Asset Acceptance Defaults on its Loans with Chase Bank. . . . . . . .

Thought that this might be of interest to all of you out there having problems with A--hole Acceptance. Oooooopppppssss, I meant Asset Acceptance. Apparently Asset Acceptance has defaulted on their $175 Million Dollar loan with Chase Manhattan Bank and Chase forgave them and gave them another $29 million dollars to buy junk debts. Here is the article:

CLICK HERE!

If you want you can also read it here:

Asset Acceptance Tries to Alter Loans
Friday February 22, 10:44 am ET Asset Acceptance Working With Lenders to Change Loan Terms to Avoid Default

WARREN, Mich. (AP) -- Asset Acceptance Capital Corp. is working with its lenders to alter the terms of its loans because without any changes the bad-debt collector would technically be in default, the company said Friday.

Asset Acceptance has two credit lines totaling $250 million, with about $175 million of that limit currently borrowed. The loan agreement establishing these credit lines prohibited Asset Acceptance's liabilities from outweighing its net worth by more than 2.5 to 1.

The company has breached that limit, with liabilities outpacing net worth by 2.65 to 1 at the end of 2007.

JP Morgan Chase, the agent bank for the lenders under the facilities, waived that limit until March 17, allowing the company a ratio of 3 to 1.

Asset Acceptance is trying to change the terms of the credit facilities to delay that limit on liabilities to net worth by one year. The company believes enough lenders will agree to the change.

If a company is in default on its debt, lenders can usually demand the company repay its debt immediately or put up collateral.

Asset Acceptance said Friday it borrowed $29 million under the credit line to buy more bad debt because the climate for the company is favorable. Asset Acceptance believes it earned more than $20 million last year.

Shares of Asset Acceptance slipped 37 cents, or 3.6 percent, to $10.05 in morning trading.

Contact Asset Acceptance Vice President at home. . . . . .

If you are having problems with Asset Acceptance Capital Corporation, then you might want to contact them at home. Sometimes it is more effective to call the Vice President at her house, the same way AACC calls you at home. She either has two homes or has moved. Here they are:

Deborah L. Everly
39119 Eastridge Drive
Clinton, Township MI 48038
(586)226-1166

and

Deborah L. Everly
41623 Belvidere Street
Harrison Township, MI 48045
(586)465-4806

She was born November 2007.

Collection Agency gets a prank call. . . . . . . .

I have heard this is a very valuable website.

http://www.myfairdebt.com/

You should also click on the link they have for a guy who used Judge Judy's voice to prank call a collection agency. It is hilarious. God these people are stupid.

http://www.youtube.com/watch?v=9rCug1ANQdE&feature=related

Enjoy!

ASSET ACCEPTANCE fired employee for exposing their Violation of the FDCPA and Federal Laws.

November 5, 2005 (Press Release)

Weed's complaint has caught the eye of a number of Attorney's and is expected to become a point of focus in AACC litigation for years to come. Additionally, as the lawsuit progresses, it has come to light that weed has substantial support for his allegations:

1. Weed was originally fired for allerting managment of the illegal re-aging practices and AACC 's failure to validate disputed consumer accounts as required by the fair credit reporting act.

2. Asset quickly hired Weed back when an attorney warned them that they were exposing themselves to even more liability if they fired a "whistleblower" that was reporting illegal behavior.

3. Then, within the next six months, Asset cooked up enough reasons to fire Weed that they felt they could safely do so. Unfortunatly, Weed got his own attorney and has exposed the concerted effort of Asset to get rid of Mike. Moreover, Mike had proof that Asset was guilty of the illegalities he'd alleged.

4. Finally, Mike sues Asset for what they did to him. The article makes the Detroit newspapers, and the national consumer protection advocates get their first, startling, look at the corrupt inner workings at Asset. See: http://www.detnews.com/2004/macomb/0412/12/B05M-30695.htm for the newspaper article.

- the above article was taken from www.assetacceptancesucks.com and for more information on Asset Acceptance and their violations of consumer protection laws and the lawsuits for Fair Credit Reporting Act and Fair Debt Collection Practices Act violations. Sample complaints and legal filings are provided for free.