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Please help Whychat
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Posted by Weisus
(204.39.209.113) on April 21, 2003 at 21:46:56:
A few months ago, I had made a verbal arrangement with a collector for Asset Acceptance Corp., both Asset and myself are from Michigan. The agreement was in reference to a debt that originally went delinquent with Discover Card over 8 years ago. Asset said that they would accommodate me by reducing the debt to the original amount owed (minus my previous payments & their accrued interest) and they also said that they would freeze the account, charging no further interest. When I received my next statement the original full amount was still reflected along with the 18% interest rate. I then called the rep. and asked if they would send me an updated statement, reflecting our arrangement. He told me that they were unable to do so because of software conflicts, but he told me to rest assured, they were keeping track of our arrangement. I then came to your web site in search of advice and I was told by several people to tell them to take a leap because the statute of limitations in Michigan is six years, and consequently this would leave Asset with no further recourse. It has been about 4 months since that time and I have been ignoring them; I have not heard from them, or sent payment on my account. Today a rep. called and tried to work out another deal; I told him that the last rep. was rude, threatening and insulting and furthermore, I had even attempted to contact a different rep. or manager from their company and I was routed directly to Larry every time. I told him that I was tired of trying to work with their company and its false promises and I was also sick of being berated and insulted and because this was an out of statute debt anyway I was not obliged to pay it. He told me that in the state of Michigan the S.O.L. for lawsuits runs from the time of last payment, not the time of initial delinquency and/or charge off. Can you tell me which is correct for the state of Michigan in this case? I have looked on several sites and the response seems to be mixed, some say that it is initial delinquency if the account is never brought current and some say that it is date of last payment (or even partial payment). I know that the S.O.L. for the reporting agency is around 7 years and that can not be “restarted”, but does this hold true for their right to filing a lawsuit. Also, if I am required to pay this debt, what would you suggest about the rep’s. response to providing a current and accurate statement. He told me to type up some agreement and send it to him to sign, he would then sign it, if his supervisor agreed to it, and fax me a copy back (he said that this one time written agreement would be my only validation of agreement to a reduced payoff with a freeze on interest), but he also said that this is all that I would need, because they would keep track of my payments and balance and then update my CR when I paid the debt off. I’m sorry that this is so long, but I’m a credit moron. Thank you for your time Whychat, I’ve read your previous responses and I trust your opinion/advice. - Weisus
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