discussion title:
Question re: debt validation
message #:
7800.2 in response to 7800.1
Asset Acceptance is generally accepted by most critical thinking people to be one of the worst entities on the planet. $4,459 they added on to your account demonstrates why they are held in such low regard. That $4,459 means they are charging you 31% in interest. That's about 1/3 of your entire original debt!!!
Going the debt validation route was appropriate. Now you want to send them a letter (certified mail, return receipt requested), demanding they provide a copy of a contract. Your hope is they can't produce a contract. Chances are good they didn't get your contract when they bought your account. Without your contract they are pretty much toast, legally speaking. There is no way they can prove you owe them without a copy of a contract. Even if they provide a bill of sale that they bought your debt, that still doesn't mean you owe them squat.
If they can not produce a copy of a contract to demonstrate, in detail (your name, your account number, etc.) you owe them, then if I were in your shoes I would not be inclined to pay them. Why? Because there is no proof you now owe Asset Acceptance.
Where did this come from? Asset Acceptance is one of the largest organizations that buys charged off debts. Their collection activities are reported to many state attorney general offices as unscrupulous, oppressive, etc.
How is it even possible that this had accrued nearly $5k in interest in a month? It is impossible that you owe $5,000 in interest. It is also illegal to tack on 31% interest. It is excessive and illegal to charge that rate (usurious). No court of competent jurisdiction would ever allow that kind of exorbitant interest.
What recourse do I have? Can I fight this? You have rights, you can and should fight this. You do have recourse. Asset Acceptance probably bought your entire debt for pennies on the dollar, then they try to hustle you for more than that amount, plus illegal interest. You should most definitely fight this. Asset Acceptance is famous for bullying tactics because it works so well. Many time people just cave in and say in resignation "well I never did pay the debt". Often times people feel guilty over the fact they never paid the debt. Often times people feel ashamed and feel like they deserve to be punished for "welching" on a debt. Wrong. Wrong. Wrong. That's fine and well that you have an unpaid bill, but it doesn't mean Asset Acceptance should get your money, nor should you roll over when someone tries to tell you to pay them 31% interest on a bill. You will never pay off a bill with that kind of interest! Chase is who you owe and you have a signed contract with Chase to prove it. Thus far you have nothing but Asset Acceptance sending you a letter. They need more than that. A lot more than that!
You can fight. If it were me, I certainly would fight. It will take a bit of effort on your behalf, but when you are looking at dealing with an unscrupulous company that tries to hustle you with $5,000 in just one month's interest (which is roughtly 1/3 of your entire debt), then it sure makes it worth your time to fight.
Hope this helps.
