I need some advice

[Icon99]

So, I received a latter in the mail on January 7th, 2010 from a company called Asset Acceptance, LLC. stating that I owe them money from a

 

credit card that I had in 2006/2007. The original creditor reported the card as charged off in January 2008. So I sent Asset Acceptance a

 

debt validation letter on Januray 25th, 2010 and today i received a letter from them claiming to be validation but it only contains the same

 

information that was in the dunning letter, namely the original card account number and balance. Is this proof or should I send them

 

another DV letter? I thought they had to provide proof of an agreement between myself and the original creditor, and prrof they the

 

purchased this debt from the OC. Is that correct? Any advice is welcome.

[PollyPocket]

So, I received a latter in the mail on January 7th, 2010 from a company called Asset Acceptance, LLC. stating that I owe them money from a

 

credit card that I had in 2006/2007. The original creditor reported the card as charged off in January 2008. So I sent Asset Acceptance a

 

debt validation letter on Januray 25th, 2010 and today i received a letter from them claiming to be validation but it only contains the same

 

information that was in the dunning letter, namely the original card account number and balance.

Sadly, that's Asset for ya. And sadder yet, that seems to be enough of a validation. Pretty soon they will start sending you "offers" to pay 75%, 50% then 25% of the balance, to have it marked as "paid". If the amount they're asking for is more than the cost of retaining an attorney in your area, I would save the money for an attorney in the small chance they choose to sue. I watch them in the court records in my county and the only time they win is when someone just doesn't respond to the summons.

[texaninfl7115]

Asset is a sneaky bunch

[My life is a mess]

Welcome Icon99!

 

Check your state laws because they may have additional requirements for third party collectors.

 

If I were in your situation I would send a second letter requesting something to prove you have a legal obligation to pay Asset. Not sure you will get anything from them, but showing you tried to establish the debt was truely yours to pay, and Asset had the right to try to collect it, will help build your papertrail in case this becomes a legal issue.

 

Good luck!

[JunkBuyersWorstNightmare]

As usual, what Asset sent you hardly constitutes validation.

[Icon99]

Yeah I thought that wasn't legally good enough for validation. I will send them another letter CMRRR and ask specifically for proof of the original credit card agreement and their proof of purchasing this debt. If they send me the same thing again with only the account number and balance what would be my next course of action?

 

Check your state laws because they may have additional requirements for third party collectors.

 

My states laws don't require a debt collector to be licensed, i don't know if that is what you were referring to. Thanks for the help so far and if anyone can think of anything else I'm missing the advice is always welcome.

 

Thanks

[crow]

So I sent Asset Acceptance a

 

debt validation letter on Januray 25th, 2010 and today i received a letter from them claiming to be validation but it only contains the same

 

information that was in the dunning letter, namely the original card account number and balance.

This is not sufficient. At a minimum, AAC should be able to furnish records from the OC. Send AAC another request, citing both 15 USC 1692(g) and Chaudhry vs. Gallerizzo for what was sufficient validation in one case. Asset routinely sends a "Chaudhry" letter in response to claims of insufficient validation. This way, you are preempting AAC's one key piece of ammunition.

[Icon99]

I cited 15 USC 1692g Sec. 809-b in my DV letter. I'm not familiar with Chaudhry v. Gallerizzo, I searched google and it's my understanding that the Chaudhry v. Gallerizzo case has to do not with validation but with attorneys fees. So in my next DV letter I should inform them that I know of the Chaudhry case, or is there a certain part of the ruling I should cite?

 

Also the amount they say I owe and the amount the OC charged off are about $400 in difference. I don't know if this makes any kind of difference or not.

[breeze]

Some help here - see Spears v. Brennan

 

http://creditboards.com/forums/index.php?s...&hl=chaudry

[crow]

Also see this post.

[Icon99]

Thanks for the links to those posts. I will be preparing my next DV letter tomorrow to get it in the mail asap. I'm glad I found this forum, you guys/girls rock. If anyone thinks of anything else please let me know, and I'll let you all know how it turns out. Thanks again.

