I have checked and Asset Acceptance is bonded in Texas. I sent them a validation letter in which I demanded account history. All they sent me was a computer print out of when they were assigned to collect on behalf of GE Capital. JC Penney sold the account to GE Capital. Please advise on what my next step should be.
That's not validation, the Wollman letter says so. It doesn't matter if it was sold auctioned, or bartered. They have to go back to the OC. The good thing about them being bonded - if they at some point screw up, and you want to sue them, and win, you can collect from their bonding company.
What they sent is not proper validation. I would file a claim against their bond. It will definately get their attention.
The reason for the bond is to insure that the CA is following the rules of that state. If the bonding company determines they have broken the law and you have been damaged they will pay you what they feel you're entitled to. Similiar to small claims. The difference is the bonding company will pay you and they will then collect from Asset Acceptance. If Asset refuses the pay them back then the bond get cancelled and they can't do business. When there is a claim the rates go up for the company too.
I understand, but improper validation is not against any law...What is validation? is a question left up to the interpretation of the courts. (and one Cneters struggle with daily). Now, if they sent him a new demand for payment with that improper validation, he is heading down the right road. IMHO
Hey that is great !!! I am in the same ride with Asset here in texas Now what do we list as our claim to the bonding comp????????
Pick whatever violation or reason you feel you're being cheated. The claim form will ask what your beef is. Even if your claim is denied the more claims against Asset the harder it will be for them to renew their bond.
