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Asset Acceptance suing me. (Repost) Help!
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Posted by Anon
(68.2.48.86) on February 27, 2004 at 17:35:31:
Asset Acceptance is contacting me and I have gotten a summons.
I answered it, stating that I didn't acknowledge anything, on advice of a lawyer (free one, 'cause I can't afford one).
I am now in communication with them trying to settle.
However, I'm seeing lots of things here that say I shouldn't settle. I would like to buy a house soon and this is the main thing keeping me from doing it.
If I get a letter stating that the account is paid in full, how can they sell this debt to another CA?
In the past, I had to settle on a car loan, but the actual creditor was taking me to court in that case. They did report everything paid.
Does a CA have the legal right to sue you? How can I find out?
The attorney I talked to didn't say anything about whether they could or couldn't sue, which I assume he would have, if it had been an issue.
I am in AZ.
The loan is for less than $5000, but I can't afford to have my wages garnished, so if I can't settle, I need to declare BK, but this'll keep me from a house longer...
I have made a small offer to the CA, but they don't want to take me up on it and have offered higher settlement amounts that I can't really afford.
Should I tell them that I may have to declare BK? Will this help me or hurt me?
I have a mediation scheduled for April.
Oh yeah, the last time a payment was made on this loan was around October of '98, so the 6 year SoL is up this October. Does their filing a suit affect this?
If the court date is extended past this date, for instance, does it become no longer collectible?
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