I am new to these boards and have been reading them all day, in hopes to gain some more information. I am in need of advice and I hope someone can help. I defaulted on a credit card back in 99 or 00. I am not sure the exact date because it has been so long, but I definitely know it was either 99 or 00. I stopped paying because I was a single mom and was not receiving support from my ex. Within the past year, I have started to receive calls from Asset Acceptance, LLC and I answered one of them. I was informed that they were in charge of this cc debt and they wanted to know when I would pay. I asked for some kind of documentation proving the debt was mine and they told me that I would receive something in the mail. A few weeks went by and all I received was a letter that offered to settle for a lesser amount. (The original debt was for about $600.00, but increased to around $1000.00 when AAC took it over.) I didn't respond to their "offer" and ignored their phone calls after that. I checked my credit report this week and the original debt is no longer there and there is nothing in collections from AAC. (The only things I have in collections are a few medical bills.) However, I did notice that there was a (soft) inquiry made by AAC on the 4th of December. Fearing that they were preparing to sue me (a friend of mine recently received a summons and it had me worried about my own situation), I started researching and came across the SOL. My question is this: because I talked to them over the phone (a few months ago when I requested paperwork to prove it was mine), does that start the SOL over again? The majority of what I have read said that it does not, but I just read something that not only does talking to them restart the SOL, but it also starts the 7 year credit report over. I have not paid anything since the debt went delinquent back in 99/2000. I am a single mom and am trying to get my credit to the point where I can buy a house. I do not want a judgement against me, so I am trying to avoid that. Any help or insight is appreciated!
No, talking to them does not necessarily restart the SOL. If all you did was ask for proof, you're fine. If you promised to make a payment, you could restart the SOL, depending on the state. Even making a payment will not reset the 7-year reporting period. Asset is a JDB (Junk Debt Buyer). This debt is probably out of SOL. They probably have no proof that the debt is yours. I doubt that they will sue you. You asked for proof and they know they don't have it. If the debt is out of SOL, even if they sue you, you should go to court, raise the affirmative defense that the debt is out of SOL, and the case should be dismissed. It shouldn't be on your credit report if the debt went delinquent in 1999 or 2000, because the seven years for reporting is up. Are they still actively pursuing you? If not, leave it alone.
Keep checking your reports, though. Asset has been known to reage debts (make them look like they're current) and put them back on your report. If they do, dispute with the CRAs as obsolete.
First, a defaulted debt from 1999 is out of statute virtually everywhere. While they can attempt to collect, they cannot sue without facing the affirmative defense of SoL and a counterclaim for FDCPA violations. Don't get too worried over this part. The age-off date for a defaulted debt on your CR is 7 years + 180 days (statute & convention) from the date of first delinquency (DOFD) unless the account has been brought current or the debt has been somehow reaffirmed. Reaffirmations generally have to be in writing and signed. Many CAs and JDBs try to re-age accounts to keep them on the CR as pressure, but those actions violate the FCRA and are cause for complaint, themselves, if/when you ever get to court. Merely talking with a CA does not reaffirm a debt, no matter what the CA may contend; nor, generally, does verbal agreement to a payment plan on a defaulted debt without some written/signed statement confirming the liability. If the CA does make a statement that merely talking does reaffirm, it would be a violation of the FDCPA. CAs will say just about anything to get the alleged debtor to pay, counting on the alleged debtor's lack of understanding of his rights to do the work for them. Carefully read the FDCPA as a starting point. If you have received initial correspondence from a CA within the past 30 days, make sure you request validation from them (via U.S. Mail, CMRRR) within 30 days of your receipt of their letter. Include in that a statement that it is inconvenient for you to take their call at any time or at any number. This DV will activate some important rights that you have under the FDCPA that binds what the CA can and cannot do. Ask more specific questions on the CR entries, folks on this board are more than willing to help you get a clearer understanding of how to proceed.
Other than the letter offering to settle, I have not received anything in the mail from them. They called me a bunch of times after the initial phone conversation a few months ago, but I ignored them. I reside in Florida and looked on my county's public records site. Asset filed 500 lawsuits in my county this year. That number seems alarmingly high to me. Regarding the credit inquiry that Asset made on 12/4...can they do that even though the account has been removed from my credit because of the 7 year rule? Should I dispute it? Thank you for your replies. I am going to continue to monitor my CR and see if Asset contacts me again.
Asset files suits because they count on no one showing up, and they get a default judgment. Once they see that you are going to fight, they will probably drop it. They don't have the backup paperwork to stand up in court. They count on people not knowing their rights and assuming there is nothing to be done, so they don't show up.
