Are you grappling with Asset Acceptance LLC and feeling overwhelmed by the process? Worry not, as this guide will provide you with a fresh perspective on dealing with this debt collection company. From understanding the company, knowing your rights under the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA), to developing strategies to defend yourself against collection lawsuits, we’ve got you covered.
Short Summary
- Understand your rights under the FDCPA and FCRA to protect yourself from any unlawful actions taken by Asset Acceptance LLC.
- Utilize strategies such as requesting debt verification and invoking the statute of limitations defense to successfully combat a lawsuit.
- Take proactive steps, such as monitoring credit reports, building positive credit history, and understanding exemptions to prevent financial insecurity after dealing with Asset Acceptance LLC.
- Our law office helps good people like you to gain a fresh start with their finances. Please contact us today so that we can start the debt relief process.
Understanding Asset Acceptance LLC
Asset Acceptance LLC, also known as Asset Acceptance Capital Corp, is a purchaser of charged-off debt. They buy and collect portfolios of distressed debt from credit card issuers, consumer finance companies, health insurance companies, clubs, and telecommunications and utilities providers. Holding over 34 million accounts with an original value of more than $3 billion, they represent a vast majority of charged-off debt.
Despite being acquired by Encore Capital Group in 2013, Asset Acceptance LLC remains a prominent debt collector. They have been known to notify consumers and file thousands of collection lawsuits against consumers each year, employing local collection attorneys to initiate legal proceedings.
If you’ve been served with a debt collection notice or lawsuit from Asset Acceptance LLC, it’s crucial to take action to safeguard money for yourself.
The Debt Collection Process
Debt collection is a process that involves obtaining payment on overdue accounts, which could include sending demand letters, initiating legal proceedings, and obtaining court decisions. A debt collection company specializes in carrying out these tasks on behalf of creditors.
Asset Acceptance LLC, in particular, has a history of filing numerous asset acceptance lawsuit cases against consumers each year. By employing local collection attorneys, Asset Acceptance LLC aims to recover the debt through the legal system.
Knowing their debt collection process is essential for you to understand your rights and develop a strategy to defend yourself against any lawsuit filed by them.
Legal Status
Asset Acceptance LLC is a legitimate debt buyer of credit card debts and car loan repossession debts. Although they were acquired by Encore Capital Group in 2013, their legal status remains valid, and they continue to operate as a debt collector.
Understanding their legal status is crucial for you to recognize their authority and engage with them accordingly.
Know Your Rights: Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA)
It is crucial to know your rights under the FDCPA and FCRA when dealing with Asset Acceptance LLC. The FDCPA prohibits debt collectors from engaging in certain activities when trying to collect money from consumers, such as harassment or intimidation. The FCRA, governed by the Federal Trade Commission, oversees the collection, dissemination, and use of consumer credit information.
By understanding your rights, you can protect yourself from any unlawful actions taken by Asset Acceptance LLC during the debt collection process. This includes contesting any debt they are attempting to collect and disputing incorrect information on your credit report.
Dealing with Harassment
Harassment from Asset Acceptance LLC can involve consecutive calls, profane language, and other debt collection activities that contravene the FDCPA. If you experience harassment from this debt collector, you have legal rights under the FDCPA, which allows for a “fee shifting” nature – meaning the law-breaking debt buyer is liable to pay the consumer’s attorney fees for successfully litigating their debt.
Knowing your rights and standing up against harassment is vital in your fight against Asset Acceptance LLC.
Disputing Incorrect Information
If you find inaccurate information from Asset Acceptance LLC on your credit report, it’s essential to dispute it. You can do this by contacting the company directly and providing proof to support your claim.
Additionally, make sure to consistently review your credit report and contest any inaccuracies you identify. By doing so, you can maintain control over your credit report and ensure that Asset Acceptance LLC is not wrongfully harming your credit score.
