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Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012

Asset Acceptance won't accept payment!

[ Edited ]

Hello All

 

I am trying to get pre approved for a mortgage and have one blemish left on my reports which is a BOA Credit Card chargeoff that was sold to Asset Acceptance. I contacted Asset Acceptance through the BBB and AG of Michigan for Debt Validation. The debt came back verified so I accepted that it was mine and called Asset Acceptance to make a settlement payment. Per their customer service, they can no longer accept payment or even speak about my debt due to being past SOL! I just pulled my credit reports and they are still reporting an unpaid collection under a "factoring company account." I am so frustrated since I am here to pay a debt and now your telling me I can't! Wake me up because this has to be a NIGHTMARE. They claim the debt is past SOL and they have to close the ACCT. This is so bad.

 

Are they going to report as a closed unpaid with 0 balance or what?? The original Creditor already reports as CHARGEOFF SOLD TO ANOTHER LENDOR!

 

Wow i didnt even get a chance!

 

Any advice be would greatly appreciated


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012

Re: Asset Acceptance won't accept payment!

Here is a snapshot of my credit report

Asset Acceptance

Address: 
PO BOX 1630
WARREN, MI 48090
(800) 614-4730 
Account Number:
12XXX....
Original Creditor:
BANK OF AMERICA

Address Identification Number:
0055621285 
Status:  Collection account. $1,080 past due as of Dec 2012. Status Details:  This account is scheduled to continue on record until Aug 2016. 

Date Opened:
02/2012
Reported Since:
04/2012
Date of Status:
03/2012
Last Reported:
12/2012
Type:
Debt Buyer
Terms:
1 Months
Monthly Payment:
$0
Responsibility:
Individual
Credit Limit/Original Amount:
$1,025
High Balance:
NA
Recent Balance:
$1,080 as of 12/2012
Recent Payment:
$0

Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Moderator
Shogun
Posts: 10,925
Registered: ‎04-15-2011

Re: Asset Acceptance won't accept payment!

They can choose to terminate collection activity at any time.  However, they must report a $0 balance if they will not accept payment.  I would contact them again and request that they either take payment, or delete from your CR.  They of course, don't have too, but worth a shot.  The SOL has nothing to do with the debt termination, it just means they can't take you to court.


Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012

Re: Asset Acceptance won't accept payment!

[ Edited ]

So basically the debt will forever remain unpaid! This is horrible, I was hoping to pay it off and then they would report as paid and it would boost my score enough for an FHA loan. So my dreams are vanishing. Has to be something I can do!

 

Thanks for commenting


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Moderator
Shogun
Posts: 10,925
Registered: ‎04-15-2011

Re: Asset Acceptance won't accept payment!

Actually, no, if they are reporting a balance on your CR,they have to accept payment.  I've frankly never heard of a CA not taking money.  It's just weird.


Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Going for Wade64's RUDY Spade!
Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012

Re: Asset Acceptance won't accept payment!

[ Edited ]

unbelievable


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Regular Contributor
maluba
Posts: 142
Registered: ‎12-16-2012

Re: Asset Acceptance won't accept payment!

Maybe it was the agent you spoke to. Maybe they had their terms mixed up. I agree with calling again to see what they say.




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Current Score: 610
Goal Score: 650


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Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012

Re: Asset Acceptance won't accept payment!

[ Edited ]

Spoke to multiple agents and a supervisor, Was transferred back in forth from the compliance department to the Collection department. I am at a loss. Compliance department is now closed so I will have to call tomorrow. She said there is no way to make a payment on the debt since it is past SOL and they will ceasing collections and closing the account. She said the account would remain closed but could not give me an accurate description of what it will report as. She said I would need to talk to the compliance dept.

 

 

So will they just report a $0 balance status unpaid with a previous balance of $1080. If so what actions can take. She said they will not sell the debt. 

 

With the balance closing out will this help my fico score.... Since it will help my DTI


Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL
Established Contributor
awdsmama
Posts: 753
Registered: ‎01-20-2012

Re: Asset Acceptance won't accept payment!

[ Edited ]

What was the DOFD on the account when it was with BofA? 

 

What is the SOL in your state?

 

Is it possible  that it IS out of SOL but still within the 7yr+180day credit reporting timeline.....

 

Best of luck to you!

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Frequent Contributor
rightcoast
Posts: 278
Registered: ‎12-10-2012

Re: Asset Acceptance won't accept payment!

SOL is 3yrs in NC. The DOFD was jan 2010 so it is still in crtp. I'm just confused. I really wanted to pay it off now I have to wait four years! This is just a bad situation. No wonder the economy sucks they don't give us a chance even if we bail them out! I am ready to buy a home but I will just have to wait. So frustrating

Starting Score: 530 (EQ) 03-2012
Current Score: 678 (TU) myFico 04-2013, 649 (EQ myFico
Goal Score: 720+

Wallet: Wells Fargo Secured- 400 CL, Capital One Secured- 250 CL, Credit One Unsecured- 300 CL

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