I had a credit card debt that was turned over for collections in 1995; discover card services sold the debit to a financial company. The debt was sold mutliple times before I paid it in full in January of 2000. Today, it's October 2007 and I now have another company, Asset Acceptance, telling me that they "own" the debt and it must be paid. Because it was 7 years ago, I no longer have proof that I paid the debt and they are telling me that it is a valid debt that I'm obligated to pay. The company that owned the debt in 2000, "Credit SOL" is no longer in business. I am unable to prove that I paid this debt and I'm trying to purchase a home and this is a real issue. I don't know where to turn... anybody have any suggestions? :mad:

Do you still have the same account that you paid the debt off with? Perhaps with a credit or debit card? Can that be researched that far back?

Actually, I have contacted discover and they were helpful. However, they do show the original debt was sold in 1995, so have no record of it after that. The company they originally sold it to was helpful as well. It just kind of spirals down hill after that. Asset Acceptance, who says they own the debt now, is just on a mission to collect money and isn't interested in resolving any disputes. In fact, they hung up on me last night. Unfortunately, the burden of proof is on me to prove to them that I don't owe the money. I'm just out of ideas right now.

Ugh, that is a bummer. I'm sorry. Perhaps a lawyer could help. Maybe even post this somewhere in the "law" section and see if you can get some leal advice from folks over there. People here are real helpful, so hopefully someone can help you.

Sent request for validication of the alleged debt to Asset Acceptance, request the provide complete account of the alleged debt, provide the original contract.

Now since this alleged debt of over 7 year the SOL does apply, they will be unable to sue .

Do not speak to them on the phone only in writing, if the y fail to provide you with validication within 30 days after your request, sent them a Notice of Default. If you need more after that PM me and I will send you a NOtice of Default.

All of this paper will help you prove they are incorrect and that will not effect you purchasing a home.