Re: old debt-"Asset Acceptance"

Posted by Tracey (67.125.163.161) on July 11, 2003 at 18:37:39:

In Reply to: old debt-"Asset Acceptance" posted by Kmon on February 25, 2003 at 20:05:46:

Each and every time you make a payment you extend the SOL...the SOL differs with each state. Some states carry a 10- and 15-year SOL. I should know. I purchased a car in Ohio. I moved back to San Diego and was presented with a really nice car. I decided to do a voluntary repo on the car that I purchased in Ohio. The finance company assigned my account to Asset Acceptance...you're right...each statement I receive from them shows a higher amount owed. The debt is only around $4,500, yet AAC just sent me a notice two days ago and the amount THEY want is over $9,000! Unfortunately, the SOL in Ohio is 15 years!!! Luckily though, I haven't made any payments and I do not plan to. If my debt reverts to the finance company, I will re-consider paying. I would never have started making payments to a company that didn't send me a written agreement that stipulates what you owe and what your obligations are... Hopefully you kept your cancelled checks...? This is knowledge gained by working in the Legal/Recovery/Collections department of a finance company. Hope this helps.

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