Asset is a lawsuit mill. as Hedwig pointed out they count on folks not showing up and / or not knowing their rights. Send them the following letter CMRRR: ---------- Your name and address Date VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED xxxxxxxxx Asset Acceptance Address Re: XXXXX To Whom It May Concern, On xx/xx/xx I received your letter dated xx/xx/xx concerning an alleged debt you claimed is owed to xxxx. Please allow this to serve as notice that I am disputing your debt collection-related allegations, denying the same and demand strict proof and verification thereof. This dispute, denial, and demand are made in accordance with federal and state law. Please govern yourself accordingly. Cordially, xxxxxxx -------------- The SOL for FL is either 4 or 5 years. Who do they claim the OC is? Since they pulled the must have a permissible purpose to pull, that's another letter.
The original creditor was a Visa card. I am unsure as to which one exactly since it was so long ago and the settlement letter Asset sent me is in a box somewhere. I just moved and am now trying to find it. I didn't know anything about Asset or their practices when I received that letter and mistakenly shrugged the letter off. They called a couple of times since then, but I never answered and the calls stopped. I am a little concerned about what you meant when you said that some things you say can restart the SOL in FL. I don't remember the exact conversation I had with the CA, but I think it was along the lines of it being so long since I had an account and that I didn't have the money to pay right then. I asked for them to send me documents as proof (since it had been so long), which they said they would do, but I never received anything. I printed CRs from Experian and Equifax and neither showed this debt, so I assume it was dropped off. Say they sue me, I go to court and use the defense of SOL. If the judge rules that the SOL restarted (which I don't think should happen since I never signed anything, never made payment and didn't agree to any payments), would a judgement likely be made or could I still demand the proof and win it that way? I REALLY don't want to have a judgement on my credit so if it comes down to it, should I just pay the money owed or will it matter? I was also thinking that maybe they started contacting me again when the account was about to drop off of my credit and they were wanting to attempt to scare me into paying. Maybe they did the recent inquiry to see if it did indeed drop off? I am just guessing, though, since I am new to this whole thing. It is so frustrating because there are so many "what ifs" and these people take advantage of those of us that aren't familiar with the laws surrounding debt. It is also depressing because I have been trying really hard to improve my credit and then something from from my distant (and not so pleasant) past comes back to haunt me! I appreciate your input and replies. I hope I am not asking too many questions..I just want to be prepared should I hear from them again.
I think I may have screwed myself. I put the letter in the mail, but I SIGNED it and I read afterwards that you should not do that. I never even thought that these people might falsify my signature onto another document and now I am worried sick. I wish I wasn't so naiive to assume they wouldn't do something like that.
To learn all you want to know about asset go to budhibbs.com Also just because you send asset a validation letter does not mean they will respond to it.Many posters on this board say they send validation letters to various ca's and never get a response.Asset is one of the worst ca's around.Never talk to a ca over the phone all they will do is lie to you and try to get information from you that they will then try and use against you.Asset bought your account for about 10.00 their trying to make a killing off of your defaulted cc account.It should be against the law for ca's to make such huge profits.Why should you pay someone back money they never lent you?
Unfortunately, they do not have to respond if they do not take additional collection efforts or if a request for validation is sent after thirty days from the initial communication.
What constitutes initial communication? if you receive a phone call and say receive a letter 3 weeks later, what would start the initial communication. The consensus on this board unless I am wrong seems to be waiting until you receive something written to respond. What is the best approach for some in this situation?
the phone call is the initial communication. If you don't get the required information within 5 days of that call, that's an FDCPA violation. (Make sure you have a record of that call some how). If you get a letter three weeks later, and they say you have 30 days to respond, then respond within 30 days asking for validation. Check your credit report to see if they've pulled their trade line after they received your request. If not, that's another violation. Read the FDCPA to understand the procedure and then just keep track of wherever they step out of line so you can include that in your civil suit.
I disagree with you on the last part of your response. Agree that they can continue their efforts if you DV after the thirty day window, but if you DV after the thirty day window and they continue to collect, then the CA may run afoul with 807(2)(A).
Sorry, a little to much eggnog. In my haze I thought you were saying they could continue their collection efforts if a DV was sent after thirty days. And, in my haze, I was trying to say it might be cause of action.
So, I sent the letter CMRR and kept a copy. It has definitely been over 30 days since I talked to Asset on the phone. I asked (via phone because I did not know any better at the time) for them to mail me documents to prove that this debt was mine. Weeks went by and I finally got a letter, but it just said that they were offering to settle for less and that I had until a certain date to take the settlement. I didn't respond and ignored their calls after that. I never received anything else in the mail either. The only reason I started investigating was because I recently saw that they made a (soft) inquiry on my credit report. The OD has been dropped from my CR and Asset is not listed anywhere in the CR except for the inquiry. So, is my next step to just wait to see if they respond? I mean, since it isn't on my CR, I really have nothing else to do except wait and monitor my CR, right? Or am I missing something. I also want to add that I love these boards and am SO glad that I found them. Everyone has been so very helpful. I want to repair my credit, so I will be asking more details about that soon. The only things I have in collections are medical bills and they are puny ones. I wish I had paid them back when they were due, but I was a struggling single mom and my priorities were unfortunately elsewhere. As a sidenote, I checked EQ in October and their score for me was in the high 500's. My recent score with EX is 642.
