How to Fight Asset Acceptance

There are a number of factors in determining how best to address the settlement of old, often forgotten debt. However, even in the world of debt collection, asset acceptance seems to be at the forefront of harassment and other types of complaints. Asset acceptance purchases old, charged-off debt for pennies on the dollar and subsequently pursues the payment of those obligations by often unscrupulous means.

Instructions

1

Validate that the debt is yours. Asset acceptance, as with many collection agencies, often does not take the time necessary to accurately research the debt it has purchased. The result can be targeting the wrong individual or business, an ex-spouse, for example.

2

Determine the age of the debt. While each state is different, all have statutes of limitations (SOLs) regarding how long an individual can be pursued for the payment of past due debt. Many states' SOL regulations will vary depending on the type of debt; for example, revolving debt (credit card) may have a different SOL than contract debt (a car).

3

Understand your state's regulations regarding past due debt. Should you be held liable, the ramifications will differ by state, and the results can be dramatically different. Some states are very stringent in what a debt collector may or may not do, even after a debt is found to be legitimate. Others allow for wage garnishment, the freezing of bank accounts and seizing of property.

4

Contact the collection agency directly to arrange a payment settlement. Often, regardless of a company's reputation, you are able to arrange a payment option amenable to both parties. Remember, the agency purchased the debt for a small percentage of its actual total, so the agency may be willing to settle for something now, rather than face the prospect of a battle down the road.