How to Settle Debt With Asset Acceptance LLC

George Simons | February 01, 2025

Fact-checked by Patrick Austin, J.D.

Patrick Austin
Attorney from George Mason
Patrick Austin, JD

Patrick Austin is a licensed attorney with a background in data privacy and information security law. Patrick received his law degree at George Mason University's Antonin Scalia Law School, where he served as the Editor-in-Chief for the National Security Law Journal.

George Simons
Co-Founder of SoloSuit
George Simons, JD/MBA

George Simons is the co-founder and CEO of SoloSuit. He has helped Americans protect over $1 billion from predatory debt lawsuits. George graduated from BYU Law school in 2020 with a JD-MBA. In his spare time, George likes to cook, because he likes to eat.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: If sued by Asset Acceptance LLC, respond promptly to avoid default judgment. Negotiate a settlement or challenge their proof of debt within legal limits. Use Solo to simplify the settlement process.

If you are being contacted by a debt collection company like Asset Acceptance LLC, you may be feeling overwhelmed and unsure about your financial future. If the stress of being contacted by a debt collector was not bad enough, there is a strong likelihood that you will wind up getting served with a debt collection lawsuit.

If you find yourself in this position, your mind is probably flooded with questions, most importantly, “What steps can I take to resolve this debt collection matter with Asset Acceptance LLC?” SoloSuit can help. The information provided below offers key insights and advice on how to effectively engage with Asset Acceptance LLC.

Settle debt with Asset Acceptance LLC

You can negotiate debt settlement at any stage of the collections process. SoloSettle makes it easy.

Settle with SoloSettle

What is Asset Acceptance LLC?

Asset Acceptance, LLC is a publicly traded debt collection agency that purchases portfolios of charged-off debts from companies. It is a subsidiary of Asset Acceptance Capital Corp. Given its overall size, Asset Acceptance is considered to be one of the largest consumer debt buyers in the United States.

Asset Acceptance LLC is a Delaware limited liability company with its principal place of business in Warren, Michigan.

Ready to contact Asset Acceptance to discuss your options? Use the Asset Acceptance LLC phone number and other contact information below:

  • Phone: (800) 296-2657
  • Address: P.O. Box 939069, San Diego, California 92193
  • Website: https://assetacceptance.com/

Who does Asset Acceptance LLC collect for?

Asset Acceptance LLC pursues collections on portfolios of distressed debt purchased from credit card companies, utility providers, consumer finance companies, health clubs, and telecommunications companies.

Read Asset Acceptance LLC reviews online

Looking for info on what other people have shared about their debt collection experience with Asset Acceptance LLC? If so, take a moment to read these legit online reviews:

It’s fair to say the online reviews of Asset Acceptance are up and down (i.e., some good, some not so good). Despite the mixed reviews, this should not deter you from taking steps to engage with Asset Acceptance in an effort to resolve your debt collection matter. Generally speaking, debt collectors - including those affiliated with Asset Acceptance LLC - are open to working with people to resolve their debt issue. Effective communication is important.

How to settle debt with Asset Acceptance LLC

Whether you’ve been served with a debt collection lawsuit or have only received a few phone calls, you retain the option to try and negotiate a debt settlement.

Here are some steps you can take to negotiate a debt settlement with Asset Acceptance LLC:

  1. Take the time to calculate what you can pay towards the balance of the debt. For example, if you owe $9,000 and could reasonably pay $5,000 toward the debt while still having sufficient funds to cover your living expenses, then this assessment can provide a guidepost for your settlement talks with Asset Acceptance.
  2. Make a fair offer. Make a reasonable settlement via a debt settlement letter, phone call, or SoloSettle, requesting that the firm consider your offer. The settlement offer should be lower than the number you calculated in Step 1. This will leave room for you to negotiate upward if they reject your first offer. Make sure to engage in written settlement communications with Asset Acceptance LLC and continue to use written communication throughout the process.
  3. Be ready to negotiate. Do not be shocked if Asset Acceptance declines your initial offer. This is a normal part of the process. Be ready to engage in a back-and-forth with the debt collector.
  4. Get the agreement in writing. If you have success in reaching a settlement agreement, draft a Debt Settlement Agreement containing relevant terms and provisions. Make sure both you and the debt collector sign the agreement.
  5. Pay the agreed amount in time. To avoid future legal issues, be sure to abide by the terms of the agreement and make your payments on time.

To learn more about steps above and how to settle your debt, check out the following interview with a consumer rights attorney who shares tips and tricks on how to negotiate with debt collectors like Asset Acceptance LLC:

Settle with SoloSettle

Make an Offer

Sued by Asset Acceptance LLC? Respond with a written Answer

If you get served with a Summons and Complaint by a representative of Asset Acceptance LLC, it is extremely important to actually file a response to the lawsuit. In addition, your response needs to be filed with the court in a timely manner.

