Asset Acceptance another illegal attempt by them to collect a bogus debt Warren Michigan

You can read my report just filed here on their bogus 1099-c scam.  I am currently going through that.  If you read my report you will see that I certainly made a bona fide dispute of the debt and what does the IRS have to say about that and the 1099-c....

The IRS views this canceled debt as income unless (a) there is a bona fide dispute concerning the debtors obligation to pay, (b) the debtor is insolvent, (c) the debt is discharged in bankruptcy. (See 26 U.S.C. 6050P; 26 C.F.R. 1.6050P)

So Asset will be sent a letter from me tomorrow via certified mail requesting that the correct their error.  I give them until March 31, 2009 to get me the voided 1099-c or I will then assume they didn't make a mistake and will be filing a 3949-a with the IRS (I state this in my letter to them).

I hope the IRS cracks down on these disgusting bottom feeders!

I have a sugestion that can nip your problems in the bud.It's very difficult to reach these people at their place of employment. They call your home and send mail to your home so why not send a letter to their home and give them a call at home to explain any difficulties you might be having with Asset Acceptance. I would advise you to contact the executives of this company at their homes and share your concerns with them. Perhaps if they get a "friendly" phone call or two they would have an entirly new outlook on life. You may reach them at the following:

Rufus H. "Bud" Reitzel
Founder of Asset Acceptance
Home Address:
37532 Jefferson Ave.
Harrison Township, MI 48045
Home Phone: (586)783-3245

Mark A. Redman
Vice Pres and Chief Financial Officer
His Wifes name is Terry Redman
Home Address:
8295 Park Dr.
Clarkston, MI 48348
Home Phone# (248)394-1121

Diane Kondrat
Vice Pres of Legal Collections
Her husband is Glenn Kondrat
Home Address:
44132 Donley Dr.
Sterling Heights, MI 48314
Home Phone# (586)731-7116

Phillip Allen
Vice President of Opperations
Home Address:
25606 Firwood Ave.
Warren, MI 48089
Home Phone# (586) 771-9822

Deborah Everly
Vice President of Marketing
Home Address:
41623 Belvidere St.
Harrison Township, MI 48045
Home Phone# (586) 465-4806

Don Haider -Professor of Business
Northwestern University Kellogg School of Business in Chicago, IL
Board Member Asset Acceptance LLC
Home Address:
5347 N. Lakewood Ave.
Chicago, Il 60640
Home Phone#(773) 784-5583

Anthony Ignaczak
Board Member Asset Acceptance LLC
His Work Info:
Managing Partner
Quad C Managemant INC.
230 East High St.
Charlottesville, VA 22902
Work Phone:(434)979-2070

Terrence D. "Terry" Daniels
Board Member Asset Acceptance LLC
Work Info:
Managing Partner
Quad C Management Inc.
156 West 56th St.
New York, NY 10019
Work Phone:(212)333-3813
Fax:(212)333-3813

I have a sugestion that can nip your problems in the bud.It's very difficult to reach these people at their place of employment. They call your home and send mail to your home so why not send a letter to their home and give them a call at home to explain any difficulties you might be having with Asset Acceptance. I would advise you to contact the executives of this company at their homes and share your concerns with them. Perhaps if they get a "friendly" phone call or two they would have an entirly new outlook on life. You may reach them at the following:

Rufus H. "Bud" Reitzel
Founder of Asset Acceptance
Home Address:
37532 Jefferson Ave.
Harrison Township, MI 48045
Home Phone: (586)783-3245

Mark A. Redman
Vice Pres and Chief Financial Officer
His Wifes name is Terry Redman
Home Address:
8295 Park Dr.
Clarkston, MI 48348
Home Phone# (248)394-1121

Diane Kondrat
Vice Pres of Legal Collections
Her husband is Glenn Kondrat
Home Address:
44132 Donley Dr.
Sterling Heights, MI 48314
Home Phone# (586)731-7116

Phillip Allen
Vice President of Opperations
Home Address:
25606 Firwood Ave.
Warren, MI 48089
Home Phone# (586) 771-9822

Deborah Everly
Vice President of Marketing
Home Address:
41623 Belvidere St.
Harrison Township, MI 48045
Home Phone# (586) 465-4806

