd as a result of finding Asset's entry on his CR, they wouldn't have to validate even if it wasn't a business debt. 

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My gut feeling is that you made a BIG mistake DVing them. They bought the debt for pennies on the dollar (probably less than $.05) and have made no attempts to collect.

 

If you have not paid on this debt since 2008, then, in most states, it is out of SOL, and they CANNOT sue you for the debt. If they choose to do so, you have an iron-clad affirmative defense against the suit: the SOL.

 

Paying your debts is admirable. Paying usurious interest rates with unethical fees attached is a choice, not a moral imperative, IMO.

- I totally understand and agree to the usurious interest rates comments.  Ideally, as stated earlier, I just want to settle this thing,  be done with them and get this TL off of my CR.  (Is it ok to refer to a collection account as a TL?)

 

Thank you, all three of you, for your responses/dialogue.  Ironically, when I refreshed my truecredit reports this morning, there was an alert that EQ had been updated by Asset Management.  I don't have access to the new EQ report yet, but I'm certain they have verified the account as reported, so we'll see what happens next.

 

I don't even know if Beneficial, the OC, is still in business any more.  The original account is now appearing anywhere on any of my CRs, so maybe there's hope there that it can be removed via this route?

 

Thanks for the help.

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The OC won't do a thing if you settle with the JDB. If they don't own the debt any more, then any arrangement you make with the JDB has no effect on them.

 

The older a TL is, the less likely that it is to be affecting your credit. What probably is affecting it is lack of current, paid as agreed, low utilization credit.

 

Work on getting that, and using it very, very wisely.

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Well..........this is embarassing but I must confess something.  I failed to send the DV letter to Asset Acceptance.  In my scurry of letter writing, analyzing, developing a strategy for each collection account, etc, I realize that I did not send them a DV letter.  My initial thought was to dispute with CRA and then wait for respond and new reports before DV-ing.  Now that I realize this last remaining collection account is past the SOL, and because of the wisdom you have provided me, I'll just do nothing and wait for it to fall off.

 

On a side note, since my initial CRA dispute, which the CRA's received CMRRR around the 25th of May, Asset has begun to report new balances to the CRA's every 2 weeks.  It appears as if it's piling up interest charges at a rate of roughly $60 bucks each reporting.

 

I've read about FOAD letters in many posts.  My mind thinks I know what FOAD stands for........am I right in this thinking?

 

@Winsthebattle - Thank you for your solid advice and knowlege.  I'm listening to every word your saying...

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@head no longer in the sand

 

I've read about FOAD letters in many posts.  My mind thinks I know what FOAD stands for........am I right in this thinking?

 

 

Along with the explanation of @willingtocope here are other translations:

 

Eat dirt

 

Suck eggs

 

Bite me

 

Make my day

 

Tough cookies

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