Asset Acceptance LLC Michigan Debt Defense

Limits the rights of Debt Buyers in Collections Matters

Our office has worked extensively with the collectors and lawyers representing Asset Acceptance, LLC. This debt collection company was recently involved in a class action lawsuit. The Plaintiffs in the lawsuit were people like the people we often represent who had defaulted on a loan which had been sold to Asset Acceptance. In order to understand the opinion, it is critical to understand the definition of “charge-off” with respect to a debt. According to the opinion “At some point after Plaintiff’s default, the original creditor determined that these respective debts were uncollectable, and therefore decided to ‘charge-off’ the debt… Creditors charge-off debt in accordance with federal regulations that permit the creditor to remove the debt from their financial records. See Victoria J. Haneman, The Ethical Exploitation of the Unrepresented Consumer, 73 Mo. L. Rev 707, 713-14 (2008) … These accounts are treated as a loss wherein the creditor receives a tax deduction under the Internal Revenue Code[1]. Id. at 714. Asset purchased Plaintiff’s charged-off accounts for pennies on the dollar and began its own collection efforts.” At this time the Defendant Asset Acceptance began to charge interest on the notes which had already been charged-off by the original creditors.

The issue in this case is whether the original creditor can continue to charge interest on the debts once they are charged off. The Plaintiff’s argue that since Asset Acceptance, as assignees of the note, stand in the shoes of the original creditor with no greater rights. As such, interest could not be collected without violating the Fair Debt Collection Act. The court sided with the Plaintiffs holding that “Because [the original creditors] waived the interest, Asset could not retroactively impose interest for the period in which it did not own the accounts.” McDonald v. Asset Acceptance, LLC, United States District Court, E.D. Michigan, Southern Division. Aug 7 2013. Slip. Op.

So, what does this mean for you? The holding is relatively narrow as applied to most debtors. However, if you believe that interest was accrued between the time your note was charged off, and purchased by the collections company, you may be entitled to a reduction in total balance.

Less than half of Michigan Police Officers comply with the Michigan Seat Belt Safety Law?

A recent national study states that 50% of police officers do not buckle their seat belts when driving a car. This compares with 86% of the nation generally. This study comes on the heels of the Los Angeles Police Department’s 2012 statistics which showed that 37% of police officers involved in accidents were not wearing their seat belts at the time. Additionally, national failure of officers to wear a seat belt is the leading cause of officer mortality, above even shooting deaths.

While new officers to the force often use their seat belts at the same rates as others. However, some may emulate senior officers and avoid using them. Additionally, many older police cars do not have functioning seat belts, or the belts have been tied back or cut out. This is because of a perception on the force that police officers are susceptible to a sudden brutal attack from behind. In such a scenario, which is very rare, a seat belt may be an impediment to an officer who needs to access weapons quickly. In reality, while this situation may occur occasionally, it is far more common for an officer to be injured or die as a result of a failure to wear a seat belt.

Michigan Seat Belt Safety Law & the Police: While many states have exempted police officers from their seatbelt safety laws, Michigan’s law does not appear to exempt police officers specifically. It is unclear if there is no exemption because Michigan police officers regularly use their seat belts, or for one of the above discussed reasons. This means Michigan’s statistics could vary significantly from the national average However, there is still a decent likelihood that if you are pulled over for a seat belt violation the cop who pulled you over was not buckled up either.

http://www.detroitnews.com/apps/pbcs.dll/article?AID=2013312250027

To retain Garmo & Kiste, PLC, for assistance in these matters call us at (248) 398-7100 for a free consultation or contact us with a private message. We are experienced Michigan attorneys with offices in Troy, MI.