Don Haider -Professor of Business
Northwestern University Kellogg School of Business in Chicago, IL
Board Member Asset Acceptance LLC
Home Address:
5347 N. Lakewood Ave.
Chicago, Il 60640
Home Phone#(773) 784-5583

Anthony Ignaczak
Board Member Asset Acceptance LLC
His Work Info:
Managing Partner
Quad C Managemant INC.
230 East High St.
Charlottesville, VA 22902
Work Phone:(434)979-2070

Terrence D. "Terry" Daniels
Board Member Asset Acceptance LLC
Work Info:
Managing Partner
Quad C Management Inc.
156 West 56th St.
New York, NY 10019
Work Phone:(212)333-3813
Fax:(212)333-3813

I have a sugestion that can nip your problems in the bud.It's very difficult to reach these people at their place of employment. They call your home and send mail to your home so why not send a letter to their home and give them a call at home to explain any difficulties you might be having with Asset Acceptance. I would advise you to contact the executives of this company at their homes and share your concerns with them. Perhaps if they get a "friendly" phone call or two they would have an entirly new outlook on life. You may reach them at the following:

Rufus H. "Bud" Reitzel
Founder of Asset Acceptance
Home Address:
37532 Jefferson Ave.
Harrison Township, MI 48045
Home Phone: (586)783-3245

Mark A. Redman
Vice Pres and Chief Financial Officer
His Wifes name is Terry Redman
Home Address:
8295 Park Dr.
Clarkston, MI 48348
Home Phone# (248)394-1121

Diane Kondrat
Vice Pres of Legal Collections
Her husband is Glenn Kondrat
Home Address:
44132 Donley Dr.
Sterling Heights, MI 48314
Home Phone# (586)731-7116

Phillip Allen
Vice President of Opperations
Home Address:
25606 Firwood Ave.
Warren, MI 48089
Home Phone# (586) 771-9822

Deborah Everly
Vice President of Marketing
Home Address:
41623 Belvidere St.
Harrison Township, MI 48045
Home Phone# (586) 465-4806

Don Haider -Professor of Business
Northwestern University Kellogg School of Business in Chicago, IL
Board Member Asset Acceptance LLC
Home Address:
5347 N. Lakewood Ave.
Chicago, Il 60640
Home Phone#(773) 784-5583

Anthony Ignaczak
Board Member Asset Acceptance LLC
His Work Info:
Managing Partner
Quad C Managemant INC.
230 East High St.
Charlottesville, VA 22902
Work Phone:(434)979-2070

Terrence D. "Terry" Daniels
Board Member Asset Acceptance LLC
Work Info:
Managing Partner
Quad C Management Inc.
156 West 56th St.
New York, NY 10019
Work Phone:(212)333-3813
Fax:(212)333-3813

I have a sugestion that can nip your problems in the bud.It's very difficult to reach these people at their place of employment. They call your home and send mail to your home so why not send a letter to their home and give them a call at home to explain any difficulties you might be having with Asset Acceptance. I would advise you to contact the executives of this company at their homes and share your concerns with them. Perhaps if they get a "friendly" phone call or two they would have an entirly new outlook on life. You may reach them at the following:

Rufus H. "Bud" Reitzel
Founder of Asset Acceptance
Home Address:
37532 Jefferson Ave.
Harrison Township, MI 48045
Home Phone: (586)783-3245

Mark A. Redman
Vice Pres and Chief Financial Officer
His Wifes name is Terry Redman
Home Address:
8295 Park Dr.
Clarkston, MI 48348
Home Phone# (248)394-1121

Diane Kondrat
Vice Pres of Legal Collections
Her husband is Glenn Kondrat
Home Address:
44132 Donley Dr.
Sterling Heights, MI 48314
Home Phone# (586)731-7116

Phillip Allen
Vice President of Opperations
Home Address:
25606 Firwood Ave.
Warren, MI 48089
Home Phone# (586) 771-9822

Deborah Everly
Vice President of Marketing
Home Address:
41623 Belvidere St.
Harrison Township, MI 48045
Home Phone# (586) 465-4806

Don Haider -Professor of Business
Northwestern University Kellogg School of Business in Chicago, IL
Board Member Asset Acceptance LLC
Home Address:
5347 N. Lakewood Ave.
Chicago, Il 60640
Home Phone#(773) 784-5583