Solo makes it simple to respond the right way.

One of the most common mistakes people make when they are sued by a debt collection company is failing to actually respond to the Summons and Complaint. Whether you actually owe the debt or believe you were sued by mistake, you need to provide a response to the allegations levied by Asset Acceptance LLC. In legal terms, your response to the Complaint is known as an Answer.

The reason providing a response is so important is because failing to do so will enable Asset Acceptance LLC to file a motion to obtain a default judgment against you. If a default judgement is entered by the Court against you, Asset Acceptance LLC will be authorized to garnish your wages, take money from your bank account, collect attorney's fees and court costs, and seize your personal property.

Another important reason to respond to the lawsuit is because many debt collection companies like Asset Acceptance LLC are assuming you will not file an Answer to the Summons and Complaint. This is because the vast majority of people fail to respond. As a result, when you take the time to provide a response, it actually catches many debt collectors off guard and could even create an opportunity to reach a settlement or out-of-court resolution with the debt collector

Make Asset Acceptance LLC prove that you actually owe the alleged debt

There is a very good chance the debt claimed in the lawsuit has been packaged, sold and resold before the current debt collection agency purchased it and is suing you to try and collect on it. As a result, a strategy for challenging the lawsuit is simply requesting that the debt collection company provide the original signed agreement and a balance on the account from zero to present. In many instances, the debt collection company only has a portion of the statements and likely will not have access to the original signed agreement.

Make Asset Acceptance LLC prove the lawsuit was filed within the statute of limitations

As mentioned earlier, many debt collection companies assume most people will not actually respond to the collections lawsuit and they will obtain a default judgment. As a result, there are many instances when the debt collection company fails to actually take the time to confirm that they can legally sue you for the debt. Keep in mind that if the applicable statute of limitations has expired, the debt collector is legally prohibited from suing you on the debt. In most states, a debt collector only has a finite amount of time to sue you for an alleged delinquent debt.

If it turns out that the statute of limitations expired, you can raise it as an affirmative defense that could enable you to file a motion to dismiss the lawsuit entirely.

Solo helps you make the right defense the right way.

File a counterclaim against the Debt Collector

In addition to raising different affirmative defenses in response to the lawsuit filed by Asset Acceptance LLC, you also have the option to go on offense by filing a counterclaim against this debt collection company. A counterclaim could be pursued if you have evidence indicating the debt collector may have violated a provision of the Fair Debt Collection Practices Act (FDCPA).

Consumers have the right to file a lawsuit for alleged violations of the FDCPA, such as receiving collection calls before 8:00 AM or after 9:00 PM. If you prevail in this counterclaim, you could be entitled to statutory damages of $1,000, plus punitive and economic damages.

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Debt collector guides

Are you being contacted by a debt collector? We’re making guides on how to resolve debt with each one.

Arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Bankruptcy

Bankruptcy is a great way to legally resolve debt, but it's usually best to consider it as a last resort. Here are some bankruptcy guides to help you decide which debt resolution option is best for you.

Check your case status

Don’t have time to go to your local courthouse to check the status of your case? We’ve created state guides on how to check the status of your case throughout the US, complete with online search tools and court directories.

Credit

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt, along with other credit-related resources.

Debt collection FAQs

Find answers to some of our the most commonly-asked questions about debt collection below.

Debt collection documents and templates

If you're dealing with debt, these documents and templates will help you respond, protect your rights, negotiate, and resolve your debts.

Debt relief

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt settlement

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created state guides on debt settlement. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

Eviction

Facing an eviction? The following guides will help you navigate your situation with confidence.

Federal debt collection laws

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Legal aid

Helping people find access to justice is at the heart of Solo's misison. If you're dealing with a legal debt issue, the following guides will help you through it.

Medical debt

Having a health challenge is stressful, but dealing with medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Personal finance

Learn how to manage your finances and overcome crushing debt. Check out our personal finance guides below.

State debt collection laws

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote guides on each state’s statutes and more.

Stop collection calls

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Wage garnishment

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in your state, plus other wage garnishment resources.

The Debt Hotline

Hosted by Team Solo, The Debt Hotline breaks down debt and personal finance topics with help from attorneys, financial experts, and industry pros. We respond to real questions to help you navigate debt with knowledge and courage.

Other debt resources


Contents

Affordable Legal Help
Trustpilot

Respond to Your Debt Lawsuit

Get your professionally reviewed Answer in minutes. No expensive lawyers needed.

loading...
Get My Answer
Affordable Legal Help
Trustpilot

Respond to Your Debt Lawsuit

Get your professionally reviewed Answer in minutes. No expensive lawyers needed.

loading...
Get My Answer
loading...
Get My Answer