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Wife being sued by Asset Acceptance LLC need advice

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A couple of months ago my wife got a summons saying she was being sued by asset acceptance llc. A day or two later she got a letter saying she could settle for half, so she called to see what was going on. She was told in order to stop the lawsuit she would have to pay something now or they would garnish her pay, take MY car and so on.In a panic she gave then $1000 and signed a stipulation saying she would pay $200 a month so the debt would'nt collect intrest. After redoing our budget we figured we could'nt afford the 200 so I called them to try to reduce the monthly payment needless to say thet said no. So I sent them what I could affored and tryed again and they still didnt care. So now they say they're going ahead with a lawsuit and will get a judgement against her. Any advice would be a huge help and what would a judgement mean and whats the worst that could happen.
Thanks




I think Asset Acceptance has already scored upon you and your wife. The moment your wife signed a stipulation, all your claims went wrong. But one thing I can tell you that a collection agency cannot garnish one's wage until and unless a court order is there.

To know more please go through: -
asset acceptance - problems and how to solve them

Sub: #1 posted on Tue, 08/05/2008 - 15:11

phoenix phoenix
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what state are you in rob?some states have capped what can be taken in garnishment.some states TX in particular won't allow garnishments unless for certain debts and yours doesn't fall under that.also they can't take your car unless the debt was secured by it.also on phoenix's point on a court order.asset
acceptance is a bottom feeder that probably won't be able to get that court order anyway.

Sub: #2 posted on Tue, 08/05/2008 - 18:31

paulmergel paulmergel
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Unfortunately they got the best of her when she let fear make that financial decision. I would not pay them anymore until you had a settlement in writing. Unfortunately, when she made that payment it kind of messes things up. I believe it would reset the SOL. It also shows intent and acceptance of the debt. Everything was verbal so they could even say they had no agreement and you were just making a payment. I would try to settle the debt at 50% of the original amount that was charged off or less assuming the debt is yours. I would not pay them 50% of their current figure since it is probably very inflated and you already gave them 1k.

The best thing to do when a collector calls is get their name, the company????????s name, the OC, the amount charged off and the amount owed and then hang up until you are prepared to deal with them. I would give them 1 minute to answer that stuff and if they get snotty then hang up. After the answer that stuff you might as well hang up because anything else they say will be garbage and intended to scare you or belittle you.

Sub: #3 posted on Tue, 08/05/2008 - 20:24

DOLLARSandSINCE DOLLARSandSINCE
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