Anthony Ignaczak
Board Member Asset Acceptance LLC
His Work Info:
Managing Partner
Quad C Managemant INC.
230 East High St.
Charlottesville, VA 22902
Work Phone:(434)979-2070

Terrence D. "Terry" Daniels
Board Member Asset Acceptance LLC
Work Info:
Managing Partner
Quad C Management Inc.
156 West 56th St.
New York, NY 10019
Work Phone:(212)333-3813
Fax:(212)333-3813

IS ASSET ACCEPTANCE CORPORATION INVOLVED IN AN IRS SCAM?
January 25, 2006

Asset Acceptance Corporation (AAC) is not new to this game. As bottom-feeder debt collectors they have tried a lot of tricks and scams to separate consumers from their money, among them; changing dates of last activity on credit reports, manufacturing bogus affidavits for court filings, phony pleadings and even reports of phony payments being made on accounts to change the activity dates.

This latest apparent scam is new, by any definition and may involve staggering amounts of money. AAC is reportedly buying old, mostly worthless portfolios for pennies on the dollar; They then mark them up at inflated figures, then attempt to collect from unsuspecting consumers. The problem with bottom-feeders such as AAC is they NEVER have anything invested in the accounts, other than the money it took to purchase them. They are NOT creditors, have NEVER extended any goods or services, have no liability for accounts and their assertions of being valid' claims, and may be nothing more than smoke and mirrors.

Their latest attempt appears to not only fleece the American consumer but may be an attempt to scam the IRS. It involves sending out IRS Form 1099-C forms to consumers on accounts they failed to collect. The legal questions to be addressed here include how can you claim something you never had, for services you never performed on accounts that never existed on your books? Our emails state that consumers are receiving IRS Form 1099-C, stating the debt is being forgiven by AAC, but reported to the IRS as income. Income? On what? They did nothing, yet appear to be fleecing both the American consumer and the IRS with these forms that may give them huge tax breaks on their income.

Here is what one expert had to say:

Great question. Let's take it to its logical, and theoretical, extreme.

New company (let's say Exxon-Mobil) buys paper, solely for the purpose of tax write-offs. Buys $1 Billion in bad debt for $50,000, which might be possible, if it is really old debt and even discharged debt (though I don't know if it is legal to 1099-C someone after discharge).

Sends out all 1099-C's, does not debt collection at all and applies the $1 Billion to shelter a portion of its $9 Billion windfall, when actually paid only $50,000. I see an audit coming. Think of the accounting entries.

Credit Charge off for Bad Debt $999,950,000 Credit Cash $50,000

IRS regulations allow for a Form 1099-C to be issued on accounts that are uncollected, however where does the smoke and mirrors end and reality start on bottom feeders? If you receive a 1099-C form from AAC, you are urged to consult with a professional tax advisor. By law, AAC must show a zero balance on your credit files and of course, cease all collection activity as that account fails to exist once it has been reported to the IRS. Since AAC can apparently deduct these windfalls off their taxes, it makes me VERY happy for the new federal accounting laws that hold them liable for their accounting practices.

Congress enacted the Sarbanes-Oxley Act, representing the biggest changes ever, to federal securities laws. It resulted from the large corporate financial scandals involving Enron, WorldCom, Global Crossing and Arthur Andersen. Effective in 2004, all publicly-traded companies are required to submit an annual report of the effectiveness of their internal accounting controls to the SEC. AAC is publicly traded under the symbol of: Nasdaq: AACC.

With their recent announcement of record profits, one wonders how far reaching this may go. Is AAC employing ENRON type accounting practices, is what they are doing legal? Anyone receiving an IRS Form 1099-C and thinks it may be bogus is encouraged to file a complaint with the IRS. Perhaps an audit of AAC by the IRS can clarify this new and apparent scam to fleece the IRS as well as the American consumer.

