How to Settle Debt With Asset Acceptance LLC
If Asset Acceptance LLC sues you, respond immediately with a written Answer to avoid a default judgment. You can negotiate a settlement by making a fair offer and requesting proof of the debt. Challenge their documentation and the statute of limitations to strengthen your defense.
Answer Your LawsuitAsset Acceptance LLC may be contacting you about an old debt. You might feel stressed and uncertain about what comes next. Debt collection calls can escalate to lawsuits quickly. You need to know your options and act fast.
Our partner Solo can help you respond to Asset Acceptance and negotiate a settlement.
Respond to Asset Acceptance Before It's Too Late
Don't let Asset Acceptance win a default judgment against you. Respond to their lawsuit with a proper Answer and negotiate a settlement on your terms.
Respond to the LawsuitWhat is Asset Acceptance LLC?
Asset Acceptance LLC is a major debt collection agency. The company purchases charged-off debts from creditors at a discount. It ranks among the largest consumer debt buyers in America.
The company is based in Warren, Michigan. It operates as a subsidiary of Asset Acceptance Capital Corp. Asset Acceptance is a Delaware limited liability company.
You can contact Asset Acceptance using these details:
- Phone: (800) 296-2657
- Address: P.O. Box 939069, San Diego, California 92193
- Website: https://assetacceptance.com/
Who Does Asset Acceptance LLC Collect For?
Asset Acceptance buys debt portfolios from various industries. The company pursues collections on credit card debts. They also collect on utility bills and telecommunications accounts.
Other debt types include consumer finance accounts and health club memberships. The debts are typically charged off by the original creditors.
Asset Acceptance LLC Reviews Online
You can read reviews from other consumers online. Check Google and the Better Business Bureau for feedback. Reviews are mixed, with some positive and some negative experiences.
Mixed reviews should not stop you from engaging with them. Most debt collectors will work with you to resolve debts. Open communication is essential to reaching a resolution.
How to Settle Debt With Asset Acceptance LLC
You can negotiate a settlement even after being sued. Settlement is often cheaper than paying the full balance. Follow these steps to negotiate effectively with Asset Acceptance.
Calculate What You Can Afford
Determine a realistic amount you can pay toward the debt. Consider your income and essential living expenses. If you owe $9,000, maybe you can afford $5,000.
Your calculation provides a starting point for negotiations. Keep enough money to cover your basic needs.
Make a Fair Initial Offer
Send a reasonable settlement offer in writing. Your first offer should be lower than your calculated maximum. Starting low gives you room to negotiate upward.
Use a debt settlement letter or contact them by phone. Document all communications in writing. Our partner Solo can help you make the right offer.
Be Ready to Negotiate
Asset Acceptance will likely reject your first offer. Expect a back-and-forth negotiation process. Remain patient and flexible during discussions.
The collector wants to recover as much as possible. You want to pay the lowest amount you can afford. Meeting in the middle is the goal.
Get the Agreement in Writing
Once you reach a settlement, request written confirmation. Draft a Debt Settlement Agreement with all terms included. Both parties must sign the agreement before you pay.
Written agreements protect you from future disputes. Never make a payment without a signed agreement.
Pay the Agreed Amount on Time
Follow the payment terms exactly as agreed. Late payments can void your settlement agreement. Timely payment prevents future legal action against you.
Keep proof of all payments you make. Request a confirmation letter once the debt is paid.
Sued by Asset Acceptance LLC? Respond With a Written Answer
Getting served with a lawsuit requires immediate action. You must file a written response called an Answer. Your response must reach the court by the deadline.
Our partner Solo makes it simple to respond the right way.
Many people ignore debt collection lawsuits. Ignoring the Summons and Complaint is the worst mistake. Failure to respond allows Asset Acceptance to win by default.
What Happens If You Don’t Respond
Asset Acceptance will file for a default judgment. The court will likely grant their request. A default judgment gives them powerful collection tools.
They can garnish your wages and freeze your bank accounts. They can seize personal property to satisfy the judgment. They can also collect attorney fees and court costs.
Why Responding Helps You
Most debt collectors expect you not to respond. Your Answer catches them off guard. This creates leverage for settlement negotiations.
Responding forces them to prove their case. Many debt collectors lack proper documentation. Your Answer can expose weaknesses in their lawsuit.
Make Asset Acceptance LLC Prove You Owe the Debt
The debt has likely changed hands multiple times. Asset Acceptance bought your debt from another company. That company may have bought it from someone else.
Request proof of the original debt agreement. Ask for a complete account history from zero balance. Many collectors only have partial records.
Asset Acceptance may lack the original signed contract. Without proper documentation, their case becomes weaker. You have the right to demand proof.
Challenge the Statute of Limitations
Every state has time limits for debt collection lawsuits. The statute of limitations varies by state and debt type. Once the time limit expires, collectors cannot sue you.
Asset Acceptance may have filed their lawsuit too late. Check your state’s statute of limitations for your debt type. If the deadline passed, you have a strong defense.
Raise the statute of limitations as an affirmative defense. You can file a motion to dismiss the lawsuit. The court will dismiss the case if the deadline expired.
Our partner Solo helps you make the right defense the right way.
File a Counterclaim Against Asset Acceptance
You can go on offense with a counterclaim. The Fair Debt Collection Practices Act protects consumers. Violations of the FDCPA give you grounds to countersue.
Debt collectors cannot call before 8:00 AM or after 9:00 PM. They cannot harass, threaten, or mislead you. They must honor your request to stop calling.
Document any FDCPA violations by Asset Acceptance. You can sue for statutory damages up to $1,000. You may also recover punitive and economic damages.
A strong counterclaim creates leverage for settlement. Asset Acceptance may drop their lawsuit to avoid your counterclaim. Consult with an attorney about your counterclaim options.