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In Febuary I received a letter from a collection letter on a loan that I received in 1999 from Household Finance. I last paid on the account in I believe 2004 when I finally realized that with such a high interest rate I could never pay it off. I believe the interest rate was over 21%. I didn't know what else to do so I simply stopped paying it and hoped they would write it off and stop collecting interest on it. Eventually that happened and I was left with a close to $6000 debt. I'm not really sure what happened to the debt after that. It stopped gaining interest, but the last I heard from Household Finance was an offer for Christmas of all times (yea just the time any normal person can pay off a debt!) to pay 50% and they would forgive the debt. I of course didn't have the money to pay it. But since then I hadn't heard from Household Finance and nothing ever showed up on my credit report about it.

Well, in March I partially found out why...

In July of 2007 the debt was purchased by Asset Acceptance. They sent out a letter to me to a completely bogus address that I still have no idea where they got. Anyway, because I didn't respond, they assumed it was the correct address and continued to send notices this address. Mind you I still had the same cell number that Household had on file as my main contact.

Here's the kicker though and the root of my issue. Since July of 2007, Asset Acceptance started charging me the same interest rate of 21+% that Household Finance was charging me...

As I said, I finally received a call on my cell in March of 2008. They got my phone number when I redid my car loan and got a new vehicle. Needless to say, my $6000 some loan was now $9700...

I'm now in a much better place financially to start paying off this debt, but when my interest is over $150 a month I'll still never be able to pay this off.

This is the last serious bad mark on my credit and I really want to resolve it. Any suggestions?

Also, can Asset Acceptance really charge me this interest going forward? What about the interest they charged me before I was even notified they were going to charge me?

It's a crazy interest rate, there has to be something I can do about it.

One other note. Today I received an offer from them to pay off %50 of the now $10000 debt. I wish I had the money to take the offer, but they are only extending it until June 30th. Should I contact them and see if they will do anything more? The last time I spoke with them, the best they could do was for me to pay $415 a month till it was paid off... obviously not feasible.

Please help!




While looking for my son's birth certificate today I actually found my original loan agreement and a collection letter from when my HSBC account first went to collections. To my suprise, the account numbers on both of them are different than the account number that Asset Acceptance sent me on my validation letter...

Does this give me any recourse or are there any actions I should take because of this?

Thank anyone in advance who can give me some guidance.

Sub: #1 posted on Wed, 08/20/2008 - 03:16

nathan_kira nathan_kira

(Posts: 8 | Credits: 1.89)

Guess I have some reading to do tomorrow night then.

The letter I received from them is definately a sheet of paper from thier computers not only because it has thier letter head and the person they have assigned to my account, I believe anyway since all the letters I get are from her, but also because on the same sheet they ask me to pay the balance in full. So, what difference exactly does that make?

I get my credit report sent to me every quarter and the strange thing is that this debt didnt show up on my credit report for the past few years until they finally got in touch with me this last January. But I just got my credit report last week and now again this debt is not listed... Any idea what that may mean?

And as far as dishonestly. From my first post here on this forum you will see that they are charging me the original interest rate on this debt that I was being charged from the original creditor. Not only that, but they started charging interest about 6 months before they even informed me that they were going to do so. Would that not be considered something dishonest?

Sub: #2 posted on Wed, 07/30/2008 - 11:32

Unregistered


Nathan--

at this point it would be a good idea to review the fdcpa and get as familiar with it as you possibly can. This is the federal law that governs third party collection in this country. Section 809 of that law deals with validation of debts. Keep this in mind--just because you asked for something, doesnt mean that they have to provide it. The law requires them to provide documentation of the debt, and the info must come from the original creditor, not from Asset internally. So, when you request validation, they are required to contact the original creditor, get validation of the debt, and then provide you with a copy of that validation. I know that many people request info on state licensing and so on, but according to federal law they dont have to provide that to you.

Like I said though---you need to know that law inside and out because there are many ways that Asset has broken this law before. The biggest thing right now is this--did they send you documentation from the original creditor? Or is it a sheet of paper from their own computer? It makes a difference.

This law--FDCPA--also prohibits any dishonest efforts in debt collection. And while that isnt totally defined, basically anything that is knowingly dishonest violates that law.

The statute of limitations has not expired on this debt, as written contracts in Ohio are 15 years and written accounts are 6 years. But regardless, you also need to review your credit reports carefully because Asset has a history of messing those up too--illegally many times. The law you need to review there is the FCRA--again a federal law, and it deals with credit reporting. Compare your three credit reports all together--you may find that they reported different info to different reports, and if so, that could add up to money in your pocket.

Sub: #3 posted on Tue, 07/29/2008 - 20:06

skydivr7673 skydivr7673
Moderators Cum Industry Expert
(Posts: 2037 | Credits: 579.66)

send them another DV letter and tell them that you haven't received what you requested.

Sub: #4 posted on Tue, 07/29/2008 - 13:03

Unregistered


Okay, so I recieved a response from the letter I sent to Asset Acceptance.

Here's what it stated:
The Prior/Original Creditor, the original account number, my name, the current balance and the last transaction date (9/24/04!), and then my current address with the last four digits of my social security number.

That does not provide me with all of the information that I requested. Suggestions on what I should be my next step?

Sub: #5 posted on Tue, 07/29/2008 - 10:17

nathan_kira nathan_kira

(Posts: 8 | Credits: 1.89)

Hah that does sound familiar! I hope it doesn't come to that though.. sounds like a trend though!

And thank you for the advice moderator.

Sub: #6 posted on Tue, 07/22/2008 - 11:46

nathan_kira nathan_kira

(Posts: 8 | Credits: 1.89)

LOrd how mercy I was dealing with the some company household Fin and it been 7yrs ago since i herd from them and asset sent a letter saying they was going to sue me for 3,077.12 or garnish my husbands wages and we have a court date oct 14 because they sent a letter from the police to our old house.. :roll:

Sub: #7 posted on Tue, 07/22/2008 - 02:22

Unregistered


Wait until a month after you have received the return receipt. If they still haven't responded then dispute with the credit reporting agencies if they are reporting this on your credit reports.

Sub: #8 posted on Mon, 07/21/2008 - 16:57

JCEMT JCEMT
Moderators
(Posts: 2934 | Credits: 192.01)

It's been over a month now since I sent the letter, but I still have not heard back from Asset Acceptance. I sent it certified mail and got my return receipt back.

How long should I give them and what should I do if I don't hear back from them?

Sub: #9 posted on Mon, 07/21/2008 - 11:07

Unregistered


yes, send it certified with the return receipt.

Sub: #10 posted on Tue, 06/10/2008 - 12:43

Unregistered


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