[Compliments of BudHibbs.com]

Agency Details

Asset Acceptance Corp.*****
28405 Van d**e Avenue
Warren, Michigan 48092
Phone: (586) 446-7818
Fax: (586) 846-7837
Web Address: www.assetacceptance.com
(Branch offices in Baltimore, San Antonio, Cleveland, & Brandon, FL.)
2840 S. Falkenburg Road, Riverview, FL 33569 (Physical Office in Brandon, FL)

Other Offices:
10500 Highway 281 N. Ste 150
San Antonio, Texas 78216
Phone: (210) 979-3600
Fax: (210) 979-3659

"HOW CAN THEY DO THIS" ?

It is not illegal to buy old debts and attempt to collect what is owed. If the debtor is not aware that there is a statute of limitations, most aren't, and pays it does nothing to clear up their credit report.

It IS Illegal for a collection company to "BANG" your credit report with something that is out of statute. If they do something like this you need to find out what needs to be done to clear things. This is a DIRTY deed by the collection companies because they know most people do not check their credit report. There is SO MUCH money involved in collections that they do what ever they want and they budget for legal expenses, which are a small percentage of their gross because thae laws are weak!

I hope this helps.
Good Luck

For some reason this collection agency sounds like I have heard it before. O'h yes I have a bad debt with a company that I had bougth a wedding ring with. I checked my credit report and the debt had been charged off by the company the I had bougth the ring with. It has been four year's this debt will be off of my credit report in 2009. But now since this company bougth my old debt it will stay on my report till 2012! Check your credit report again print a copy of it see if this company aquired this old account. It seem's like a lot of collection agency's do this even know the debt is off your credit. I hate this because if your trying to clean up your credit all it does is reopen it up to take longer to come off your credit report, I think there should be a law against this once a company charges off the old debt and is written off I don't think that any one should be able to buy the old account in hoping that you will pay it off. If you couldn't pay off in the first place what makes you think you can pay it off now. Jackie.

For some reason this collection agency sounds like I have heard it before. O'h yes I have a bad debt with a company that I had bougth a wedding ring with. I checked my credit report and the debt had been charged off by the company the I had bougth the ring with. It has been four year's this debt will be off of my credit report in 2009. But now since this company bougth my old debt it will stay on my report till 2012! Check your credit report again print a copy of it see if this company aquired this old account. It seem's like a lot of collection agency's do this even know the debt is off your credit. I hate this because if your trying to clean up your credit all it does is reopen it up to take longer to come off your credit report, I think there should be a law against this once a company charges off the old debt and is written off I don't think that any one should be able to buy the old account in hoping that you will pay it off. If you couldn't pay off in the first place what makes you think you can pay it off now. Jackie.

For some reason this collection agency sounds like I have heard it before. O'h yes I have a bad debt with a company that I had bougth a wedding ring with. I checked my credit report and the debt had been charged off by the company the I had bougth the ring with. It has been four year's this debt will be off of my credit report in 2009. But now since this company bougth my old debt it will stay on my report till 2012! Check your credit report again print a copy of it see if this company aquired this old account. It seem's like a lot of collection agency's do this even know the debt is off your credit. I hate this because if your trying to clean up your credit all it does is reopen it up to take longer to come off your credit report, I think there should be a law against this once a company charges off the old debt and is written off I don't think that any one should be able to buy the old account in hoping that you will pay it off. If you couldn't pay off in the first place what makes you think you can pay it off now. Jackie.

For some reason this collection agency sounds like I have heard it before. O'h yes I have a bad debt with a company that I had bougth a wedding ring with. I checked my credit report and the debt had been charged off by the company the I had bougth the ring with. It has been four year's this debt will be off of my credit report in 2009. But now since this company bougth my old debt it will stay on my report till 2012! Check your credit report again print a copy of it see if this company aquired this old account. It seem's like a lot of collection agency's do this even know the debt is off your credit. I hate this because if your trying to clean up your credit all it does is reopen it up to take longer to come off your credit report, I think there should be a law against this once a company charges off the old debt and is written off I don't think that any one should be able to buy the old account in hoping that you will pay it off. If you couldn't pay off in the first place what makes you think you can pay it off now. Jackie.

John,

Did you pay in full, or settle a debt over the phone with a "debt collector"?

Not trying to pry open any past sins here, but I've found that when you "satisfy the bill with the collection agency", they take the remaining amount and sell it to ANOTHER collection agency after sitting on it (and while they wait for you to lose proof of payment).

So I hope you see the question as fair and valid.