How to Resolve Debt With Asset Recovery Solutions

Getting contacted by Asset Recovery Solutions can feel overwhelming. You have legal rights and real options to resolve your debt. You can negotiate with them to settle for less than you owe.

Communication is your most powerful tool. Be honest about what you can afford to pay. Our partner Solo can help you document and streamline the entire settlement process.

What Is Asset Recovery Solutions?

Asset Recovery Solutions, LLC is a legitimate debt collection agency. They’ve been in business since 2009 and maintain an A+ Better Business Bureau rating.

The company operates from Illinois and specializes in purchasing and collecting debts. You can reach them at the following:

• Phone: (847) 257-8300
• Address: 2200 E Devon Avenue, Ste 200, Des Plaines, IL 60018-4501
• Website: https://assetrecoverysolutions.com/

Who Does Asset Recovery Solutions Collect For?

Asset Recovery Solutions buys and collects on various types of debt. They work with some of the largest credit card issuers in America.

The company collects on multiple debt types:

• Credit card accounts
• Personal loans
• Auto loans
• Past due tax bills

They purchase delinquent accounts from original creditors. They also collect on behalf of companies as a third party.

Asset Recovery Solutions Customer Reviews

Online reviews for Asset Recovery Solutions show mixed experiences. Some consumers report positive interactions when working to resolve their debt.

You can find reviews on these platforms:

• Google reviews
• Better Business Bureau
• CFPB consumer complaint database

One borrower shared their experience after five years of payments. They described Asset Recovery Solutions representatives as courteous and helpful. The company worked with them to establish an affordable payment schedule.

The review demonstrates that Asset Recovery Solutions collectors can be reasonable. They’re often willing to work with you based on your financial situation.

How to Negotiate a Debt Settlement

You can settle your debt for less than the full amount. Follow these strategic steps to negotiate effectively:

1. Respond to any lawsuit immediately to avoid default judgment
2. Calculate what you can realistically afford using this formula: (monthly income – monthly costs) + savings
3. Make an initial offer below your maximum payment ability
4. Prepare for multiple negotiation rounds
5. Get all settlement terms in writing before paying

Start with a lower offer than you can afford. Asset Recovery Solutions will likely counter with a higher amount. You can negotiate toward a middle ground that works for both parties.

Never agree to payment terms you cannot maintain. Be honest about your financial limitations from the start.

Our partner Solo offers digital tools to negotiate settlements online. You can avoid stressful phone calls while documenting every step.

Your Rights Under the FDCPA

The Fair Debt Collection Practices Act protects you from abusive collection practices. Asset Recovery Solutions must follow specific rules when contacting you.

Debt collectors cannot:

• Call you at work after you tell them not to
• Use profane or abusive language
• Make false threats about lawsuits or arrest
• Contact you before 8 AM or after 9 PM
• Harass you with repeated calls
• Discuss your debt with third parties

Many consumers don’t know these protections exist. Debt collectors count on this ignorance to pressure you into paying.

Document any violations immediately. Write down dates, times, and what was said. You may have grounds for a counterclaim if Asset Recovery Solutions violated your rights.

What to Do If Asset Recovery Solutions Sues You

Never ignore a debt collection lawsuit. Ignoring it guarantees you’ll lose by default judgment.

Asset Recovery Solutions can then garnish your wages or freeze your bank accounts. You must respond within the deadline stated in your summons.

Most states give you 20 to 30 days to file an Answer. Check your summons for the exact deadline in your case.

Steps to Respond to the Lawsuit

Follow these critical steps when Asset Recovery Solutions sues you:

1. Read the complaint carefully to understand their claims
2. Prepare your Answer addressing each allegation
3. File your Answer with the court clerk before the deadline
4. Mail a copy of your stamped Answer to Asset Recovery Solutions
5. Keep copies of everything for your records

Your Answer should challenge their claims and assert your defenses. You don’t have to prove anything yet at this stage.

Defenses to Use in Your Answer

Asset Recovery Solutions must prove you owe the debt they’re claiming. They carry the burden of proof, not you.

They must demonstrate:

• They have legal standing to sue you
• You are the person who owes this specific debt
• The amount they claim is accurate
• They own the debt or have authority to collect it

If Asset Recovery Solutions cannot prove these elements, you may win your case.