[Icon99]

It's been a while since I've heard anything from Asset, but today (4/13/10) I received two letters in the mail. They received my 2nd DV letter on March 5th, 2010 CMRRR. The letters they sent are dated April 9th, 2010. The contents of the two letters are as follows:

 

 

 

First Letter: Please be advised that documents to support our claim in connection with the above account have been ordered and will

 

be forwarded to you upon receipt in this office. Should you have nay questions, please feel free to contact this office.

 

 

 

Second Letter: We are in receipt of your correspondence regarding information reported by a credit reporting agency related to the

 

above referenced account. We have reviewed the information you provided, as well as our notes and the information

 

provided from the original creditor. As a result of our investigation we have reported your account as "disputed" to the

 

credit reporting agencies. Please be advised that the actual current balance may differ from the current balance shown

 

above based upon the accrual of interest and/or any recent payments beyond your normal payment schedule, if

 

applicable.

 

 

So, since it has been more than 30 days since they received my 2nd DV letter, and all they have sent is a letter basically saying they are trying to validate but I need to wait on them to do so, what should I do now?

[My life is a mess]

What state do you live in? In some states the consumer protection laws offer great protection against 3rd party collectors/collection agencies.

 

Also, not too long ago someone posted something about Michigan's consumer laws (where Asset is located), but I don't remember them. Do a search with Asset as the topic, you might find something that way.

[Icon99]

I live in KY. I did a search for Asset and Michigan consumer protection laws but came up with nada.

[My life is a mess]

I live in KY. I did a search for Asset and Michigan consumer protection laws but came up with nada.

 

Sorry OP, I could not find it either. Of course, it is hard to find something when you don't know what you are looking for, LOL!

 

I think Linx04 might have been the author of the Michigan post I'm thinking of. (I don't think they are called "consumer" laws in Michigan). I believe Linx04 has some information on Michigan laws. I'm in Texas, so I can occasionally find Texas law, but don't count on me in a crisis situation, even with my home state. I'll just blink my eyes rapidly and look confused!

 

Linx04, can you point the OP in the right direction?

[Icon99]

Okay so today I got an email from my bank about a new report on my Experian and TransUnion credit files. They are both from Asset Acceptance regarding the account aforementioned in this thread and are listed as new collections with a date opened of 12/2009. The one on my Experian file is listed as an installment account, and the one on my TransUnion file is listed as an open account. Since Asset hasn't been able to verify this debt and have reported it on my credit file, what should I do? Isn't that a violation of the FDCPA? Should I report this to any certain agency?

Edited May 3, 2010 by Icon99

[redskinfan]

It's been a while since I've heard anything from Asset, but today (4/13/10) I received two letters in the mail. They received my 2nd DV letter on March 5th, 2010 CMRRR. The letters they sent are dated April 9th, 2010. The contents of the two letters are as follows:

 

 

 

First Letter: Please be advised that documents to support our claim in connection with the above account have been ordered and will

 

be forwarded to you upon receipt in this office. Should you have nay questions, please feel free to contact this office.

 

 

 

Second Letter: We are in receipt of your correspondence regarding information reported by a credit reporting agency related to the

 

above referenced account. We have reviewed the information you provided, as well as our notes and the information

 

provided from the original creditor. As a result of our investigation we have reported your account as "disputed" to the

 

credit reporting agencies. Please be advised that the actual current balance may differ from the current balance shown

 

above based upon the accrual of interest and/or any recent payments beyond your normal payment schedule, if

 

applicable.

 

 

So, since it has been more than 30 days since they received my 2nd DV letter, and all they have sent is a letter basically saying they are trying to validate but I need to wait on them to do so, what should I do now?

 

Since they state in their 2nd letter they reviewed the information provided from the original creditor why couldn't they send copies to you for validation??? Probably because they don't have any information from the original creditor.