Re: Sued by Asset Acceptance - Where should I start?

Posted by A Tutorial (66.36.249.149) on November 12, 2003 at 20:00:43:

In Reply to: Re: Sued by Asset Acceptance - Where should I start? posted by Drew on November 12, 2003 at 12:45:31:

Why Chat can answer this question with his own reasons, but I would like to offer my perspective. CAs send out tens of thousands of collection notices. The vast majority are accurate. People requesting validation are 1. interested in clearing their credit and are credit savvy or 2. gaming the system by asking for information they think the CA won’t fully have. Either of these will substantially raise CAs interest in pursuing you legally if you are within SOL. You have the right to ask for validation, but if the debt is yours, you’d better be ready to make a settlement if you are in SOL or else you’ve just increased your likelihood of being sued.

The better strategy if you are within SOL is to lay low, feign ignorance, and don’t unnecessarily raise your profile to the CAs. You are more likely to be overlooked and not be sued within SOL than if you send out Cease and Desists and Validation Requests.

Of course, if you are one of the few where a legitimate error has been made, and the debt isn’t yours, then sure send out the validation requests. And, if you’re planning on paying, but disputing the amount then send validation also. Otherwise, you are asking for trouble.

BTW, my perspective is that no one should ever pay after charge off for economic reasons involving federally subsidized tax deductions for charge offs, macro-economic waste of resources pursuing old debt, as well as the rampant criminality pervading the entire collections industry running the gamut from extortion to money laundering. For anyone who shares that perspective, follow the above recommendations, and you’ll less likely be sued.

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