Asset Acceptance

Asset Acceptance is one of those collection agencies that purchases the debt that you failed to pay off at some point

. It is one of the largest collection agencies in the U.S. To avoid a lawsuit, you need to negotiate with Asset Acceptance to settle your debt. Try to follow the suggestions listed below to avoid any unpleasant situations.

1. It is important for you to find out if your debt is outside of the statute of limitations. If the statute of limitations has expired by any chance, you have the option of leaving the debt unpaid and you do not have to face any legal consequences. So find out from your state Attorney General's office, the statute of limitations in your state.

2. You should request a debt validation if you do not recognize a debt on your account. Asset Acceptance is required by Fair Debt Collection Practices to provide written proof to consumers that the debt is really valid. Place a request for it since any collection agency is obligated to provide proof of legitimate debt.

3. First try to make a list of your assets. If you are capable of paying off a big part of your debt, you should do that by all means. Collection agencies tend to work with consumers who are ready to pay of the balance of their debt in a lump sum payment.

4. Try to negotiate a debt settlement amount with a supervisor at Asset Acceptance. Do not try to discuss this with a customer service representative since they do not have the authority to make debt settlement decisions.

5. Be patient while negotiating and settling the debt amount with the supervisor. Propose a lower amount than the amount you can afford, since that will leave some room for negotiation.

6. Once you have had the discussion with the supervisor about the terms and conditions of the settlement of debt, request him to send you the terms in writing. It is extremely important to have all the documentation in writing in case the supervisor fails to provide you the documents and Asset Acceptance ends up demanding the full debt amount once you agree on and meet the terms of the settlement.

7. Make the payment via money order. A money order does not contain any checking account information unlike a bank draft or check. This is only to ensure that no additional money is pulled out from your checking account by mistake without your permission. Always remind the collection agency to remove any negative information that they had placed on your credit report as part of the settlement agreement. A collection amount on your credit report is derogatory regardless of whether it is paid or not. It can damage your credit score for as long as it remains documented on your credit report.

Asset Acceptance needs to document in writing that they will not sell the remaining balance of your debt to any other collection agency. Only after they have ensured this, you should enter into an agreement with them. It is important to follow through with this procedure because if you don't, Asset Acceptance might come back to you again for the same debt.

by: Margaret James.

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