topic Re: Asset Acceptance won't accept payment! in Rebuilding Your Credit

Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 00:02:57 GMT

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

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 00:06:09 GMT

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

Re: Asset Acceptance won't accept payment!

Shogun — Tue, 22 Jan 2013 00:06:20 GMT

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.

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 00:11:19 GMT

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

Re: Asset Acceptance won't accept payment!

Shogun — Tue, 22 Jan 2013 00:14:21 GMT

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.

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 00:24:26 GMT

unbelievable

Re: Asset Acceptance won't accept payment!

maluba — Tue, 22 Jan 2013 00:22:48 GMT

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.

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 00:28:48 GMT

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

Re: Asset Acceptance won't accept payment!

awdsmama — Tue, 22 Jan 2013 00:35:04 GMT

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!

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 00:38:21 GMT

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

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 00:42:52 GMT

Maybe BOA will accept a payment now since they won't.

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 01:47:09 GMT

I am hoping they return the debt back to Bank of America. If this happens, do they have to delete their tradeline?

Re: Asset Acceptance won't accept payment!

Mish0817 — Tue, 22 Jan 2013 01:51:37 GMT

If they said they are going to cease collection, that may mean hey will delete. Give it a few days then maybe dispute CRA or have them send letter stating they are no longer collecting on debt and send that letter to CRA's?

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 02:33:10 GMT

Done! I have disputed all bureaus and filed complaints with BBB and Michigan Attorney General for violation of FCRA for reporting a debt and not accepting payment. I told them to delete all tradelines and return debt to the original creditor!

Keep in mind I did this before with a DV so I have the documentation to prove to them they are reporting the debt. This will blow up in their face now since they wont accept payment! We will see

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 15:41:08 GMT

Spoke with the supervisor again, they can no longer collect on the debt according North Carolina Statute of limitations nor can they accept payment on the debt? The tradelines will be deleted. So basically now I am stuck with Bank of America reporting a chargeoff debt that was sold to Asset Acceptance. What do I do here with OC since I cant make a payment? Can they buy it back??

Also, if they can no longer collect or report... Then why do I have medical debt that is 6 years old still being collected and reported! Shouldn't they have to remove as well???? According to the Statute? I dont understand their response to this collection. So now I have the BBB involved to help

Re: Asset Acceptance won't accept payment!

chasmith — Tue, 22 Jan 2013 15:53:10 GMT

I would ask for something in writing from AA stating they cannot accept payment, are deleting reporting and will not resell the debt.

BOA must report a zero balance and a status date no later than the date of sale to AA. You'll have a CO that will impact your score but it will slowly age off.

Since BOA sold the debt they cannot "take it back". I would send a letter, CMRRR to their CEO asking that since they sold this to a buyer who refuse to take payment they delete their reporting as a GW.

If BOA won't delete make complaints to the Comptroller of Currency and CFPB.

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 18:03:56 GMT

Thats the advice I was looking for! Thanks Chasmith. Thanks for looking out for me

Re: Asset Acceptance won't accept payment!

Anonymous — Tue, 22 Jan 2013 18:18:03 GMT

If my GW doesn't work what would my complaints be to to the Comptroller of Currency and CFPB?

Re: Asset Acceptance won't accept payment!

Anonymous — Thu, 24 Jan 2013 21:55:35 GMT

Asset Acceptance Deleted all tradelines! In response to BBB they stated that they closed the above mentioned account pursuant to North Carolina Law!

Now all I have is the OC which Bank of America... This will be difficult.

Thanks everyone

Re: Asset Acceptance won't accept payment!

Anonymous — Thu, 24 Jan 2013 23:15:56 GMT

Just curious where MI came into play. Is it because the CA is based there?