A prospective employer has told me that I need to resolve a few old credit issues in order to be hired (although resolving the issues won't guarantee that I'm hired). So I've been digging through my old records trying to figure out what to do.
Here's my situation:
I had a CitiBank credit card years ago that I defaulted on in 2003. I have a letter dated December 2007 from the original CA stating that my balance was $2200. A month later, I received a "Welcome" letter from Asset Acceptance with an account balance of $7400 (which has since magically become $7800).
I should point out that I'm stupid and never sent a letter of validation. I should also point out that Asset has been harassing me for months (I never answer the phone) and even filed a court summons. But the summons was not delivered, Asset never pursued, and the case was dismissed.
So here's the thing. The SOL in FL has expired (4 years for unsecured debt) and in 2 years it should fall off my credit report.
Can (and should) I send a letter of validation now? And if I do will it restart my SOL?
I'd rather get this resolved then just let it drop-off, but I don't have the money to settle the debt (even at the original $2200) and I've already spent years with bad credit. I really can't bear the thought of going through another seven years like this, but this is also a really bad market for job hunting.
Any advice is much appreciated!
First off the only thing that will restart the statute of limitations is making a payment, if you pay a penny it will start it all over again.
I know you want to do the right thing, but honestly if it were me, I would just ride it out and let these jerks eat the debt, that is just ridiculous that they would put that much extra on it.
The government talks about the mortgage giants being greedy and putting people in bad situations, they really need to take a look at what these debt collection agencies do, there really needs to be some type of regulations on this.
You can do what you want to do, but do not pay a dime until you have it all to pay, settlement or not, paying anything will restart the sol and the original creditor has probably already charged this off and taken the loss for tax purposes, so at this point you are just dealing with the junk debt buyers, send them a cease and desist letter, it is past the sol, so they can not sue you. Send the a cease and desist certified mail, return reciept requested so you know that they got it.
Pretty good info from GN. I agree that maybe it would be best to let it go and ride it out. Debt collectors are one of the hardest people or firms to deal with. I do not think they can legally add that much to your account after they purchesed it.
If they didn;t show up for court chances are they can not validate the debt and therefore can not make you pay it. If you do call them and make a payment then you will restart the SOl and be responsible for paying them.
Is it worth it to repay when you only have 2 years to go? I would send the cease and desist and be done with it if it were me.
yep, my thoughts toooooo
Hi Mida
Since the Statute of Limitation for open ended accounts is 4 years in Florida, the SOL has expired and Asset acceptance cannot sue you to the court to bring judgment against you. However, if you make even a single payment towards the debt, the Statute of Limitation on your debt will rewind and the Asset Management Company can sue you to the court and can bring judgment against you to recover the entire debt including the interest charges and other charges. So never make any payment towards this debt.
Thanks very much for the advice! I made an appointment with a consumer protection attorney too. I just don't see how they can do that legally. And from what I've been reading, the company seems really shady.
I'll let you guys know if I find out anything interesting!
You are welcome!!!
hope you get some good results from your appointment, please come back and let us know how things are going.
Hi Mida
Yes, I agree with Anthony on the point that Asset Acceptance cannot sue you to the court to bring judgment against you as your Statute of Limitation has already expired. Another important thing is that, there is no problem in this case if you have not asked for debt validation because the SOL has already expired. However, if the SOL had not expired, then there would have been a problem. This is because, if you do not ask for debt validation within 30 days, the debt would have been accepted as valid and you need to pay it off.
Just be sure to remember to NOt amke any payments or you will restart the SOL time clock and it will begin all over. Be sure to stop back and let us know how this all worked out for you. Good Luck.
asset acceptance in state of pa
Can asset acceptance take you to court for online credit cards that have not been paid. It's been almost two years
Hi vivi love,
Asset Acceptance can take you to court in case they have enough evidence that the debt account is yours. They must possess some kind of evidence regarding your online transactions and your failure in paying the debts. However, if any such occasion arises where they are threatening you, then you should first write a letter of validation to the agency to prove their claim. Then again if the SOL is not over then Asset Acceptance can definitely sue you.
Hence, I believe, the best way is to start paying your debts after talking to the agency.