Debt collectors use many different tactics to convince people to
make a payment to them. Some of these tactics are actually legal,
some cross over the line. Many debt collectors are sneaky and
get you to start paying on debts that are old and re-start a new
statute of limitations period, giving the collectors more time to
file a lawsuit against you. One such company, Asset
Acceptance, is being sued by the Federal Trade Commission to stop
such tactics and violating Federal law. Awaiting the
approval of a judge, the Federal Trade Commission announced a $2.5
Allegations against Asset Acceptance include the
· Pursuing debts that have expired under the statute of
· Failing to tell debtors that they couldn’t be sued to
collect the money being pursued by the company.
· Encouraging consumers to make partial payments for expired
debts. By making partial payments to expired debt, the debt
is re-aged. This revives the creditors
ability to file a lawsuit and seek a judgment for the debt where
that ability had already been lost.
Consumers have rights under the
Fair Debt Collection Practices Act. Consumers cannot be
threatened, harassed or misrepresented in regards to payment of a
debt. As a consumer, don’t wait and protect your rights by
The Process of Debt Collection:
· Debt collectors buy defaulted credit cards and loans in
bulk for a small percentage of their original
· Many times the debts are expired under the statute of
· The statute of limitations is the time frame that the
consumer can be sued for the debt. These vary by state and
type of debt from 2-15 years.
· Many times these delinquent debts come with little
information about the original debt.
· Sometimes debt collection company goes after the wrong
people or for debts that have been paid.
Protecting your Consumer Rights:
o Check out our
website for what you collectors can and can not do.
o Learn about your rights under the Fair Debt Collection
Practices Act from Larry P. Smith & Associates, LLC.
o Keep a call log of the collection calls.
o Ask for proof of the original debt.
o Confirm it is your debt before making payments.
Protecting your rights as a consumer can be tough and
confusing. If you are overwhelmed, contact us today for a free and confidential case