Asset Acceptance? I recently have had numerous calls and letters from this collection agency. The debt is on a credit card I had almost 10 years ago (stopped paying in August 1996) with an original outstanding balance of $2800. and now the debt total (including fees and interest) is almost $90,000. Yes, that is Ninety Thousand! I now have pretty good credit, except for some hits on my credit that this agency is listing that won't fall off for two years, nevertheless my Fico is 805 and I am even in a position to pay the original debt but not $90,000.! What steps should I take to make these rude harrassing calls stop?
A CA can attempt collect a debt that is beyond the statute of limitations and the consumer can inform the CA that collection is time-barred. You can send them a Cease & Desist letter via certified mail return receipt requested. Be sure to include a statement that *all* contact to you must cease immediately. Keep copies of everything.
This won't open a can of worms will it? I've been told they can reset statue of limitations and do all kinds of nasty things. I have a joint savings with my DH with a good amount of money in it (not $90,000. though) and now I am afraid they will empty the account. ETA If I state that this debt is time barred am I not claiming this debt as one that I owe? I thought I was not supposed to do that?
If you stopped paying almost 10 years ago, it shouldn't even still be on your reports. If it is past SOL, you probably wouldn't want to restart it by paying even a token amount.
Depending on where you live, be aware that even making an offer to pay the original amount, or making a payment of the original amount could potentially reset the SOL clock in your state. At ten years, the debt's past the SOL. Send the Cease & Desist.
I am not an attorney, but I don't think claiming a debt is "time-barred" would constitute "reaffirming" the debt, if that is what you are concerned with, since by doing so, you are claiming an affirmative defense to any legal action they might take. If you were in litigation, you would likely assert all possible defenses, whether time-barred, not your account, incorrect amount, or whatever, and let the court sort it out. In fact, for the court to consider that defense, you have to raise it. The court would probably first look at SOL, if you did raised it, since that is probably the simplest to determine. Furthermore, it is an FDCPA violation, and probably a violation of various states' laws, for them to take, or threaten to take, any action they can't legally take. That includes threatening to sue on a debt they know is time-barred.
It isn't on my credit any longer, but I am getting inquiries/hits on my credit that state something along the lines of permissble purpose: collection account. And then it states that such inquiries are made public and stay on my credit for two years. I just feel like it will never go away. I will send a cease and desist. Many thanks!
How many collection inquiries are you getting? One every year or so, one a month, or several a month?
There are various companies with "Asset Management" in their name that show up on bbb.org. A number of them are CAs, but many appear to be property management or other types of financial or management consulting services. What is the exact name of this CA, and where is it located?
By the looks of my credit report (experian) Asset Acceptance has put on one a month for the last 5 months.
Sorry it is Asset Acceptance located in Salinas, CA. Just got two (duplicate) letters from them today. It just feel like a rabid dog has been unleased with this company.
Since they have already chosen to act in a manner that will continue to damage you, have they violated FDCPA in any way? What have their letters said? What have they said in their phone calls? Have their phone calls been of a frequency, or at times, that can be construed as harassing?
Depending on the state you are living in, there might be state consumer protection laws stronger than the federal ones. For example, in some states it is illegal to attempt to collect a debt, even if not in the courts, after the SOL has passed.
I receive 4 calls each week 2 from a man and two from a woman. I've been hanging up when they identify themselves, however the woman (named Angela) has taken to asking for me and then when I come to the phone, instead of identifying herself, begins literally screeching about how I owe them money. I know her voice now. It seems as if she is just losing control. I am not sure what you mean by violating FDCPA? I am in Oregon by the way. I have legal insurance through DH. Should I have an attorney deal with them or would that make it worse.
It sounds like they know the debt is past SOL, and they think their strongest play is to harass you into making even a small payment to restart SOL, which could allow them to sue for the whole amount. When they call you, tell them not to call, and then hang up. Log and memorialize the calls in writing, including all details, including date, time, and length of call. Get a caller-id box to log their calls and verify their phone number. You should check this, but it appears that Oregon only requires one party to authorize recording of phone calls. Get a phone recorder and record their calls. Do not provoke them, do not admit the debt, just tell them to stop calling, remind them you have already told them not to call, and see what they say. Have you sent a cease and desist in writing, CRRR, yet? If so, have they received it, and have they continued to call after receiving it?
By the way, how does a $2800 debt grow into $90,000 in 10 years? Even at 29% APR, and throwing a $30/month late fee into the mix, and compounding it monthly for 10 years, I only get $69,717 !!
