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i have been working on repairing our credit for about one month now. today i received a letter from an OLD.... BofA line of credit from Asset Acceptance LLC. Did my prompting and investigation send some kind of signal to them?
This is well over 10 years old. should i send a ceast and desist (sp) letter? THe balance is outrageous!! We had owed like $3K and its asking for $9400.00.
This is not on our CR. how do i stop this letter? it tends to bother my husband.
Thanks
It won't report since it is over 10 years old and they can't legally collect because it way past SOL, so what Asset truly deserves is FULL CEASE AND DESIST(aka FOAD) LETTER.(remember do not sign it and send it CMRRR)
Obsolete Charge Off
Asset Acceptance LLC is a Junk Debt Buyer. They purchase time barred out of statute accounts in portfolios for less then 2 cents on the dollar and try to collect the full balance. What they hope to acheive is aknowledgement of the debts so that they can re-age the accounts and bring them current in order to force a settlement. When you send a cease and desist letter to a collection agency such as this it's sometimes pointless. My recommendation is to ignore the letter and do not respond to any letters, correspondence or phone calls should you recieve any. You don't want to confirm your address because then they may start the skip tracing process. They may send one or two letters and then go away.
ps tell your husband not to worry they have no affirmative defense on this debt.
Sincerely
Certified Financial Counselor
Credit Correction