How to Settle Debt Asset Acceptance

If you fail to pay a credit card debt, utility bill or medical debt, your account may be turned over to Asset Acceptance. Asset Acceptance is one of the largest collection agencies in the U.S. It operates by purchasing unpaid consumer debts from creditors and attempting to collect the debts--plus fees. Once a collection agency purchases a debt, it becomes the legal owner of the debt. This often gives it the right to sue you. You may attempt to negotiate a debt settlement with Asset Acceptance to avoid a lawsuit and the unpleasant consequences that may follow, such as wage garnishment.

Instructions

1

Verify that the debt is not outside the statute of limitations. A statute of limitations exists in each state that sets a time limit on how long a creditor has to seek legal recourse against a debtor over an unpaid debt. Many consumers seek a debt settlement to avoid a lawsuit. If the statute of limitations has expired, however, you need not fear a lawsuit and can choose to leave the debt unpaid without facing legal consequences. Check with your state Attorney General's office to find out what the statute of limitations is in your state.

2

Request a debt validation. This is especially important if you do not recognize the debt. Scam artists have been known to pose as collection agencies in order to trick consumers out of their hard-earned money. Even if the debt is legitimate, the Fair Debt Collection Practices Act requires every collection agency to provide written proof to you that the debt is yours if you make the request.

3

Evaluate your current assets. If you have enough money to pay a debt settlement in a lump sum, it is often in your best interest to do so. A collection agency will often accept a lower amount if the payment is made at once rather than in installments.

4

Contact Asset Acceptance and ask to speak with a supervisor. Although customer service representatives are authorized to talk to you about your debt, they are not authorized to negotiate the terms of a debt settlement with you.

5

Negotiate with the supervisor for a debt settlement. Always set your offer lower than the amount you can afford so you have room to negotiate.

6

Request that the supervisor send you the terms of your debt settlement in writing once you have reached an agreement. This protects you in the event the supervisor fails to document your conversation and Asset Acceptance demands the full amount of the debt once you have met the terms of your settlement.

7

Submit your payment to the company via a money order. A money order, unlike a bank draft or check, does not contain your checking account information. Mistakes are sometimes made and paying via a money order prevents any additional money from being pulled from your checking account without your permission.