Asset Acceptance Question

Anonymous · ‎05-21-2007

I have an very old collection with Asset Acceptance (which is no longer on my credit report) for $758.11 for a SBC unpaid bill. I received a notice dated May 5, 2007 offering me a settlement in the amount of $227.43 due by May 31, 2007. However, they sent me a notice last month for a settlement of $3xx.xx, and I never replied to them. Now, the question - should I go ahead and pay this amount, which will not reflect on my credit report due to the limitations, I will just receive a settlement letter from them or inform them I can settle the account for half of the $227.43. I really don't have the full amount right now to pay the full $227.43, however, I can come up with at least $113.xx to settle the account. I look forward to your advice on this issues.

Anonymous · ‎05-21-2007

My advice is to not respond or reply in any way.

Too many of these companies try and find ways to resurrect old debts and re-report them. They could construe a response on your part as an acknowledgment of the debt, and a restarting of the SOL and reporting cycles.

There's nothing they can do at this stage against you. Just ignore them.

Boswd · ‎05-21-2007

What state are you in? What is your state's Statutue of limitations? How old is the debt? When was the last year you paid anything on it.?

Anonymous · ‎05-21-2007

Okay, I have the letter in front of me now!

1. A 70% reduction in your present balance, if paid in fully by May 31, 2007
2. A paid account letter to closed account

The three paragraph reads - It my be possible to extend the deadline under certain circumstances. The settlement offer outlined above is guaranteed through the above referenced date. After that time, we reserve the right to modify the settlement offer, or revoke the offer entirely. This offer is void if previous settlment has alrady been arranged.

Boswd · ‎05-21-2007

Once you figured out your state's SOL then see if you want to go ahead in either ignore it and send a cease and desist letter stating this debt is beyond the SOL.

They can't go back and report it to the CB's, if they do the are in violation of the FDRA. If it fall off your credit reports chances are it is beyond your State's Statute of LImitations. and are just trying to collect something in hopes that you don't know there is such a thing as an SOL. But just in case in the future if they try and sneak a judgment on you , answer the judgment, use SOL as your defense. If you ignore it they can win a default judgment even if it's passed the SOL> Not saying they would but just in case they try that sneaky way.

Anonymous · ‎05-21-2007

What state are you in? What is your state's Statutue of limitations? How old is the debt? When was the last year you paid anything on it.?

I live in Illinois. I believe the State's Stautue of Limiations is 7 years. The debt is about 8 years old. I know for a fact it is not on my credit report.

Boswd · ‎05-21-2007

Open and Oral contracts in Ill is 5 years, Written contracts are 10 years. Hmmm this is a close one. Before you do anything, I would find out exactly when your account went into default, I do believe it is the day of last payment plus 180days. Find out what type of contract it is.

Boswd · ‎05-21-2007

also did you open up the account in the same state you live in now?

Anonymous · ‎05-21-2007

Open and Oral contracts in Ill is 5 years, Written contracts are 10 years. Hmmm this is a close one. Before you do anything, I would find out exactly when your account went into default, I do believe it is the day of last payment plus 180days. Find out what type of contract it is.

As stated on my Transunion CR from 5/26/06 - the account with Asset Accept states:

Date updated 01/2005,
Date placed for Collection 08/2003
Estimated date that this item will be removed 05/2006

This account past due is a telephone bill. I believe SBC was brought out by AT&T. I guess I better do some research on this issue. HELP!!!!!!

Anonymous · ‎05-21-2007

Just out of curiosity, what is the SOL in California?