Strategies to Beat an Asset Acceptance LLC Lawsuit
If you’re facing a lawsuit from Asset Acceptance LLC, there are strategies that can help you defend yourself. One such strategy is requesting debt verification, which involves formally requesting proof of the debt they allege you owe. Another strategy is invoking the statute of limitations defense, which can potentially lead to a judgment or the dismissal of the lawsuit altogether.
Responding promptly to a lawsuit filed by Asset Acceptance LLC is of utmost importance. Failure to do so allows them to file a motion to obtain a default judgment against you. Understanding and employing these strategies can help you effectively combat a lawsuit from Asset Acceptance LLC.
Requesting Debt Verification
Debt verification from Asset Acceptance LLC is a crucial step in defending yourself. It involves formally requesting proof of the debt in writing and within a specified timeframe after receiving a collection notice. If they fail to furnish the required paperwork within 30 days, they need to get in touch with the three major credit reporting agencies. They should request that the debt be taken off from your credit report.
Requesting debt verification not only helps you confirm the validity of the debt, but also puts the burden of proof on Asset Acceptance LLC.
Statute of Limitations Defense
The statute of limitations defense is an affirmative defense that argues in court that the case was brought against you after a reasonable period of time had elapsed. If the statute of limitations has expired for your case, you can file a motion to dismiss the lawsuit altogether, offering a powerful defense against Asset Acceptance LLC’s lawsuit.
Knowing the applicable law and statute of limitations for your case can make a significant difference in your defense strategy.
Negotiating a Settlement with Asset Acceptance LLC
Negotiating a settlement with Asset Acceptance LLC can help you avoid a lawsuit, reduce the amount owed, and potentially remove the debt from your credit report. However, it’s essential to be aware of the potential negative impact on your credit score and the possibility of legal action if the agreement is not followed.
To negotiate a settlement, it’s crucial to document the agreement and define the amount that can be paid, whether it’s a partial payment or full payment. This ensures the agreement is legally binding and accurate, protecting you from any potential issues arising from the settlement.
Pay-for-Delete Agreements
A pay-for-delete agreement is a negotiation in which the collection agency agrees to remove negative information from your credit report in exchange for payment. By sending a pay-for-delete letter to Asset Acceptance LLC, you can request the removal of negative information from your credit report.
However, it’s essential to remember that pay-for-delete agreements are not legally binding, and it’s crucial to ensure the agreement is in writing and both parties understand the terms.
Seeking Legal Assistance
Obtaining legal assistance when negotiating a settlement with Asset Acceptance LLC can be extremely beneficial. Legal counsel can help you understand your rights and the legal ramifications of any agreement reached, secure a more favorable settlement, and ensure the agreement is legally binding.
Whether you choose to work with a debt negotiation attorney or a non-profit consumer credit counseling service, seeking legal assistance is a wise decision when dealing with Asset Acceptance LLC.
Preventing Wage Garnishment and Bank Account Levies
Wage garnishments and bank account levies can be financially devastating. To prevent them, it’s essential to understand exemptions and consider filing for bankruptcy as a last resort. By consulting an attorney or seeking legal assistance, you can avoid legal action and phone calls from Asset Acceptance LLC.
Understanding your rights and options in preventing wage garnishment and bank account levies can make a significant difference in protecting your financial well-being. Take the time to learn about exemptions and consider all available options before resorting to bankruptcy.
Understanding Exemptions
Exemptions are legal protections that allow individuals to retain certain assets or income from being seized by creditors. For example, there are exemptions for wage garnishment, which vary by state, and typically include a percentage of wages after 30 days and a set amount of wages that cannot be garnished each week.
Bank account levy exemptions also differ according to the state, with some states providing higher amounts of interest that are exempt from levies. Understanding exemptions is critical in protecting your assets and income from being seized by judgment creditors like Asset Acceptance LLC.
Filing for Bankruptcy
Filing for bankruptcy is a legal process that allows individuals or businesses unable to repay their debts to obtain a fresh start through the evaluation of assets and payment to creditors in a court proceeding. There are two primary forms of bankruptcy: Chapter 7 (liquidation bankruptcy) and Chapter 13 (reorganization bankruptcy).
