[MMJ2008]

I keep receiving settlement offers from Asset Acceptance Corp on a Citibank credit card account. It says you owe X amount and we will settle for 30%. I have no idea where they are even coming up with these figures. According to the last payment date listed on my credit report, the statute of limitations would expire early next year. Here are my questions:

Should I send a debt validation letter? This is what I would normally do, but I read somewhere that outfits like this may respond to debt validation letters with lawsuits.

Since they haven't tried to sue me yet, should I do nothing and wait until they either try to sue me on their own, or the Statue of Limitations runs out?

To sum it up, is it best to be proactive or reactive?
:confused:

[Fr_Chuck]

First what do you mean where do they come up with "those" figures, you mean the amount you owe, normally a credit card amount will double or triple by the time it gets ready to go to court.

And if the SOL is not run out, they can file a law suit one day before it does, so they can still sue.

A settlement of 30 percent is very fair if you can afford and pay it, but you need proof they actually are a agent for the credit card company, not a company merely trying to broker this.
Have you contacted the credit card company and asked them if they are a agent, or asked them to provide proof they have been hired by the credit card company to collect this

[DisabledinMD]

I'd want validation, despite their 30% offer. Why? Because 1) if you pay the wrong person, the debt may not go away. 2) If they don't have a valid assignment and a copy of the agreement you made with the creditor, they can't collect. Maybe they might sue if you ask for verification; but it you try to wait it out past the SOL, you almost guarantee that they will sue, might be just before the SOL is reached. If you question how the figures they gave you were calculated, you are entitled to an explanation.

Mr yet posted a Debt Collector Disclosure statemen in my MD Specific thread in this forum. If you think it would be helpful, C&P into a word processor and reformat and edit as needed. There is a also a Debt Validation letter I'm using in that thread, that mr yet approved of, that you can also c&P into a word processor. Just be sure to remove references to MD specific law, and replace with your own state rules or leave blank.

[Patrick77]

I would send them a VOD letter. I had the same problem, sent the VOD letter then they sold it to another collection agency, now I am being sued by the new collection agency. Better to be a few steps ahead of them instead of doing nothing.

[twinkiedooter]

If it has been turned over to Asset Acceptance they will send you notices like the one they recently sent you in hopes you will pay the 30%. If you do nothing they will stop sending you the notices after the SOL tolls.

A friend of mine had Asset Acceptance send him letters for debts that exceeded the SOL by a year or more. They stopped sending him the notices after a year.

If a suit has not been filed so far, chances are pretty good that the letter and offer of 30% may just be their last gasp in hopes you'll pay.