Asset Acceptance falling off the deep end....

Anonymous · ‎02-29-2008

I'm not sure if anyone has posted this article yet, but it may explain why Asset Acceptance is such a ridiculous company who goes buck wild when attempting to collect alleged debts. Sometimes even suing for ancient old debts. In addition, this collection agency will go as far as creating make-believe or fantasy debts.

After reading this article, I think it will only get worse..as it seems they are in a desperate predicament. This scripture comes to mind..."You reap what you sow"

http://www.insidearm.com/go/arm-news/asset-acceptance-gives-poor-earnings-preview-for-2007?tag=today

Anonymous · ‎02-29-2008

GREAT just made my day!

Anonymous · ‎02-29-2008

OOH my.....now I understand why they hounded me so much for the little money that I owed on the Sears Card.

ShinyGirl · ‎02-29-2008

so are they amenable to PFDs?? They have an item on my report that I haven't bothered. I may go original creditor with them and then dispute. But, if they'll PFD, then maybe I'll try to work with them.

Actually, I first need to DV them since they verified to the CRA.

That's up next.

"...what good do your words do if they can't understand you??...."

joinme · ‎02-29-2008

Thank You I needed this article they filed a judgment against me, and I dont owe them anything I have proof its not me, thanks for this made my day-ANS

Anonymous · ‎02-29-2008

"The company also reported it borrowed heavily from its lenders in the fourth quarter, as it increased its purchases of debt portfolios. The borrowing caused Asset Acceptance to violate a credit agreement with its lenders."

This line from the article is classic. I wonder if they'll get calls from CAs if they default on the loan.

MidnightVoice · ‎03-02-2008

"The borrowing caused Asset Acceptance to violate a credit agreement with its lenders."

Can we all get together, buy their loan and start harrassing them?

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎03-02-2008

I see this just didn't all just start ...........Here is an older article discussing Asset Acceptance's financial woes......

http://www.creditcollectionsworld.com/article.html?id=20061016VNALW3OI

Anonymous · ‎03-02-2008

MidnightVoice wrote:
"The borrowing caused Asset Acceptance to violate a credit agreement with its lenders."

Can we all get together, buy their loan and start harrassing them?

I'm in !

Anonymous · ‎03-02-2008

Well that's what happens when you purchase debt that was never owed. I almost felt sorry for them for purchasing my debt in 2006 for an account that was paid in full and closed from the OC in 2003. They were less agressive when I faxed them a copy of the pay-off letter I received from the OC, even offered to take it off my credit report if I would pay them the balance. Gee, I know I'm not the sharpest crayon in the book, but that is insane! I might even be tempted if we were talking about $10 just to avoid the hassle of disputing, but not $2000.