Who is Asset Acceptance and why are they suing me?
You may have gotten a letter in the mail from a company by the name of Asset Acceptance.
You may be wondering, “Who is Asset Acceptance and why are they suing me?”
This is a good question, because Asset Acceptance files quite a few cases a week in Alabama.
Who is Asset Acceptance?
They are a debt collection agency, or a debt buyer.
They claim to buy old debt.
Usually it’s old credit card debt, but sometimes it’s other types of debt.
Generally they sue you, and credit report on you, because they claim to own the debt.
Sometimes they give you the courtesy of sending you a letter telling you that they’re suing you, however other times they won’t send you collection letters.
Why are they suing me?
They claim that you owe them money instead of owing the original creditor.
Let’s say that you used to owe money to Capital One.
Asset Acceptance claims that they bought that debt, and that you have to pay it.
What do they want?
They want your money.
They also want you to agree to pay them.
If you don’t agree to pay them, then they will get a judgment saying that you owe them.
Even if you do agree to pay, often they want a “consent judgment” which is a judgment from court saying that you owe them money.
You may be wondering, “Well, why do that want that?”
They want that judgment because it allows them to put it on your credit report (which damages your credit), garnish up to 25% of your wages, and garnish (or wipe out) your bank accounts.
In some cases, they can even seize and sell your property.
What are my options?
We have another article about your 5 options, however here’s a summary of those options.
1.) You can file bankruptcy,
This is very rarely the right answer, however depending on the situation it can be the right one.
2.) You can fight it on your own.
You don’t have to hire an attorney for this, but you do need to invest time into your case.
We often encourage people who come and talk to us about their options to do this when it looks like they can win their case on their own.
3.) You can settle it on your own,
This option isn’t usually very good but it is an option.
4.) You can hire a lawyer to fight it.
You have to invest money, however you would have an attorney to handle the case.
5.) You can hire a lawyer to settle it.
Again, you have to pay money, but you would have an attorney to help you with the case.
Generally when we deal with a debt collector, we give them to choice to either try the case or settle the case.
We tell them that we won’t sue them if they get this debt off your credit reports, and dismiss your case with prejudice without paying the company a penny.
A warning to be careful when dealing with Asset and your credit reports.
Asset Acceptance loves to credit report on consumers.
Almost all debt collectors credit report, and these companies may leave the debt on your credit report for a month or two before taking it off.
However, Asset Acceptance loves to keep debts on your credit report continually.
Even if you win your case, and even if you settle your case, they will still keep it on your credit report, which is illegal.
Just keep this in mind when you’re dealing with Asset Acceptance.
Contact us with your questions.
Hope this was helpful to you.
If you have any questions about anything we covered in this article, feel free to call us at 1-205-879-2447.
Looking forward to chatting with you!
Have a great day.