Common Affirmative Defenses

Consider raising these defenses in your Answer:

Statute of Limitations: Every state sets time limits for filing debt lawsuits. If too much time has passed, the lawsuit is invalid. The statute varies by state and debt type, typically ranging from three to six years.

Lack of Standing: Asset Recovery Solutions must prove they own your debt. Debt buyers often lack proper documentation showing the chain of ownership.

Incorrect Amount: Challenge the exact dollar amount they claim you owe. Debt collectors often add fees and interest that aren’t legally valid.

Identity Issues: They must prove you’re the actual debtor. Mistaken identity cases happen more often than you’d think.

Payment Already Made: If you already paid the original creditor, Asset Recovery Solutions has no claim.

Filing a Counterclaim for FDCPA Violations

You can sue Asset Recovery Solutions if they violated the FDCPA. Document every violation with dates, times, and details.

Successful FDCPA counterclaims can result in:

• Up to $1,000 in statutory damages
• Actual damages for emotional distress
• Attorney fees paid by the debt collector
• Dismissal of their lawsuit against you

Common FDCPA violations include harassment, false statements, and improper contact methods. Even one proven violation strengthens your position significantly.

Preparing for Court

If your case goes to trial, preparation is everything. Gather all documentation related to the debt and their collection attempts.

Organize these documents:

• Original credit agreement (if you have it)
• All letters from Asset Recovery Solutions
• Records of phone calls and messages
• Payment history and account statements
• Evidence of FDCPA violations

Arrive early on your court date. Dress professionally and address the judge respectfully. Bring multiple copies of all documents for the judge and opposing counsel.

Asset Recovery Solutions may not appear in court. Many debt collectors fail to show up, resulting in dismissal. Still, prepare as if they’ll be there.

Settlement After Filing Your Answer

Most debt collection lawsuits settle before trial. Filing your Answer shows you’re serious about defending yourself.

Asset Recovery Solutions may contact you with settlement offers after you respond. They know going to trial costs them time and money.

You’re now in a stronger negotiating position. They may accept 40-60% of the claimed debt to avoid court.

Negotiate from a position of strength. You’ve shown you understand your rights and won’t be intimidated.

Get Settlement Terms in Writing

Never pay without a written settlement agreement. The agreement must include:

• The exact settlement amount
• Payment due date
• Confirmation this settles the debt in full
• Agreement to dismiss the lawsuit
• No admission of liability on your part

Don’t accept verbal promises over the phone. Debt collectors may deny what was said later.

Request the settlement agreement before making any payment. Review it carefully or have an attorney check it.

Alternative Options for Debt Resolution

Settlement isn’t your only option for dealing with Asset Recovery Solutions. Consider these alternatives based on your situation.

Debt Validation

You can request debt validation within 30 days of first contact. Asset Recovery Solutions must stop collection until they provide proof.

Send a debt validation letter by certified mail. Request documentation showing they own the debt and the amount is correct.

Many debt buyers cannot provide adequate validation. If they fail to validate, they cannot legally collect from you.

Payment Plans

If you can’t pay a lump sum settlement, request a payment plan. Asset Recovery Solutions may accept monthly installments instead.

Payment plans typically require higher total amounts than lump sum settlements. You’ll pay more over time but with lower monthly obligations.

Bankruptcy Protection

Bankruptcy can discharge your debt entirely if other options won’t work. Chapter 7 bankruptcy eliminates most unsecured debts like credit cards.

Bankruptcy stops all collection activity immediately through the automatic stay. Asset Recovery Solutions must cease contact once you file.

Consider consulting with a bankruptcy attorney about your options. Many offer free consultations to review your situation.

Protecting Yourself From Future Collection Issues

Once you resolve your debt with Asset Recovery Solutions, take steps to protect yourself. Get written confirmation that your account is settled in full.

Check your credit reports from all three bureaus. Ensure Asset Recovery Solutions updates your account status to “paid” or “settled.”

Save all documentation for at least seven years. Keep settlement agreements, payment receipts, and correspondence.

If Asset Recovery Solutions sold your account, the new owner might try to collect. Your settlement agreement proves you don’t owe anything.

Key Documentation to Keep

Maintain organized records throughout the entire process. Good documentation protects you now and later.

Save these important items:

• Original summons and complaint
• Your filed Answer with court stamp
• All correspondence with Asset Recovery Solutions
• Settlement agreement
• Payment confirmation
• Court dismissal order

Store digital and physical copies in separate locations. You never know when you’ll need proof of resolution.