Criminal Defense Lawyers

Asset Acceptance LLC Collection Agency Debt Help

Dealing with Asset Acceptance LLC Collection Agency

You’re here because you’ve been contacted by Asset Acceptance LLC, a debt collection agency, regarding an outstanding debt. Don’t panic, we’ll guide you through this step-by-step.

Understanding Asset Acceptance LLC

Asset Acceptance LLC is a subsidiary of Encore Capital Group, one of the largest debt buyers in the United States. They purchase charged-off consumer debts from original creditors like credit card companies, utilities, and lenders. Once they own the debt, they aggressively pursue collection through calls, letters, and lawsuits if necessary.1It’s crucial to know your rights when dealing with any debt collector, including Asset Acceptance LLC. The Fair Debt Collection Practices Act (FDCPA) protects you from harassment and deceptive practices.2

Verifying the Debt

The first step is to verify that the debt Asset Acceptance LLC is trying to collect is legitimate and accurate. Under the FDCPA, you have the right to request debt validation within 30 days of their initial contact.2To request validation, send a debt verification letter asking for proof that:

• You owe the debt
• The amount is correct
• Asset Acceptance LLC owns the debt and has the right to collect it

Include your name, the alleged account number, and a statement disputing the debt until it’s verified. Send the letter via certified mail and keep a copy for your records.4Asset Acceptance LLC must then provide evidence of the debt’s validity, such as a copy of the original contract or last statement. If they fail to do so, they cannot legally continue collection efforts.2

Negotiating a Settlement

If the debt is valid, you have a few options. The best approach is often to negotiate a settlement for less than the full amount owed. Debt buyers like Asset Acceptance LLC purchase debts for pennies on the dollar, so they have room to settle.3For example, if you owed $5,000 originally, Asset Acceptance LLC may have paid $500 or less for that debt. Offering a lump sum of $1,500 to $2,000 could be an attractive settlement for them.During negotiations:

• Get any settlement agreement in writing before paying
• Request removal of the debt from your credit reports as a condition
• Pay with a money order or cashier’s check to create a paper trail
• Never provide bank account information for automatic drafts

If you cannot afford a lump sum, see if Asset Acceptance LLC will accept affordable monthly payments. Just be sure to get written approval for the payment plan first.3

Knowing Your Rights

Even if you legitimately owe the debt, Asset Acceptance LLC must follow rules under the FDCPA when attempting to collect, including:2

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Google rating score: 4.9 of 5, based on 736 reviews

• Not calling before 8 am or after 9 pm
• Not using profane language or making threats
• Not discussing the debt with others without your permission
• Not engaging in harassment like repeated calls with intent to annoy

If Asset Acceptance LLC violates these rules, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) and your state’s attorney general. You may also be able to sue them in state or federal court.2

Considering Bankruptcy

For overwhelming debt you cannot pay, bankruptcy may be an option to get relief from creditors like Asset Acceptance LLC. Filing for bankruptcy:

• Automatically stops all collection efforts through an “automatic stay”
• Allows you to discharge (wipe out) eligible debts in Chapter 7 bankruptcy
• Lets you catch up on missed payments through a repayment plan in Chapter 133

However, bankruptcy has serious long-term credit consequences, so it should be a last resort after exhausting all other options to resolve your debts.3

Cease Communication

If you simply want Asset Acceptance LLC to stop contacting you about the debt, you can send a “cease and desist” letter telling them to end all communication.They must then stop calling you, except to confirm they will cease communication or to notify you of a specific legal action like a lawsuit.2Sending this letter does not make the debt go away – you still owe it. But it can provide peace of mind from the harassment of repeated calls and letters.2

Getting Professional Help

Dealing with debt collectors is stressful, but you don’t have to face it alone. Consider hiring a consumer law attorney who specializes in debt collection harassment and FDCPA violations.