While filing for bankruptcy can help prevent wage garnishment and bank account levies, it has severe, long-term effects on your credit and may remain on your credit report for 7-10 years. It can also make obtaining credit in the future more difficult. Therefore, it’s essential to consider all options and consult with a bankruptcy attorney before choosing this route.
Credit Repair After Dealing with Asset Acceptance LLC
Repairing your credit after dealing with Asset Acceptance LLC is crucial to regain financial stability. By monitoring your credit report and building positive credit history, you can improve your credit score and minimize the impact of the debt collection process on your financial well-being.
Consistently reviewing your credit report for inaccuracies and disputing any incorrect information will help ensure your credit report reflects your true creditworthiness. Additionally, taking steps to build a positive credit history, such as making timely payments, maintaining low balances, and avoiding excessive debt, will contribute to a better credit score over time.
Monitoring Your Credit Report
Monitoring your credit report is essential in maintaining control over your credit score and identifying any suspicious activity or errors that may harm your creditworthiness. To effectively monitor your credit report, check it regularly with credit bureaus, set up alerts for any changes, and dispute any errors or suspicious activity.
By keeping a close eye on your credit report, you can address any issues promptly and minimize the damage to your reputation. It’s an essential step in recovering from any negative experiences with Asset Acceptance LLC and ensuring your credit report accurately reflects your financial situation.
Building Positive Credit History
Building a positive credit history is vital for improving your credit score and demonstrating to lenders that you are a responsible borrower. Some methods of establishing a positive credit history include paying bills on time, maintaining low credit card balances, and using credit responsibly.
By consistently reviewing your credit report and contesting any inaccuracies, you can maintain control over your credit report and ensure that Asset Acceptance LLC is not wrongfully harming your credit score. Taking these steps will help you rebuild your credit and regain financial stability after dealing with Asset Acceptance LLC.
Summary
In conclusion, dealing with Asset Acceptance LLC clients can be a daunting experience, but by understanding the company, knowing your rights under the FDCPA and FCRA, employing strategies to defend yourself, and repairing your credit after the fact, you can overcome this challenge. Remember, knowledge is power, and by staying informed and proactive, you can regain control of your financial well-being and move forward with confidence.
Frequently Asked Questions
Is Asset Acceptance LLC still in business?
Asset Acceptance LLC is no longer in business, as it has been acquired by Encore Capital Group and its accounts are now being serviced by Midland Credit Management, Inc.
This confirms that Asset Acceptance LLC is no longer actively operating and is not in business.
Is Asset Acceptance LLC legitimate?
Based on the facts presented, Asset Acceptance LLC is a legitimate company. However, they may use questionable practices such as excessive phone calls or other tactics to collect debts.
Therefore, it is important to be aware of your client’ rights when dealing with them.
Who took over asset acceptance LLC?
Encore Capital Group has taken over Asset Acceptance LLC. With the purchase, Encore now manages $2 billion in consumer debt portfolios and is a leader in the debt buying industry.
This acquisition has positioned Encore as a major player in the debt buying industry. It has also enabled the company to expand its reach and increase its revenues.
How do I contact asset acceptance?
If you need to contact Asset Acceptance LLC, you can do so by phone by calling the toll-free number 1-800-545-9931 or the headquarter number 1-800-505-5166. You can also reach them via email at customerservice@assetacceptance.com, and their site can be found at AssetAcceptance.com (currently down).
Additionally, they have an office location at 940 Franklin Square Dr. and their phone numbers are (216) 661-6152, (216) 485-8400 and (216) 661-0165.
What types of debt does Asset Acceptance LLC collect on?
Asset Acceptance LLC specializes in collecting a variety of distressed debt, including credit card debt, consumer finance debt, healthcare debt, membership debt, telecommunications bills, and utility bills.
Please contact us ASAP so we can help you gain a fresh start.