Report: #708831

Complaint Review: Asset Acceptance, llc

  • Submitted: Mon, March 21, 2011
  • Updated: Tue, March 22, 2011
  • Reported By: Callie — Inver Grove Heights Minnesota United States of America
  • Asset Acceptance, llc
    PO Box 2036
    Warren, Michigan
    United States of America

Asset Acceptance, llc Settling a debt with this company since 2009 @ $100.00 a month, I owe more now than back in 2009?????" Warren, Michigan

*Consumer Comment: You "credit counselor" should have educated you on your rights!

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In 2007 I became permantly disabled. My ability to pay my creditors was nearly impossible, so I signed up for credit counseling. By 2009 I was unable to pay the amount needed to stay a part of the credit counseling, so my cards lapsed. I was threatened daily with all that would be done to me and my family if I didn't pay. My bills continued to pile up and I got myself to just pay one bill at a time. That was working for me or so I thought until today. My citibank credit card was sent to Asset Acceptance,LLC and was asked to pay $100.00 per month since 2009 October I believe. This has been a real stretch for me, since my disability only pays 1038. per month and that includes everything. ( I had the money taken out of my checking account monthly and paid directly to them) Today I noticed the balance on the paper they send each month and I assumed it was the original balance. I called them and this woman told me that my balance was 8,456.64. I stated it couldn't be because I had been paying on this bill for 24 months. She told me that the money I pay only takes care of the interest, and that if I could pay more it could take a bit off the principle. I asked her if I am then held hostage to this debt for the rest of my life, and she told me " Sorry I can't help you unless you can pay me more" This is so unjust, and I have no idea what to do about it. Any suggestions? I would think if I was in good faith paying every month for 2 years, that would count for something?
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#1 Consumer Comment

You "credit counselor" should have educated you on your rights!

AUTHOR: Steve - (USA)

Forget that credit counseling scam.
Those people in most cases are nothing but bill collectors in disquise.

If your credit counselor was REALLY a "counselor" that knew anything, and didn't work for the bank, he/she would have told you the facts and protected your rights.

If your only source of income is disability, that income cannot be touched by the debt collectors even if you were sued!

That "counselor" should have informed you of this.

The "counselor" should have also taught you a little about the FDCPA protections you have under federal law from third party debt collectors.

NEVER pay a third party collector.
Never speak to a third party collector.

Always make them spend the time and money to sue you and then file BK.

You are dealing with a genuine lowlife outfit.

At this point send them a CEASE COMMUNICATIONS request as per your rights under the FDCPA.
Send this via certified mail, return reciept requested.
Be sure to put the certified# in the body of the letter itself, and keep a copy for your records, as this proves what you sent.
DO NOT sign the letter, just print.
Never sign anything you send to a bottomfeeder.

AND, a third party debt collector CANNOT add any additional interest or fees to a debt which is "post charge off".
Flat out illegal.
But, you would have to sue them in court to get satisfaction on that issue.
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