Bud Hibbs Helps America Hold Debt Collectors to the Law!

Is Bottom-Feeder Asset Acceptance Corporation Scamming the United States Government?

Virtually every UAW-LSP attorney has encountered Asset Acceptance Corporation. Asset Acceptance Corp. buys bad debts for pennies (or less than a penny) on the dollar and tries to collect the whole amount. Because many of these debts are actually past the statute of limitations for a successful suit, companies like Asset Acceptance are collectively termed "bottom feeders" by the consumer bar. Bottom Feeders have been accused of various deceptive practices including re-aging of debts and deceptive statements of what actions can be taken on the debts.

Consumer Advocate Bud Hibbs uncovered what could be a scam of even greater importance to the US Government and US taxpayer. Bud reports that Asset Acceptance has been sending out 1099C tax statements to various consumers for the full amount of the debt (rather than what Asset Acceptance paid), and this could result in a windfall tax write-off to Asset Acceptance. I hope that Bud or someone else files a False Claims Act case against Asset Acceptance lickety-split.

By the way, whenever you encounter a collection agency and you want to know whether the behavior that you encountered is typical or not, there's no better place to go than Bud Hibb's site at www.budhibbs.com.


Bud Hibbs Helps America Hold Debt Collectors to the Law!